Uzbekistan, Tashkent, Feb. 27 / Trend D.Azizov /
President of Uzbekistan approved the proposal of the Ministry of Economy, Ministry of Finance and Central Bank of Uzbekistan for an additional subscription of the republic to 8,157 shares in the authorized capital of the International Development Association (IDA, member of the World Bank Group), including 2.357 paid shares $ 25 par value each and 5,800 free dues.
This decision was made to expand cooperation with the IDA, as well as the preservation of the original share of Uzbekistan in the authorized capital of the Association in connection with its increase, the preamble of the document says.
Previously, the IDA Board of Governors decided to increase the authorized capital and organize subscription among the IDA countries to additional shares to maintain their shares in the authorized capital.
According to the decree, payment of 2,357 paid shares in the authorized capital of the IDA will be made through the issuance of the Central Bank of Uzbekistan of non-transferrable bills in national currency, which are placed in the IDA securities account in the Central Bank and payable in the prescribed manner at the request of the IDA.
Accordingly, the Central bank will issue non-transferrable no-interest bills in the national currency equivalent to $58,925 and place them in its IDA securities account.
IDA was founded in 1960. Current members of the IDA are 170 countries. IDA provides interest-free loans with a 20, 35, 40-year maturities, and deferred principal payments during the first ten years. IDA has granted loans totaling over $220 billion. Uzbekistan has been member of IDA since 1992, its share in the authorized capital of the organization is 0.16 percent.