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Home / Business / Uzbekistan to Establish a New Bank

Uzbekistan to Establish a New Bank

According to the Decree of the President of Uzbekistan Uzagroeksportbank (the Agricultural Export Bank of Uzbekistan) is established. The new bank will deal with the financing of investment projects for the development of production and export of agro-industrial products, mainly fruits and vegetables, as well as integrated credit and settlement service of organizations of agro-industrial sector and its infrastructure.

The list of founders of the new commercial bank includes the Fund for Reconstruction and Development of Uzbekistan - 75%, NCEII Uzbekinvest - 10%; HC Uzbekozikovkatholding - 5%; JSC Uzagrosugurta - 5%, and JSC Kafolat SK - 5%.

The initial authorized capital of Uzagroeksportbank is €10 million. Residents and non-residents of Uzbekistan, including international financial institutions may become shareholders of the bank.

The newly established Uzagroeksportbank and its subsidiaries are exempt from all kinds of taxes and mandatory contributions to the state funds for five years from the date of state registration of a purposeful channeling of funds to strengthen the resource and logistical base of the bank.

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