As earlier reported, Uzbek President Islam Karimov signed a decree “On measures for further expansion of activity of Microcredit Bank joint-stock commercial bank” on 10 November to increase charter capital of the Microcredit Bank to 150 billion soums.

The decree said that the charter capital of the bank will be increased by 72 billion soums within 2008-2009.

In line with the document, the Finance Ministry will hold shares for 80 billion soums and the Central Bank will possess stocks for 40 billion soums.

National Bank for Foreign Economic Activity of Uzbekistan (NBU) will buy shares for 1.5 billion soums to increase its share in the bank to 3.5 billion.

Asaka Bank and Pakhta Bank will invest 1 billion each to increase their share to 2.5 billion soums and 2 billion soums respectively. The share of Uzpromstroybank will rise by 1.3 billion soums to 2.3 billion soums.

Uzbekneftegaz will increase its shareholdings from 1 billion soums to 6 billion soums, while Uzbektelecom will buy shares for 2 billion soums to raise its share to 3 billion soums. Uzkhimprov will acquire shares by 1.5 billion soums and its total share make up 2 billion soums.

Microcredit Bank was created on 5 May 2006 in line with the presidential degree on re-organization of Tadbirkor Bank into Microcredit Bank.