Decree of the President of the Rep. of Uzb 4051

Nashr uchun talqin

Decree of President of the Republic of Uzbekistan 4051, November 10, 2008 "On measures for further expansion of activity of joint stock commercial bank ‘Mikrokreditbank’ on supporting the entrepreneurship entities"Decree of President of the Republic of Uzbekistan 4051, November 10, 2008 "On measures for further expansion of activity of joint stock commercial bank ‘Mikrokreditbank’ on supporting the entrepreneurship entities"

   In order to further increase the level of capitalization of joint stock commercial bank “Mikrokreditbank”, expand its participation in creating favorable conditions for start up organizations and accelerated development of small business and private entrepreneurship, increasing the employment of population due to activization of individual labour activity and development of home employment, providing wide access of entrepreneurship entities to subsidized credits for purchasing mini-technology and modern technological equipment, adopting production of competitive products in the internal and external markets:

   1.    Agree with the proposal of shareholders of joint stock commercial bank “Mikrokreditbank”, Ministry of Finance and Central bank of the Republic of Uzbekistan on additional increase of charter capital of JSCB “Mikrokreditbank” in 2008-2009 years to the amount of 72 bln. soum with bringing its total size to 150 bln. Soum in accordance with attachment 1.

   2.    Account as main objectives of the JSCB “ Mikrokreditbank”:
•    provide support to small business and private entrepreneurship, particularly in the rural places, in forming the initial capital for creating new enterprises and job places through providing targeted subsidized credits;
•    provide access to entrepreneurship entities to the subsidized credit resources for expansion of their activities and replenishment of working capital to purchase raw materials and products with the aim of later processing, production and realization of ready products, saturation of internal market with products of domestic production, creation on this behalf additional job places and increasing the income of population;
•    create conditions for adoption by the entrepreneurial entities modern equipment and mini-technologies for technical and technological refurbishment and modernization of enterprises, including under the condition of microleasing;
•    allocate microcredits and provide microleasing services to private and dehkan farmers to purchase mini-technologies for processing of agricultural products, purchase of livestock, poultry, seed and seedling materials, introduce modern technologies for production of agriculture products, irrigation, cultivation of soil;
•    support entrepreneurs in organizing exhibitions, fairs, conducting marketing campaigns as well as other forms of promoting produced by them competitive products to the external and internal markets;
•    providing clients of the bank whole spectrum of banking services, introducing into practice new banking products, expand network of brach and mini bank offices that provide expanded access for entrepreneurship entities and population to bank services in urban and rural places;
•    attract subsidized credits, investment and grants of international financial institutions and leading foreign banks for the expansion of providing microcredit and microleasing services.

   3.    Approve proposal of Central bank, Ministry of finance of the Republic of Uzbekistan and JSCB “Mikrokreditbank” on lowering the maximal rates on provided by “Mikrokreditbank”:
•    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 – from 5 to 3 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 – from 100 to 50 percent of 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 – from 7 to 5 percent per year.
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 JSCB “Mikrokreditbank” services.

   4.    Recommend Central bank of the Republic of Uzbekistan when necessary to provide on the subsidized conditions credits to JSCB “Mikrokreditbank” for wide scale support of small business entities and private entrepreneurship.

   5.    Make amendments and additions to the Decree of President of Republic of Uzbekistan signed in May 5, 2006 PD-3750 “On creation of joint stock commercial bank of ‘Mikrokreditbank” in accordance with attachment 2.

   6.    Central bank jointly with Ministry of justice of the Republic of Uzbekistan and other interested ministries and agencies in the one month period to submit to Cabinet of Ministers of Republic of Uzbekistan proposals on making amendments and additions to the legislation resulting from present Decree.

   7.    Control over the execution of present Decree place on to the first deputy Primer Minister of the Republic of Uzbekistan Azimov R.S. and chairman of Central bank of the Republic of Uzbekistan Mullajonov F.M.   

President of the Republic of Uzbekistan I. Karimov

Tashkent city
November 10, 2008

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