Tashkent, Uzbekistan, July 4
By Demir Azizov– Trend:
The Central Bank of Uzbekistan has issued a license to Uzagroexportbank, a joint stock commercial bank, for the right to conduct banking operations, according to the decision of the bank’s board, the bank said in a message.
It was earlier reported that in late January 2017, Uzbek President Shavkat Mirziyoyev decreed to create Uzagroexportbank joint stock commercial bank to support manufacturers and exporters in the agricultural sector.
The founders of the bank with an initial registered capital of 10 million euros include the Fund of the Reconstruction and Development of Uzbekistan with a share of 75 percent in the share capital, the Uzbekinvest National Export-Import Insurance Company (10 percent), the Uzbekozikovkatholding holding company, Uzagrosugurta and Kafolat insurance companies (five percent each).
The decree stipulated that both residents and non-residents of Uzbekistan, including the international financial institutions can also act as shareholders of the Uzagroexportbank.
By 2020, the Uzagroexportbank will have to expand capitalization by attracting strategic foreign investors with a share of at least 15 percent of the authorized capital.
The new bank and its branches will be exempt from all kinds of taxes and mandatory contributions to the Uzbek state funds for five years from the date of registration, and the saved funds will be allocated to strengthen the resource and logistical base of the bank.