RESOLUTION OF THE PRESIDENT OF THE REPUBLIC OF UZBEKISTAN

of December 18, 2023 No. PP-397

About measures for the organization of activities of Fund of development of the industry

For the purpose of expansion of production capacities and creation of additional reserves by implementation of new modern mechanisms of the accelerated development of the industry of the republic:

1. Take into consideration that according to the Presidential decree of the Republic, Uzbekistan of July 21, 2023 No. UP-111 "About Measures for the Effective Organization of Public Administration in the field of Investments, the Industry and Trade within Administrative Reforms":

for the purpose of radical development of industries under Fund of reconstruction and developments the Fund of development of the industry is created (further - Fund);

in Fund funds in equivalent of 1 billion US dollars will be raised, including means in equivalent of 200 million US dollars are allocated from Fund of reconstruction and development in 2023-2024.

2. Determine the main objectives of Fund:

assistance in production of new types of products in industries, implementation of modern technologies and knowledge in industry, and also performance improvement of work and production efficiency;

production incentive of export-oriented products with high value added, creation of opportunities of decrease in product cost at the companies of private sector, and also their involvement in export activities and participation in development of the new markets;

financing of the export-oriented investment projects directed to production with high value added and new high-technology products including through system of industrial mortgage.

3. Determine sources of financing of Fund:

the funds allocated by Fund of reconstruction and development;

means in equivalent of 15 million US dollars at the expense of means of the Government budget for compensations provided by Fund since 2024 annually;

other sources which are not prohibited by acts of the legislation.

4. Determine that the Fund allocates funds for industrial projects with a project cost over 4 million US dollars:

a) to commercial banks:

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