Uzagroexportbank, a joint stock commercial bank, will be created in Uzbekistan to support manufacturers and exporters in the agricultural sector, according to the decree of the Uzbek President Shavkat Mirziyoyev.
The founders of the newly established bank with an initial registered capital of 10 million euros will include the Fund of the Reconstruction and Development of Uzbekistan with a share of 75% in the share capital, the Uzbekinvest National Export-Import Insurance Company (10%), the Uzbekozikovkatholding holding company, Uzagrosugurta and Kafolat insurance companies (5% each).
The decree stipulates that both residents and non-residents of Uzbekistan, including the international financial institutions can also act as shareholders of the Uzagroexportbank.
By 2020, the Uzagroexportbank will have to expand capitalization by attracting strategic foreign investors with a share of at least 15% of the authorized capital.
The new bank and its branches will be exempt from all kinds of taxes and mandatory contributions to the Uzbek state funds for five years from the date of registration, and the saved funds will be allocated to strengthen the resource and logistical base of the bank.
Currently, the banking system of Uzbekistan is represented by 26 commercial banks. (Trend/Business World Magazine)
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