The Central Bank of Uzbekistan has issued a license for banking operations to the country’s youngest credit and financial institution, UzAgroExportBank
The establishment of the Bank was initiated by the President of Uzbekistan in January 2017. The Board includes the Fund for Reconstruction and Development of Uzbekistan (75%), the National Export-Import Insurance Company Uzbekinvest (10%), Uzagrosughurta (5%), Kafolat IC (5%) and Uzbekinvestholding (5%). The statutory fund is set at 10 million euros.
The new structure will specialize in financing investment projects on the development of production and exports of agro-industrial products. It also intends to assist clients in developing strategies to promote fruit and vegetable and other agricultural products to international markets jointly with foreign banks, financial institutions, diplomatic and trade missions.
The head of state released UzAgroExportBank and its branches for five years from the date of state registration from all types of taxes and mandatory contributions to state trust funds, and assigned to ensure targeted investment of the released funds in strengthening of the logistical capacity. By January 1, 2020, the governing body of the new bank is required to draw a strategic foreign investor into the authorized capital with a share of as much as 15%.
Today, there are 27 banks across the country. As of January 1, 2017, the total capital of the banking system exceeded 9.4 trillion soums (currency rates of CB RU from 19.07.2017, 1$= 4042.47 soums), with was 1.2 times growth against early 2016. Bank assets have increased 1.2 times and reached 80.4 trillion soums.
(Source: «Uzbekistan Today» newspaper)
