Uzbekistan creates specialized leasing company

Tashkent, Uzbekistan, June 23
By Demir Azizov- Trend:

Uzbek President Islam Karimov adopted a decree on the establishment of the "Kurilishmashlizing" (Stroymashlizing) leasing company.

The authorized capital of the new company will be 22 billion soums in accordance with the decree"On the establishment of the Kurilishmashlizing republican specialized company".

The founder of the leasing company will be the Finance Ministry with the share of 45.45 percent. National Bank for Foreign Economic Activity, "Asaka" State Stock Commercial Bank, Uzpromstroybank, the "Uzbekistan Railways" State Joint-Stock Railway Company, "Uzbekneftegaz" National Holding Company, "Uzbekenergo" state joint stock company will have interests on 6.82 percent, the total proportion of undifferentiated "other" shareholders will be 13.63 percent.

The main objectives of "Kurilishmashlizing" are conduction of marketing and analysis of applications of the construction organization on the supply on the leasing of the entire spectrum of construction machinery and special vehicles; placement of orders for production and acquisition of construction equipment for domestic and foreign enterprises; transfer under lease or rental of construction equipment, produced and delivered in accordance with the placed orders; fundraising, including credit lines from foreign banks and international financial institutions for the purchase of construction equipment.

"Kurilishmashlizing" was instructed to establish subsidiaries in the regions together with local authorities within a month.

As reported earlier, some 99 lessors, including 24 commercial banks and 75 leasing companies operated in the country`s leasing market in 2013. The total volume of leasing operations increased by 36 percent in Uzbekistan in 2013 compared with 2012 - up to 805.2 billion soums. The volume of the leasing market increased by 16.5 percent to up to 1.511 trillion soums.

Main share of the leased property at the end of last year occupied agricultural machinery - 37.5 percent. The volume of leasing on automobile transportation amounted to 24.8 percent, technical equipment - 21.4 percent, real estate and property complex - 16.3 percent.

In 2013, the major in the structure of transactions on type of technological equipment occupied the share of construction machinery and equipment for construction materials manufacturing - 35.4 percent, reclamation equipment - 22.9 percent, equipment for light industry - 12.8 percent.

The official exchange rate on June 23 is 2308.39 soums / $ 1

Edited by CN

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