TASHKENT, Uzbekistan, March 27. The Central Bank of Uzbekistan plans to license guarantee organizations to operate within the country, as stated in the bank's presentation made on March 19 at a seminar on financing micro, small, and medium-sized enterprises, Trend reports.
According to the presentation, guarantee organizations will operate in the organizational-legal form of joint stock companies (JSC). The minimum authorized capital will be 100 billion soums ($7.9 million).
The guarantee companies will be subject to prudential standards: capital adequacy ratios, liquidity ratios, maximum risk per borrower or a group of interrelated borrowers, maximum risk per related party of guarantee organizations, and maximum investment in authorized capital and debt securities of legal entities.
Guarantee organizations will provide a guarantee (surety) for the fulfillment of financial obligations of individuals to credit organizations. In turn, legal entities will be able to obtain a guarantee (surety) more than five times a year, except for their founders and employees.
Meanwhile, the Central Bank of Uzbekistan plans to allow microfinance banks (a new type of credit organization) to operate.
The bank is developing a draft law on the creation of microfinance banks, which will be submitted to the Cabinet of Ministers by April. Microfinance banks would serve as an intermediate link between banks and microfinance companies.