On 19 January, the session of the Cabinet of Ministers of Uzbekistan was held in Tashkent, which discussed social-economic development of Uzbekistan in 2011 and important priorities of economic programmes for 2012.

He said that it is planned that the Fund will provide co-financing to 29 strategic projects in leading industries for over US$758 million in 2012, which is 38.2% more year-on-year.

Fund for Reconstruction and Development of Uzbekistan was created in May 2006 in line with the presidential resolution “On measures on organization activity of the Fund for Reconstruction and Development of Uzbekistan”.

The fund was founded for financing and co-financing important investment projects, included into the state investment programme. The charter capital of the fund is US$1 billion.

The founders are Finance Ministry of Uzbekistan, National Bank of Uzbekistan for Foreign Economic Activity, Asaka Bank, Uzpromstroybank, Agrobank and Ipoteka Bank.

Taking into account growing role of the FRDU, the decision was adopted to increase charter capital of the fund gradually from US$5 billion to US$10 billion by 2014.