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RESOLUTION OF THE CABINET OF MINISTERS OF THE REPUBLIC OF UZBEKISTAN

of April 10, 2017 No. 198

About measures for the organization of activities of the Guarantee fund of development of small business

In pursuance of the resolution of the President of the Republic of Uzbekistan of April 10, 2017 No. PP-2768 "About creation of the Guarantee fund of development of small business", and also for the purpose of creation of optimum conditions for acceleration of development of small business entities by expansion of access for them to the granted loans of commercial banks and the effective organization of activities of the Guarantee fund of development of small business the Cabinet of Ministers decides:

1. Take into consideration that according to the resolution of the President of the Republic of Uzbekistan of April 10, 2017 No. PP-2768 "About creation of the Guarantee fund of development of small business" is created the Guarantee fund of development of small business in the form of joint-stock company (further - the Guarantee fund).

2. Approve Regulations on procedure for provision to small business entities of providing on the credits of commercial banks issued on acquisition of new modern processing equipment and other purposes in the part which is not covered with pledge according to appendix.

3. Determine that:

financing of activities and covering of current expenses of executive office of the Guarantee fund is performed for acquisition account from its financial and economic activities, and also other sources which are not prohibited by the legislation;

small business entities in case of projects implementation on which providing the Guarantee fund is provided participate with the share in the amount of at least 25 percent;

the credits issued on security the Guarantee fund go for acquisition of new modern processing equipment, creation and expansion of productive activity, and also other purposes.

4. Establish procedure according to which:

guarantees of the Guarantee fund are provided on the credits of commercial banks issued to small business entities on acquisition of new modern processing equipment, creation and expansion of productive activity and other purposes in the part which is not covered with pledge based on the written request of commercial bank;

for provision of the guarantee the Guarantee fund levies from small business entities commission fee in national currency in the amount of three annual interest rates from the guarantee amount;

in case of repayment by small business entities of the issued credit, first of all the providing provided by the Guarantee fund in proportion to the extinguished amount on the credit decreases. At the same time the property provided by the borrower as providing on the issued credit is released from under pledge only after complete covering of providing the Guarantee fund;

in case of accomplishment of obligations according to the provided guarantee, the Guarantee fund on an equal basis with creditor bank has the right to covering of the incurred expenses at the expense of property of the borrower.

5. National broadcasting company of Uzbekistan, to National news agency of Uzbekistan, the Uzbek agency on seal and information to provide according to requests of the Guarantee fund with involvement of printing and electronic mass media, including worldwide network the Internet, on a grant basis, regular, system and extended coverage of essence and content is more whole than tasks, and also the other information connected with its activities.

6. To impose control of execution of this resolution on the deputy prime minister of the Republic of Uzbekistan R. S. Azimov.

Prime Minister of the Republic of Uzbekistan
Abdullah Aripov

Appendix

to the Resolution of the Cabinet of Ministers of April 10, 2017 No. 198

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