Cabinet of Ministers of Uzbekistan held the session on 21 January 2011 to discuss social-economic development in 2010 and important priorities of economic programme in 2011.

Uzbek President Islam Karimov said that 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.

He said that the Fund, which already accumulated over US$6 billion, should serve as leading partner on co-financing of strategic investments projects with foreign investors.

Islam Karimov said that the fund used loans for US$330 million in 2010, which is 25.6% more compared 2009. He added that 14 projects were financed by the fund.

Uzbek leader said that the joint Uzbek-Oman Investment Company started to finance three investment projects in textile, telecommunication and financial sectors with total cost of US$80 million.

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.

As earlier reported, Fund for Reconstruction and Development of Uzbekistan will direct US$788.1 million to implementation of projects, included to investment programme of Uzbekistan in 2011.