The press-uz.info news agency reported quoting press service of the Uzbek president that the charter capital of the fund will be increased five times from US$1 billion to US$5 billion in 2008-2010.

The Uzbek leader entrusted the Cabinet of Ministers to suggest additional sources for expansion of resources of the fund during the development of figures and parameters of the state budget for 2009.

The resolution also expanded functions of the fund. Now, the resources of the fund can be used to repay state loans and credits of international financial institutions and foreign creditors, credit of purchase of foreign technologies, equipment and goods, invest into newly created financial institutions and other strategic enterprises with foreign investments (not more than 25% of the enterprises’ charter capital) and finance development of the feasibility studies of investment projects.

Uzbekistan Reconstruction and Development Fund was founded in May 2006 to finance and co-finance important investment projects, including projects in state investment programme. The charter capital of the fund was set at US$1 billion.