OREANDA-NEWS. On March 20, 2009 Cabinet of Ministers of Uzbekistan adopted a resolution "On approval of regulation on order of opening of credit line to commercial banks for co-financing of investment projects by the Fund of Reconstruction and Development of Uzbekistan".

The regulation sets order of opening of credit lines to commercial banks for co-financing of investment projects by the Fund of Reconstruction and Development of Uzbekistan, order and conditions of bank selection, expertise and financing of projects, etc.

In line with the document, the Board of the Fund determines the list of banks, to which the fund can open credit line. The resources of the fund can be used to purchase of modern equipment for production of export oriented and import replacing goods.

The fund can co-finance projects, which meet following criteria: credits issued to debtor for seven years in hard currency, the debtor should finance at least 25% of investment project, the commercial banks share in the project should be also 25% and investment project should be included to approved programme on modernization and development of industry or region.