RESOLUTION OF THE CABINET OF MINISTERS OF THE REPUBLIC OF UZBEKISTAN

of May 18, 2019 No. 420

About the organization of activities of the Private equity fund of the Republic of Uzbekistan

For the purpose of the effective organization of activities of the Private equity fund of the Republic of Uzbekistan the Cabinet of Ministers decides:

1. Take into consideration that No. UP-5635 "About the State program on strategy implementation of actions in five priority directions of development of the Republic of Uzbekistan in 2017 - 2021 in "Year of active investments and social development" are created by the Presidential decree of the Republic of Uzbekistan of January 17, 2019:

a) Private equity fund of the Republic of Uzbekistan (further - Fund) with the capital in the amount of 1 billion US dollars and the following main objectives:

attraction of direct foreign investments and innovative technologies in expansion of potential production, and also further increase in competitiveness of economy of the republic;

stimulation and development of investing activities by forming of long-term mutually advantageous partnership with private domestic and foreign investors;

assessment of investment offers, development and implementation of investment projects;

assistance to improvement of the investment climate, and also to broad promotion of investment potential and opportunities of the republic abroad;

b) managing company of Fund in the form of joint-stock company with 100 percent share of the state with the authorized capital in the amount of 5 million US dollars created by fund of reconstruction and development of the Republic of Uzbekistan.

2. Approve Regulations on the Private equity fund of the Republic of Uzbekistan according to appendix.

3. In two-month time together with the ministries and departments to provide to the ministry of investments and foreign trade of the Republic of Uzbekistan state registration of managing company of Fund.

4. To impose control of execution of this resolution on the deputy prime minister of the Republic of Uzbekistan concerning investments and foreign economic relations E. M. Ganiyev and the minister of investments and foreign trade of the Republic of Uzbekistan S. U. Umurzakov.

Appendix

to the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan of May 18, 2019 No. 420

Regulations on the Private equity fund of the Republic of Uzbekistan

Chapter 1. General provisions

1. This Provision determines procedure for the organization of activities of the Private equity fund of the Republic of Uzbekistan (further - Fund), its legal status and features of procedure managing company of trust management of Fund.

2. In this Provision the following concepts are used:

the founder of Fund - Fund of reconstruction and development of the Republic of Uzbekistan;

managing company - the legal entity exercising control of Fund according to the trust management agreement signed with the founder of Fund including also investment declaration;

the trust management agreement - the agreement signed between managing company and the founder of Fund, providing restrictions in case of trust management, procedure for remuneration and covering of expenses, the bases and conditions of termination of the contract, responsibility of the parties and other provisions according to the legislation of the Republic of Uzbekistan;

the investment declaration - the document characterizing the purposes of investments, the directions of investment policy, restriction in investing activities of managing company, the effective period of the declaration and other provisions established by the legislation of the Republic of Uzbekistan;

the isolated bank account - the separate bank account of managing company on which it is recorded money, and also income gained in the course of trust management of Fund.

3. Official name of Fund:

a) in state language:

complete - ÷zbekiston Respublikasi of t¸gridan-t¸gra investitsiyalar zhamgarmas;

reduced - T¸gridan-t¸gri investitsiyalar zhamgarmas;

b) in English:

complete - Direct Investments Fund of the Republic of Uzbekistan;

reduced - DirectInvestmentsFund;

c) in Russian:

complete - the Private equity fund of the Republic of Uzbekistan;

reduced - the Private equity fund.

4. The fund is formed without formation of legal entity.

5. The main objectives of Fund are:

attraction of direct foreign investments and innovative technologies in expansion of potential production, and also further increase in competitiveness of economy of the republic;

stimulation and development of investing activities by forming of long-term mutually advantageous partnership with private domestic and foreign investors;

assessment of investment offers, development and implementation of investment projects;

assistance to improvement of the investment climate, and also to broad promotion of investment potential and opportunities of the republic abroad.

The single founder of Fund is the Fund of reconstruction and development of the Republic of Uzbekistan which creates the capital of Fund at the request of managing company in process of adoption by investors of decisions on investment, joint with Fund, into projects.

6. The stated capital of Fund constitutes 1 (one) one billion US dollars, created at initial stage in the amount of 100 (hundred) million US dollars in process of adoption by investors of decisions on investment, joint with Fund, into projects.

7. The term of activities of Fund constitutes 15 years with possibility of its prolongation according to the decision of the founder of Fund based on results of activities of managing company.

8. Money of Fund is delivered in trust management of managing company based on the trust management agreement.

9. The managing company is effective as the trustee of Fund, performing at the expense of property of Fund financing of investment projects in the Republic of Uzbekistan, including together with foreign persons.

10. The managing company is effective for the purpose of:

implementation of profitable investments;

attraction of foreign and domestic investments, and also highly qualified personnel and innovative technologies in economy of the Republic of Uzbekistan;

stimulations of investing activities by development of relations with foreign investors;

creations and distribution of the favorable investment climate and positive perception of investment opportunities of the Republic of Uzbekistan.

11. Coordination of activities of Fund and managing company is performed by the Ministry of investments and foreign trade of the Republic of Uzbekistan.

Chapter 2. Managing company

12. The managing company performs the activities according to the legislation of the Republic of Uzbekistan and this Provision.

13. The managing company is created in the form of joint-stock company.

14. The single shareholder of managing company is the Fund of reconstruction and development of the Republic of Uzbekistan.

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