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Uzbekistan to provide soft loans, investments for technology parks’ projects

Business Materials 28 November 2019 11:49
Uzbekistan to provide soft loans, investments for technology parks’ projects

BAKU, Azerbaijan, Nov. 28

By Fakhri Vakilov-Trend:

Uzbekistan’s banks will provide preferential loans to technology park participants for the purchase of equipment, as well as other material and technical resources at a rate of 5 percent per annum, Trend reports citing Uzbek media.

Technological parks will be created in Jizzakh region in accordance with the decision of Uzbekistan’s Cabinet of Ministers.

On the territory of innovation parks, 14 projects will be implemented. The total investment is $5.5 million.

Diversified parks with an area of ​​six hectares will be located in Zaamin, Dustlik and Sharaf-Rashidov districts. Land plots are allocated for permanent use free of charge.

The main activities will include the production of food, knitwear, furniture, shoes, electrical equipment, pharmaceuticals, stationery, building materials, rubber and plastic products, chemical products, metals and equipment - from air compressors to electric kettles. Implementation of the projects will begin on December 1.

Unified Directorate in the form of LLC will manage and coordinate all the activities of the technology parks. The founder is the Youth - Our Future Foundation under Uzbekistan’s Youth Union.

The directorate will own the buildings and structures that they will be able to sell to the participants of the technology parks, subject to payment of construction costs with a 5-year installment plan. There are other conditions, namely, the establishment and maintenance of the production of import-substituting products for 5 years and creation of at least 30 percent of jobs for Uzbek youth.

At least 25 percent of each structure in the territory of technology parks remains in the possession of the Directorate. They can be leased to investors at the minimum rental rate without increasing ratios.

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