Uzbekistan increases privileges of export support fund for small businesses
Tashkent, Uzbekistan, March 28
By Demir Azizov- Trend:
Uzbekistan has increased privileges of the fund for export support for entities of small business and private entrepreneurship, according to the decree of the Uzbek President Islam Karimov published March 28 in the country's media outlets.
The fund was created in 2013 at the National Bank for Foreign Economic Activity of Uzbekistan for the expansion of export potential of entities of small business and private entrepreneurship, as well as farms.
In accordance with the current decree by the Uzbek president, the fund can participate in the authorized capital of small business entities, which have no sufficient funds to organize output of export-oriented products, compensate small business entities and farms a part of costs for modernization, expansion of production, attraction of foreign specialists with the subsequent return of the means to the fund.
Commission contributions to the fund for the rendered services have been reduced from three to one percent of the export contract value, but not less than 100,000 soums (UZS).
The official exchange rate as of March 28 is 2871.77 UZS/$1.
The fund has also been granted the right to open representative offices in foreign countries.