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Finance 13/10/2009 Banks expand investment activities discussed at conference
Banks expand investment activities discussed at conference
Tashkent, Uzbekistan (UzDaily.com) -- The Senate Committee for Budget and Economic Reforms and the Central Bank held a conference on stimulating the participation of the banks and other financial institutions in the modernization of the economy.

The banks have set up special departments dealing with the expertise and opening of the financing of the investment projects, UzA reported.

The privileges and tax preferences provided to the banks have allowed them to increase the volumes of investment credits, which exceeded 1.5 trillion soums in the first nine months of 2009.

The banks have been actively participating in the recovery of the bankrupt enterprises, 35 of which have been recovered and sold to new owners.

To date, the new owners have invested 87.9 billion soums to these enterprises and created more than 12,000 new workplaces.

The banks have invested over 44 billion soums to the purchased enterprises and created more than 4,000 workplaces.

The volume of production of these enterprises comprised 20 billion soums since the beginning of the year. About US$8 million worth of products were exported.

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