Regulatory Alerts2021-08-18
Added · Updated
Measures for Regulating the Allocation of Education Credits for Tuition-Based Study in Higher, Secondary Special, and Professional Education Institutions
The Cabinet of Ministers of Uzbekistan establishes the Education Credit Financing Fund under the Ministry of Economy and Finance to provide loans to citizens for tuition at higher, secondary special, and professional education institutions. The regulation mandates that commercial banks distribute these funds based on specific eligibility criteria, including credit ratings and regulatory capital thresholds, while linking loan amounts to students' grade point averages and offering interest-free credits for eligible families. Repayment of the principal begins seven months after the official study period ends, with a repayment term of seven years, and the government covers interest for students admitted under specific regional development parameters.