OREANDA-NEWS. On 15 April 2008 was announced, that the chartered capital of the Fund for Reconstruction and Development of Uzbekistan will grow five times in 2008-2010 and reach US\\$ 5 billion

According to the resolution of President Islam Karimov the government is to make suggestion on additional sources of increase in Fund’s resources due to parts of actives of the government in a foreign currency managed by the Central Bank of Uzbekistan, budget surplus of extended funds directed for filling up the cash-in-hand circulation (with converting in a foreign currency).

The Fund’s functions are also extending: its means can be spent on a decision of the government on paying off pre-term debts of international financial institutions and state debts for foreign lenders, on crediting purchase of foreign technologies and other strategically important goods, on investing in chartered capital of reorganized financial institutions and strategically significant companies having foreign investment in basic sectors in the economy (not more than 25% of a company’s chartered capital).

In 2006 the Fund for Reconstruction and Development of Uzbekistan having the charted capital of US\\$ 1 billion was established in accordance with a presidential decree. This most important financial and credit institution has promoted new innovative business projects whose financing need additional budget resources and investments of banks and foreign investors. It should be mentioned that founders of the Fund are the Uzbek Ministry of Finance and five largest banks of the country: National Bank of Uzbekistan for Foreign Economic Activity, “Asakabank”, “O’zsanoatqurilishbank”, “Pakhtabank” and “Ipotekabank”.

It should be noted that the Fund was set up due to strengthening of economic potential and accumulation of necessary and sufficient funds for the implementation of strategic projects in last years.

Today Uzbekistan has enough resources for investing in the development, modernization and guarantee of production of competitive products, primarily in basic industries. Setting up the Fund allowed accumulating enough financial resources for the development of industries of strategic importance for resolving priority tasks in developing the national economy and structural changes and modernizing the production. It essentially includes fuel and energy complex, chemical industry, machine building, nonferrous metallurgy, manufacturing and non-manufacturing infrastructures.

It should be mentioned that this year Uzbekistan plans to attract over US\\$ 1.435 billion foreign investments for implementing 79 projects including US\\$ 204.5 million of the Fund for Reconstruction and Development of Uzbekistan for financing 8 projects on power engineering, oil and gas, chemical industry and irrigation.

It should be pointed out that the Fund is open for attracting as co-investors the international and foreign funds, banks and individual investors who are interested in the implementation of the most significant investment projects on the territory of Uzbekistan. These projects are of great importance for the industry. Success of many projects with foreign capital depends on efficient implementation of particular projects, especially in fuel and energy complex.