Approved by Board of the Central bank of the Republic of Uzbekistan on February 20, 1999 No. 294 (the protocol No. 3)

Regulations on procedure for crediting of investment projects in freely convertible currency

This Provision is developed according to Articles 7 and 40 of the Law of the Republic of Uzbekistan "About the Central bank of the Republic of Uzbekistan", the Law of the Republic of Uzbekistan "About currency control", the Presidential decree of the Republic of Uzbekistan of December 13, 1996 "About additional measures for stimulation of development and investing activities of the companies with foreign investments" and determines procedure for crediting of investment projects by authorized banks in freely convertible currency (in subsequent - foreign currency).

I. General provisions

1. Authorized banks according to the Charters and the rights granted to them in licenses of the Central bank of the Republic of Uzbekistan for carrying out currency transactions perform crediting in foreign currency of the companies and organizations - legal entities (in subsequent referred to as with borrowers) under implementable investment projects.

2. Borrowers possess bank loan in foreign currency on the terms of strict observance of the principles of crediting: security, special-purpose character, urgency, recoverability, the paid nature also bear responsibility for effective use of the credits. In cases of violation of terms for crediting measures of economic impact are applied to them.

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