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Uzbekistan to send over $857 million for implementation of over 30 investment projects

Business Materials 10 December 2013 19:17
Uzbekistan plans to send around $857.1 million from the Republican Fund for Reconstruction and Development (RFRU) for the implementation of about 34 projects included in the state investment program for 2014.

Tashkent, Uzbekistan, Dec.10
By Demir Azizov- Trend:

Uzbekistan plans to send around $857.1 million from the Republican Fund for Reconstruction and Development (RFRU) for the implementation of about 34 projects included in the state investment program for 2014, according to a special decree of Uzbek President Islam Karimov.

The investment program includes projects in the energy, oil and gas, chemical industries, metallurgy and transport infrastructure with a total cost of $19.98 billion, according to the decree.

It is planned to spend the major volume of the fund's loans for projects in the fuel and energy industry - -$413.1 million, transport - $202.7 million, metallurgical industry - $119.6 million, chemical industry - $55.5 million.

The Fund for Reconstruction and Development of Uzbekistan was established in 2006 for financing and co-financing of projects included in the state investment program.
The fund is exempt from all taxes, levies, duties and mandatory contributions to state funds, with the exception of the single social payment.

The fund's loans are allocated for a period of seven to 15 years, including a grace period of three to five years, and the rate is 2.25 percent.

The founder of the fund is the government of the republic, through the Ministry of Finance. Currently, the authorized capital of FRDU amounts to $15 billion.

It was earlier reported that the investment program for 2013 envisaged allocating around $809.5 million of the fund's loans for the implementation of about 29 projects. In total, Uzbekistan plans to implement over 300 investment projects with total cost of $55.4 billion by 2016 and around $3.6 billion from the Fund will be sent for their implementation.

Translated by L.Z.

Edited by C.N.

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