Tashkent, Uzbekistan (UzDaily.com) — The government of Uzbekistan has decided to allocate targeted loans to tour operators to stimulate inbound tourism.

The resolution of the government noted that the Reconstruction and Development Fund will open a credit line of US$50 million (14% annual interest) for tour operators engaged in inbound tourism.

Loans will be issued for 10 years with a 2-year grace period. Loan amount will be up to 25 billion soums per tour operator.

The tour operator must have been operating for more than one year. The tour operator must have its own funds amounting to at least 15%.

The tout operators should increase the number of served foreign tourists by at least 25%.

They also should increase income from tourist services by at least 25%.

The loans should not be used for repayment of previous loans or debts, production of alcohol and tobacco.

The fund cannot be use for acquisition of personal property (furniture, phones, household appliances).

It is also not allowed to purchase of vehicles (except for passenger cars with a capacity of 8 or more people) and payment of administrative expenses, including parking for service vehicles, as well as acquisition and construction of buildings and structures.

The objectives of these measures are directed to stimulate the growth of inbound tourism in Uzbekistan and provide working capital for tour operators, as well as create favorable conditions for the development of the tourism industry.