Decree on the Establishment of Microcreditbank JSC

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[ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.19.00.00 Banking System / 07.19.02.00 Commercial Banks. Private Banks. Foreign Banks; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.22.00.00 Lending / 07.22.06.00 Special Types of Lending / 07.22.06.02 Microcredit. Lending to Small Business Entities] [ TSZ: 1. Finance / Banks and other credit institutions. Credits]

Decree of the President of the Republic of Uzbekistan

"ON THE ESTABLISHMENT OF THE JOINT STOCK COMMERCIAL BANK 'MICROCREDITBANK'"

In order to further expand the provision of financial resources to promote the development of small business, private entrepreneurship, and farming, to activate individual labor activity, family business, and craftsmanship, thereby creating new jobs, and especially to ensure that broad sections of the population in rural areas benefit from microfinance services: [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.19.00.00 Banking System / 07.19.02.00 Commercial Banks. Private Banks. Foreign Banks]

1. Approve the proposal to establish the Joint Stock Commercial Bank "Microcreditbank" on the basis of the Joint Stock Commercial Bank "Tadbirkor";

approve the decision of the General Meeting of Shareholders of the Joint Stock Commercial Bank "Tadbirkor" on increasing the composition of its shareholders and authorized capital, as well as give consent to the proposals of the Central Bank of the Republic of Uzbekistan, the Ministry of Finance, and commercial banks. See previous edition. (The third subparagraph of paragraph 1 was introduced on the basis of the Decree of the President of the Republic of Uzbekistan dated November 10, 2008, No. PF-4051 — UR QHT, 2008, No. 46, Article 451) See previous edition. (Paragraphs 2 and 3 lost their force by the Decree of the President of the Republic of Uzbekistan dated November 10, 2008, No. PF-4051 — UR QHT, 2008, No. 46, Article 451) See previous edition. (Paragraph 4 lost its force on the basis of the Decree of the President of the Republic of Uzbekistan dated August 16, 2024, No. PF-111 — , 16.08.2024, No. 06/24/111/0623)

5. The following are established as sources for forming the resource base of "Microcreditbank":

funds directed by shareholders to form the bank's authorized capital;

annual loans in the amount of 10 billion soums for a term of 10 years at an annual rate of 2 percent, provided from the profit directed by the Ministry of Finance of the Republic of Uzbekistan to the revenue of the republican budget during 2007–2010; See previous edition. (The fourth subparagraph of paragraph 5 was introduced on the basis of the Decree of the President of the Republic of Uzbekistan dated October 16, 2017, No. PF-5204 — National Database of Legislative Acts, 16.10.2017, No. 06/17/5204/0114)

6. It is established that the notarization of microfinance contracts, as well as pledge and guarantee contracts and other contracts related to microfinance, is carried out at a rate of 0.1 percent of the contract amount.

7. The Central Bank of the Republic of Uzbekistan: See previous edition.

shall ensure access to the database of the Department of Credit Information State Registry for the branches of "Microcreditbank" and assist "Microcreditbank" in creating its own database of borrower credit history; (The second subparagraph of paragraph 7 was edited by the Decree of the President of the Republic of Uzbekistan dated May 24, 2018, No. PF-5447 — National Database of Legislative Acts, 25.05.2018, No. 06/18/5447/1269) See previous edition.

shall assist "Microcreditbank" in attracting preferential loans, investments, and grants from international financial institutions and leading foreign banks together with the Ministry of Finance of the Republic of Uzbekistan and the State Committee for Investments. (The third subparagraph of paragraph 7 was edited by the Decree of the President of the Republic of Uzbekistan dated August 17, 2017, No. PF-5158) [ TSZ: 1. Finance / Taxes (fees, duties)]

See previous edition.

8. "Microcreditbank" shall be exempted by January 1, 2018: (The first subparagraph of paragraph 8 was edited by the Decree of the President of the Republic of Uzbekistan dated December 9, 2014, No. PF-4677 — UR QHT, 2014, No. 50, Article 589) See previous edition.

from payment of profit and property taxes; (The second subparagraph of paragraph 8 was edited by the Decree of the President of the Republic of Uzbekistan dated February 27, 2009, No. PF-4087 — UR QHT, 2009, No. 10-11, Article 105) [ OKOZ: 1. 10.00.00.00 Foreign Economic Activity. Customs Affairs / 10.02.00.00 Regulation of Customs Tariffs / 10.02.07.00 Tariff Preferences and Preferences]

from customs payments (excluding fees for customs clearance) for bank equipment and technologies imported; [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.10.03.00 (Invalid) Value Added Tax / 07.10.03.02 (Invalid) Preferences on Value Added Tax / 07.90.00.00 (Invalid) General State Taxes]

from payment of value-added tax on the sale of property seized for the benefit of the bank. See previous edition.

The funds freed as a result of the granted exemptions shall be targeted towards strengthening the material and technical base of "Microcreditbank" JSC. (Paragraph 8 was supplemented with a subparagraph on the basis of the Decree of the President of the Republic of Uzbekistan dated November 10, 2008, No. PF-4051 — UR QHT, 2008, No. 46, Article 451)

9. The Central Bank of the Republic of Uzbekistan, together with the Ministry of Justice, interested ministries, and departments, shall submit proposals to the Cabinet of Ministers on amendments and additions to legislative acts arising from this Decree within one month.

10. Supervision over the implementation of this Decree shall be entrusted to Deputy Prime Minister of the Republic of Uzbekistan R.S. Azimov and Chairman of the Central Bank of the Republic of Uzbekistan F.M. Mullajonov.

President of the Republic of Uzbekistan I. KARIMOV

Tashkent city,

May 5, 2006,

No. PF-3750

APPENDIX

To the Decree of the President of the Republic of Uzbekistan dated May 5, 2006, No. PF-3750

Composition of Shareholders of "Microcreditbank" JSC

No.

Name of Shareholders

Amount

Ministry of Finance of the Republic of Uzbekistan

50 million USD (in equivalent) 1

Association of Banks of Uzbekistan

1 billion soums.

National Bank for Foreign Economic Activity

2 billion soums.

"Asaka" Bank

1.5 billion soums.

Paxta-Bank

1 billion soums.

UzSanoatQurilishBank

1 billion soums.

"Uzbekinvest" MC

1 billion soums.

"Uzagromashservice" Association

0.5 billion soums.

"Uzbekneftegaz" MC

1 billion soums.

"Uzkimyoprom" JSC

0.5 billion soums.

Chamber of Commerce and Industry

0.5 billion soums.

"Uzbektelecom" JSC

1 billion soums.

Private shareholders of "Tadbirkor" JSC

4 billion soums.

Total

15 billion soums. and 50 million USD (in equivalent)

1 Contributed in soum equivalent from the profit directed to the revenue of the republican budget by the Central Bank of the Republic of Uzbekistan in 2005-2006 and from a part of the Government's currency assets.

Appendix is an unofficial translation. (Compilation of Legislation of the Republic of Uzbekistan, 2006, No. 18, Article 146; 2008, No. 46, Article 451; 2009, No. 10-11, Article 105; 2014, No. 50, Article 589; National Database of Legislative Acts, 16.10.2017, No. 06/17/5204/0114; 25.05.2018, No. 06/18/5447/1269; 16.08.2024, No. 06/24/111/0623 )