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Finance 22/06/2011 Uzbekistan creates new fund to support investment projects
Uzbekistan creates new fund to support investment projects
Tashkent, Uzbekistan (UzDaily.com) -- The Government of Uzbekistan created the Fund on financing of preparation of projects documentation on investment projects under Uzbekistan Banking Association.

The main task of the fund is selection of project ideas and financing development of their project documentation in priority areas of economy.

The fund will also assist in organization of financing investment projects by credit organizations of Uzbekistan.

The fund will be founded under Uzbekistan Banking Association in form of public fund.

The founders of the public fund are Uzbekistan Banking Association, Chamber of Commerce and Industry of Uzbekistan, banks and non-banking credit and financial organizations.

The Council of the fund is the highest management body and executive body is the Board of the Fund.

The preliminary size of the Fund on financing of preparation of projects documentation on investment projects is 1.1 billion soums.

The document said that the resources of the funds will be used for financing preparation of project documentation in priority areas of economy. The expenses will be recovered from the sum of loan.

Priority directions at selection of project ideas will be creating new production, modernization and re-equipment of existing production capacities.

The maximum sum of expenses of the fund on one project should not exceed 200 size of minimum salary. Executive body of the fund selects project ideas for preparation of project documentation and later they will be approved by the Council.

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