OREANDA-NEWS. December 31, 2009. Investment Program for 2010 has been approved in the republic. According to the document, next year the national economy will draw in more than 18.2 trillion soums. The share of foreign capital (loans guaranteed by the government and foreign direct investment and loans) in the total volume of investment will constitute 26%, which is about USD 3 billion to 99 investment projects. Sixty two projects are planned to draw more than USD 2.4 billion of foreign direct investment, while 37 projects are to attract more than USD 555 million of foreign loans under the government guarantee.

Despite the decline in investment flows worldwide caused by the financial crisis, the expected volume of foreign investment to Uzbekistan in 2010 is almost two-thirds higher than the forecast volume of the passing year.

Investments in the next year have another distinguishing feature: the Fund for Reconstruction and Development of Uzbekistan substantially increases its share in funding the modernization of production. Its share in total capital investment in the national economy is to reach 7.5%.

Experts of the Ministry of Finance tend to link this to a program of major projects on modernization, technical and technological re-equipment for 2009-2014 within the framework of anti crisis measures approved by the President of the Republic of Uzbekistan on March 12, 2009. Over four hundred investment projects worth more than USD 41.4 billion under this program are planned to attract about USD 22 billion of loans and investments from international financial institutions, foreign partners and companies.

Most of the projects included in the investment program for 2010 are called to upgrade basic assets of key industries. It is envisaged to create new production capacities and accelerate the application of scientific and technological achievements. Experts of the Ministry of Finance predict that the mapped out priorities of development ensure stable investment influx from leading transnational companies and corporations.

The list of major investment projects on creation of new, reconstruction and modernization of existing production facilities in 2010 includes 192 projects. Thirty four of them are run by Uzbekneftegaz national holding company. The coming year is projected to be eventful: construction of Ustyurt gas and chemical complex at Surgil deposit, installation of propane-butane mixture for increasing the production of liquefied gas at Muborak gas processing plant, production of equipment for gas filling and compressor stations and vehicle gas cylinders at the free industrial economic zone Navoi. As in previous years, oil and gas industry plays the “first violin” in attracting strategic investors to the economy.