OREANDA-NEWS. October 14, 2009. The Senate Committee for Budget and Economic Reforms and the Central Bank held a conference on stimulating the participation of the banks and other financial institutions in the modernization of the economy, reported the press-centre of gov.uz.

The participants said the banks had been cardinally reforming their work in line with the requirements to expand their investment activities outlined by President Islam Karimov in his speech at the Cabinet on 13 February.

The banks have set up special departments dealing with the expertise and opening of the financing of the investment projects.

The privileges and tax preferences provided to the banks have allowed them to increase the volumes of investment credits, which exceeded UZS 1.5 trillion in the first nine months of 2009.
The banks have been actively participating in the recovery of the bankrupt enterprises, 35 of which have been recovered and sold to new owners.

To date, the new owners have invested UZS 87.9 billion to these enterprises and created more than 12,000 new workplaces.

The banks have invested over UZS 44 billion to the purchased enterprises and created more than 4,000 workplaces.

The volume of production of these enterprises comprised UZS 20 billion since the beginning of the year. USD 8 million worth of products were exported.