Decree of the President of the Rep. of Uzb 3750

Nashr uchun talqin

Decree of the President of Republic of Uzbekistan 3750 “On creation of Joint Stock Commercial Bank of ‘Mikrokreditbank”

May 5, 2006

    In order to further expand the provision of financial resources for the development of small business, private entrepreneurship and farmers, create new job places via activization of individual labor activities, family business and home employment, provide access to microfinance services to wide strata of population, particularly in the rural places:
    1.    Agree with the decision of general meeting of shareholders of ‘Tadbirkor’ commercial bank, as well as proposals of Central bank, Ministry of finance of Republic of Uzbekistan and commercials banks:
•    on creation on the base of ‘Tadbirkor’ commercial bank of ‘Mikrokreditbank’ joint stock commercial bank;
•    on composition of shareholders and increasing the charter fund, in accordance with the Attachment. Mikrokreditbank is legal successor of rights and obligations of Joint stock commercial bank of ‘Tadbirkor’, including of property, financial and other liabilities, as well as requirements that guarantee safety and timeliness of returning money funds of legal and physical entities.
    2.    Define as main objectives of the ‘Mikrokreditbank’:
•    Implement microcredit activity, providing wide range of banking and consulting services to small business entities, private entrepreneurship, private and dehkan farms for strengthening and expanding of their production activities;
•    support expansion of entrepreneurship field on behalf of stimulating and providing support to the development of microfirms, family businesses and home employment via disbursing microcredits and microleasing;
•    ensure the repayment of microcredits on the base of detailed analysis of business-plan that borrower submits, its financial situation, sources of security provision of obligations on repaying the credit and strict control over its serving;
•    attract subsidized credits, investment and grants of international financial institutions and leading foreign banks for expansion of providing services on microcrediting and microleasing;
•    further development of, via system of branch and mini banks offices, financial infrastructure, particularly in rural places, that will provide additional opportunities for serving small business entities and private entrepreneurship.
    3.    Determine that Mikrokreditbank via its regional network of branch and mini bank offices, primarily in the rural places, provides:
•    subsidized microcredits for start up of entrepreneurial activities with the duration of up to 18 months in the amount of up to 200 times of size of minimal monthly wage, with the interest rate of no higher than 5 percent per year;
•    microcredits for the expansion of activity and replenishment of working capital of small business entities with the duration of up to 24 months in the amount of 500 times of size of minimal monthly wage, with the interest rate of no higher than refinancing rate of Central bank;
•    services on subsidized microleasing for the small business entities with the duration up to 3 years in the amount of up to 2,000 times of size of minimal monthly wage with the interest rate no higher than 50 percent of refinancing rate of Central bank.
•    At the same time, the entrepreneurship entities timely and fully repaid earlier received microcredit for start up of entrepreneurial activity and repaid calculated interest on it have preferential rights to receive following microcredits for the business development and using the Mikrokreditbank services.
    4.    The Mikrokreditbank should not allow facts of bureaucracy and formalism in legalizing the microcredits. Determine the order under which the lost of documents submitted by the borrower for obtaining microcredit is limited to only:
•    Application for receiving microcredit;
•    business plan;
•    documents proving security of repayment of microcredit.

Cabinet of Ministers in two weeks time to develop and approve Provisional regulation on the order of providing microcredits and providing microleasing services.
    5.    Define sources of forming resource base of ‘Mikrokreditbank’:
•    assets of shareholders directed for the formation of charter capital of the bank;
•    annual loans provided by Ministry of finance of Republic of Uzbekistan during the 2007-20010 years in the amount of 10 bln. soum for the period of 10 years with the interest rate of 2 percent per year at the expense of profit of Central bank directed to the income of republican budget;
•    credit lines of State fund for support of employment within the Ministry of labor and social protection of population of Republic of Uzbekistan.
    6.    Determine that notary certification of microfinance agreements as well as security provision agreements, guarantee and other agreements related to implementing microfinance carried out on the rate of 0.1 percent from the sum of agreement.
    7.    Central bank of Republic of Uzbekistan:
•    ensure access of ‘Mikrokreditbank’ branch offices to the data base of national institute of credit information and provide support to ‘Mikrokreditbank’ in creating its own date base on credit history of borrowers;
•    jointly with the Ministry of finance, Ministry of foreign economic relations, investment and trade of Republic of Uzbekistan provide support to the ‘Mikrokreditbank’ in attracting subsidized credits, investments, and grants of international financial institutes and leading foreign banks.
    8.    Free until January 1, 2011 ‘Mikrokreditbank’ from payment of:
•    taxes on income (profit) and property;
•    customs payment (except fees for customs legalization) for the imported bank equipment and technology;
•    taxes on added value in selling collected for the benefit of bank property.
    9.    Central bank, Ministry of justice of Republic of Uzbekistan jointly with interested ministries and agencies in one month period to submit to the Cabinet of Ministers proposals for making amendments and additions to the legislation resulting from this Decree.    
    10.    Control over the execution of present Decree place on to the Deputy Primer Minister of Republic of Uzbekistan Azimov R.S. and chairman of Central bank of Republic of Uzbekistan Mullajonov F.M.   

President of the Republic of Uzbekistan I. Karimov

Tashkent city
May 5, 2006

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