BAKU, Azerbaijan, Dec. 4
By Fakhri Vakilov-Trend:
From 2020, a five-year livestock development project will be launched under the auspices of the Agency for the Implementation of Projects in the Field of Agriculture and Food Support under the Ministry of Agriculture in all regions of Uzbekistan and Karakalpakstan, an autonomous republic in Uzbekistan, Trend reports citing Uzbek media.
The decree of the President of Uzbekistan Shavkat Mirziyoyev of November 27, 2019, on additional measures for the implementation of the project 'Development of the creation of a value chain in the field of animal husbandry' states that Uzbekistan and the Asian Development Bank signed a loan agreement in the amount of $150 million to finance this project with an interest rate of 2 percent per annum, including a grace period of 5 years with a maturity of 25 years.
The total project cost is equivalent to $237.45 million, including an ADB loan of $150 million, and the contribution of participants is equivalent to $56.15 million.
The contribution of Uzbekistan in the form of providing tax and customs benefits and payment of financial costs in the investment period will be equivalent to $31.3 million.
Credit line management is entrusted to six commercial banks of Uzbekistan - Halyk Bank, Uzpromstroybank, Turon Bank, Microcredit Bank, Qishloq Qurilish Bank and Mortgage Bank.
They will provide long-term preferential funds to business entities for the production, processing, storage and marketing of livestock products, the organization of service infrastructure in the field of livestock, as well as the production and/or delivery of capital goods, agricultural equipment technologies.
Project participants are provided with tax and customs benefits. Goods, work, services and vehicles purchased through the ADB loan are exempted from customs payments (excluding customs clearance fees), value added tax and mandatory payments to state trust funds. In addition, the income of individuals - non-residents are exempt from paying income tax on individuals, the document says.
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