WB to help Uzbekistan with privatization

Tashkent, Uzbekistan, Aug. 3

By Demir Azizov- Trend:

The state committee on privatization, demonopolization and development of competition of Uzbekistan, the World Bank (WB) and the International Finance Corporation (IFC, a structural unit of the World Bank) have signed an agreement, the so-called road map for cooperation in deepening the processes of privatization in the country, the leadership of the state committee told Trend.

"The "Road Map" envisages the organization of joint work with the World Bank and the International Finance Corporation to improve corporate governance, as well as the promotion of international financial institutions in attracting strategic foreign investors to the real sector enterprises of the economy of the country," said the representative of the committee.

The areas of collaboration also include assistance in the development of scientific and educational center of corporate governance in Tashkent, educational support of the corporate governance by methodical assistance to employees and managers of joint stock companies, especially in the regions of the republic.

It was reported that in May 2015, Uzbekistan adopted a program of privatization, within the framework of which foreign strategic investors plan to sell the assets of 68 large industrial enterprises.

The list of the joint-stock companies, the state shares of which will be sold to the strategic foreign investors, in particular, includes the largest enterprise of chemical industry of the country - Navoiazot JSC (49 percent), the largest enterprise in the cement industry - Kyzylkumcement JSC (35.9 percent), commercial banks - Turonbank (63.1 percent) and Aloqabank (47.6 percent), insurance companies Uzagrosugurta (24.6 percent) and Kafolat (15.5 percent).

In order to evaluate the state stake on sale, the document recommends attracting mainly international valuation organizations. It is planned to approve the schedule of evaluation and put up the state stakes for sale within a month.

Aside from the stakes of large industrial enterprises, the president's decree also envisages the public sale of state stakes and shares of economic board of 343 joint-stock companies to the private ownership and first of all to the foreign investors. It is aimed at modernization, technical re-equipment of these companies and organization of competitive output.

It is planned to sell 512 state property facilities, including incomplete construction projects on a competitive basis with "zero" redemption value and with undertaking investment obligations.

The resolution also contains a list of 257 low-profit and inactive enterprises, in respect of which the liquidation or bankruptcy procedure will be initiated.

In accordance with the rules, 25 percent of the profits from the sale of state property will remain at the municipal authorities for the implementation of their socio-economic projects, 4 percent - are transferred to the Chamber of Commerce and Trade of Uzbekistan for the legal support of entrepreneurs, the remaining funds will go to the national budget.

Edited by CN

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