Regulatory Alerts2017-01-06 | ПҚ-2718Added · Updated
On Measures to Expand Financing Sources for Investment Projects in the Food, Leather and Footwear, and Pharmaceutical Industries
The President of Uzbekistan approved the opening of 300 billion UZS credit lines each by the Ministry of Economy, Ministry of Finance, Ministry of Foreign Economic Relations, Investments and Trade, and three authorized commercial banks (National Bank of Foreign Economic Activities, Uzsanoatqurilishbank, and Asaka-bank) to jointly finance investment projects in the food, leather and footwear, and pharmaceutical industries. Foreign currency loans under these lines are restricted to purchasing modern imported equipment and technologies, carry a term of up to 7 years (including a 2-year grace period) at a rate of 6-month LIBOR plus 1.0%, and require mandatory expertise by the Industry Scientific and Technical Council and the State Committee for Investments. The decree establishes a permanent Working Group to manage new project initiatives and mandates that authorized banks may capitalize interest until project commissioning and establish 100% owned subsidiaries or joint ventures to implement these projects.
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