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Uzbek Reconstruction and Development Fund to support creation of Export Support Fund

26 October 2020

Uzbekistan Reconstruction and Development Fund will allocate $100 million to form a resource base and start functioning of the Export Support Fund in Uzbekistan, Trend reports citing the decree of Uzbekistan's president.

The State Entrepreneurship Support Fund (SESF) will provide exporters with compensation for loans for pre-export financing in the amount of up to 50 percent until January 1, 2022. It can be working capital regardless of the interest rate and the size of loans set by banks.

The SESF will also provide guarantees for bank loans allocated for pre-export financing, including working capital, in the amount of up to 50 percent of the loan amount, but not more than eight billion soums ($772,052).

According to the decree, the SESF subject to positive credit history is entrusted regardless of the presence of debt on previously received loans.

The fund will also take a commission on the guarantees provided in a halved amount.

Export Support Fund will be created under the Export Promotion Agency in the Ministry of Investment and Foreign Trade, at the expense of which a mechanism will be introduced for the allocation of financial resources to commercial banks to provide them with services to finance trade operations related to export.

The Fund for Reconstruction and Development of Uzbekistan will allocate $100 million for the formation of the resource base and the beginning of the functioning of the Export Support Fund.