OREANDA-NEWS. September 21, 2010. One of the key factors of the further strengthening of the country's economy is the work on maintenance of financial improvement and restoration of the bankrupt enterprises, their technological modernization and the involvement of the commercial banks of the country in this process.

Decree of President Islam Karimov "On measures to further improvement of the financial stability of the real economy" dated of 18 November, 2008 serves as an important guide in this direction.

The state joint-stock commercial bank Asaka contributes to perform certain tasks in the decree. At present, on a basis of 14 bankrupted property complexes, the bank established 12 subsidiaries with charter capital of 44.3 billion soums.

The bank also created Asaka Investment, management investment company with a legal capital of 17 billion soums, to attract foreign investments.

The bank has provided guarantees amounting over USD7 million to purchase the necessary raw materials in order to maintain the production of newly established companies, UzA reported.

Following the results of 8 months of the current year, the manufacture of finished products worth over 19 billion soums was provided to the enterprises and the products worth 7.8 million dollars were exported. It allowed creating 1,858 jobs.

One of the successful examples of financial restructuring of enterprises is Nafis Libos company in Syrdarya region, which revived after the bankruptcy of the former JV Lola Model.

The bankrupt company was then transferred to the balance of Asaka bank. A new company with a legal capital of 2.4 billion soums was launched in the textile industry of the country.

The building, machinery, vehicles and utilities of the bankrupt enterprise JV Lola Model were in unusable condition at the time of transfer of the property complex to the bank.

More than 100 million soums were spend for the project, complete inventory of all the property, a technical audit, repair and installation of equipment, restoration of utilities and maintenance of premises and equipment were carried out.

The project became a part of the program to increase industrial capacity, restructuring, financial rehabilitation or liquidation of uneconomic enterprises in Syrdarya region in 2009-2012.

In close partnership with regional administration of the region and Asaka bank, Bayteks Ticaret of Turkey, a foreign investor with extensive experience in textile industry was attracted to the site in 2009.

The increase in volumes of output is supplied by the investors of newly revived enterprise through the additional installation of 500 sewing-machines providing 855 persons with a permanent job.

According to Asaka bank, such work has been done in other enterprises, giving its powerful results.