Resolution on Amendments and Additions to the Regulation on the Procedure for Granting Preferential Microcredits by Commercial Banks at the Expense of Credit Lines of State Target Funds

Resolution of the Board of the Central Bank of the Republic of Uzbekistan, Ministry of Finance of the Republic of Uzbekistan, registered on 28.09.2018, registration number 2527-2

Effective Date

29.09.2018

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03.02.2021

29.09.2018

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Document Lost Force 03.02.2021

[
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.
21.00.00.00 Complex Documents on Introducing Amendments and Additions / 21.04.00.00 Departmental Normative Legal Documents]
[
TSZ:
1.
Finance / Banks and Other Credit Institutions. Credits]

LexUZ Commentary
This resolution lost force based on the Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 329-V-4 dated December 23, 2020 and of the Ministry of Finance No. 57 dated December 15, 2020 "On the Regulation on the Procedure for Granting Preferential Microcredits by Commercial Banks at the Expense of Credit Lines of State Target Funds, as well as on Recognizing as No Longer in Force the Amendments and Additions Thereto" (registration number 2527-4, 03.02.2021).

In accordance with the Law of the Republic of Uzbekistan "On the Central Bank of the Republic of Uzbekistan" and Resolution PQ-3856 of the President of the Republic of Uzbekistan dated July 14, 2018 "On Measures to Improve and Increase the Efficiency of Work on Ensuring Employment of the Population", the Board of the Central Bank of the Republic of Uzbekistan and the Ministry of Finance resolve:

1. Amendments and additions shall be introduced to the Regulation on the Procedure for Granting Preferential Microcredits by Commercial Banks at the Expense of Credit Lines of State Target Funds, approved by Resolution No. 329-V and 98 of the Board of the Central Bank of the Republic of Uzbekistan and the Ministry of Finance dated October 14, 2013 (registration number 2527, November 19, 2013) (Collection of Legislation of the Republic of Uzbekistan, 2013, No. 47, Article 622) in accordance with the Appendix.

2. This resolution shall enter into force from the day of its official publication.

Chairman of the Central Bank M. NURMURATOV

Tashkent city,

August 27, 2018,

No. 329-V-2

Minister of Finance D. KUCHKAROV

Tashkent city,

August 27, 2018,

No. 123

APPENDIX
to the Resolution of the Board of the Central Bank of the Republic of Uzbekistan and the Ministry of Finance dated August 27, 2018 No. 329-V-2, 123

Amendments and Additions Being Introduced to the Regulation on the Procedure for Granting Preferential Microcredits by Commercial Banks at the Expense of Credit Lines of State Target Funds

1. The Preamble shall be stated in the following wording:

"This Regulation establishes the procedure for granting preferential microcredits by commercial banks at the expense of credit lines of state target funds in accordance with the Laws of the Republic of Uzbekistan "On Microfinance", "On Family Entrepreneurship", "On Guarantees of Freedom of Entrepreneurial Activity" and Resolution PQ-3856 of the President of the Republic of Uzbekistan dated July 14, 2018 "On Measures to Improve and Increase the Efficiency of Work on Ensuring Employment of the Population"."

2. In Clause 1:

the fourth indent shall be stated in the following wording:

"borrowers (debtor) — unemployed persons registered at employment assistance centers, citizens returned from labor migration, women in difficult life situations, members of low-income families and representatives of other socially vulnerable layers of the population, individual entrepreneurs, microfirms, small enterprises, dekhkan and farmer households, and family entrepreneurship entities;";

shall be supplemented with the following fifth indent:

"recommendation — a document on preferential lending issued by heads of sectors for socio-economic development of territories and heads of district (city) Employment Assistance Centers in the form according to Appendix 1 to this Regulation.".

3. Clause 3 shall be stated in the following wording:

"3. Microcredits are provided for a term of 3 years, with a 6-month grace period, in an amount of up to 500 times the minimum wage, at an interest rate of 50% of the refinancing rate of the Central Bank of the Republic of Uzbekistan, including a margin in the amount of 50% of the allocable credit rate of the commercial bank.

In this case, microcredits may be allocated without collateral in an amount not exceeding 100 times the minimum wage to unemployed persons registered at employment assistance centers, citizens returned from labor migration, women in difficult life situations, members of low-income families and other socially vulnerable layers of the population.

In this case, commercial banks insure the risk of non-repayment of the credit."

4. Clause 4 shall be recognized as no longer in force.

5. Clause 7 shall be stated in the following wording:

"7. Microcredits at the expense of the State Target Fund credit line are allocated to borrowers for the following purposes:

establishment of greenhouses, development of fish farming and beekeeping, rabbit breeding and production, purchase of seeds, seedlings, livestock and poultry, agricultural inventory and equipment, irrigation devices (pumps, artesian wells and others) for the purpose of developing production in personal homesteads and dekhkan farms;

purchase of modern mini-equipment and raw materials for processing, storage and packaging of agricultural products, production of construction materials, food and non-food consumer goods;

establishment and equipping of enterprises operating in the service sector, especially in crafts, household, repair, education, medical, information-communication and other high-demand sectors;

development of home-based work, especially among women, in rural districts;

other directions taking into account the production specialization of districts and cities, existing mineral raw materials, land, agricultural and other resources."

6. Clause 9 shall be stated in the following wording:

"9. The borrower — individuals shall submit the following documents to the bank to obtain a microcredit:

application in accordance with Appendix 2 to this Regulation;

copy of passport;

recommendation."

7. Shall be supplemented with Clause 9-1 of the following content:

"9-1. The borrower — entrepreneurship entities shall submit the following documents to the servicing bank to obtain a microcredit:

application;

business plan indicating the forecast of cash inflows (cash flow) to the borrower's bank account;

accounting balance sheet of the borrower for the last reporting period (Form No. 1), reconciliation acts on debts overdue for more than 90 days, report on financial results (Form No. 2) of the relevant state tax inspectorate, except for newly established legal entities, individual entrepreneurs, dekhkan households, family entrepreneurship entities;

one of the types of credit security provided for in Clause 11 of this Regulation."

8. In the second indent of Clause 11, after the words "property pledge" shall be supplemented with the words "(except for individuals)".

9. Shall be supplemented with Appendices 1 and 2 in accordance with Appendices 1 and 2 to these amendments and additions.

10. These amendments and additions have been agreed with the Ministry of Employment and Labor Relations of the Republic of Uzbekistan.

Minister of Employment and Labor Relations Sh. KUDBIEV

August 27, 2018

APPENDIX 1
to the Amendments and Additions Being Introduced to the Regulation on the Procedure for Granting Preferential Microcredits by Commercial Banks at the Expense of Credit Lines of State Target Funds

"APPENDIX 1 to the Regulation on the Procedure for Granting Preferential Microcredits by Commercial Banks at the Expense of Credit Lines of State Target Funds

RECOMMENDATION for Obtaining a Credit to Ensure Employment of the Population

___________________________________ region/city, _____________________________________ district, ___________________________ MFY, ___________________________ street, ____ house residing citizen ____________________________ born on ________________ "______" ________________________.

(Full Name)

Citizen — , education, specialty___, total work experience__________years,

(Full Name)

last place of work______________________________________________________________________________, time of dismissal from work____________________________, date of registration as a job seeker from the labor authority _______________________________ (personal card number and date).

Citizen _____________________ expressed a desire to be employed through engaging in ___________________ type of activity at home conditions.

(Full Name)

Based on Resolution PQ-3856 of the President of the Republic of Uzbekistan dated July 14, 2018 "On Measures to Improve and Increase the Efficiency of Work on Ensuring Employment of the Population" and the Regulation on the Procedure for Granting Preferential Microcredits by Commercial Banks at the Expense of Credit Lines of State Target Funds (registration number 2527, November 19, 2013), we recommend allocating a preferential credit to citizen ______________________________________________________________ for engaging in the type of activity in an amount of up to _________ times the minimum wage. (Full Name)

Targeted use of the credit allocated to the citizen and its solvency will be constantly monitored in cooperation with the commercial bank that allocated the credit. Measures will be taken to ensure timely repayment of the credit and accrued interest.

Head of District (City) Sector
2018 "__"_____________

(signature, seal, Full Name)

Director of District (City) Employment Assistance Center 2018 "____"______________

(signature, seal, Full Name)".

APPENDIX 2
to the Amendments and Additions Being Introduced to the Regulation on the Procedure for Granting Preferential Microcredits by Commercial Banks at the Expense of Credit Lines of State Target Funds

"APPENDIX 2 to the Regulation on the Procedure for Granting Preferential Microcredits by Commercial Banks at the Expense of Credit Lines of State Target Funds

APPLICATION

I, _____________________________ (passport number ________, issued on 20 "____" ____________ by

(Full Name)

____________________________________________ District (City) IIB) born on _______ "____" _____________ in _______________District (City). Currently reside at ____________________District (City), _____________________MFY, ________________________street, ______house.

I request you to allocate a preferential credit in the amount of _________________________________________________sums (amount in words) for the purpose of conducting ____________________________________________________________________________ for my employment based on Resolution PQ-3856 of the President of the Republic of Uzbekistan dated July 14, 2018 "On Measures to Improve and Increase the Efficiency of Work on Ensuring Employment of the Population" and the Regulation on the Procedure for Granting Preferential Microcredits by Commercial Banks at the Expense of Credit Lines of State Target Funds (registration number 2527, November 19, 2013).

(Type of activity and purpose)

for a term of _____ (_________) years, including a _____ month grace period for principal debt repayment, on the condition of paying a _______ percent margin in the amount of 50% of the annual refinancing rate of the Central Bank of the Republic of Uzbekistan.

I attach the following documents to my application:
________________________________________________________________________________________________; ________________________________________________________________________________________________; ________________________________________________________________________________________________; ________________________________________________________________________________________________.

I undertake to use the obtained credit funds for the intended purpose and to pay the credit and accrued interest on time in full.

Applicant, citizen

(signature)

Full Name".

(National Database of Legislative Documents, 29.09.2018, No. 10/18/2527-2/1974)