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PRESIDENTIAL DECREE OF THE REPUBLIC OF UZBEKISTAN

of October 21, 2020 No. UP-6091

About measures for further expansion of financial support of export activities

For the purpose of ensuring macroeconomic stability at the present stage of social and economic development of the republic by growth in volumes of export, additional financial and organizational stimulation of suppliers of finished goods, and also accomplishment of the tasks determined in the State program by strategy implementation of actions in five priority directions of development of the Republic of Uzbekistan in 2017 - 2021 in "Year of development of science, education and digital economy":

1. Establish procedure according to which to exporters, including core activity of which is trade mediation, the State fund of support of business activity for a period of up to January 1, 2022:

a) provides compensations on the credits allocated on preexport financing, including current assets irrespective of the interest rate and loan amount established by commercial banks in the amount of:

to 50 percent of interest expenses on domestic currency loans, but no more than 10 percent points;

to 50 percent of interest expenses on foreign currency loans, but no more than 5 percent points;

b) provides the guarantee on the credits of commercial banks allocated on preexport financing, including current assets at the rate to 50 percent from credit amount, but no more than 8 billion sum;

c) provides compensation and (or) the guarantee on in addition allocated credits for preexport financing, including current assets in sizes and on the conditions established by this Item irrespective of availability of debt on earlier obtained credits, on condition of availability of positive credit history;

d) charges the fee on the provided guarantees in the amount of, reduced twice.

To the state fund of support of business activity since January 1, 2022 to perform support of exporters according to the procedure established by the resolution of the President of the Republic of Uzbekistan of May 24, 2019 No. PP-4337 "About measures for expansion of funding mechanisms and insurance protection of export activities".

2. Assign to the Agency of promotion of export under the Ministry of investments and foreign trade (further - the Agency) the following additional tasks:

allocation of financial resources to commercial banks for the credits for the trading activities connected with export and preexport financing;

the organization of works on attraction of financial resources of the international financial institutions, the foreign government financial organizations, foreign banks and finance companies on preexport financing.

3. Form Fund for export support (further - Fund) under the Agency without formation of legal entity for the purpose of realization of the tasks which are in addition assigned to the Agency which resource base is created for the account:

fund of reconstruction and development in the amount of 100 million US dollars on irretrievable basis;

loans of the international financial institutions, foreign government financial organizations, foreign banks and private finance companies;

the income arriving from investment of funds of Fund on deposits of commercial banks in accordance with the established procedure;

other sources which are not prohibited by the legislation.

4. In a month to provide to fund of reconstruction and development allocation Fonda of 50 percent of means from 100 million US dollars, the stipulated in Item 3 presents of the Decree, on forming of its original capital.

5. Determine that:

the support measures provided by this Decree are not applied to the primary goods included in the list approved by the Presidential decree of the Republic of Uzbekistan of November 29, 2018 No. UP-5587;

The agency provides to commercial banks one-time financial resources for the credits for the trading activities connected with export, and preexport financing in the amount of, not exceeding in equivalent of 1 million US dollars for a period of up to one year;

allocation of such financial resources for the exporters which did not repay completely the credits issued to them at the expense of the financial resources provided by the Agency is not allowed;

The state fund of support of business activity does not provide compensation in cases of financing by commercial banks of the credits for the trading activities connected with export and preexport financing at the expense of the financial resources allocated by the Agency.

6. And reducings poverty to provide to the ministry of investments and foreign trade, the Ministry of Economic Development quarterly submission to the Cabinet of Ministers of information on work on the financial support of export which is carried out by the Agency and the State fund of support of business activity.

7. Banking associations of Uzbekistan together with the Ministry of investments and foreign trade with involvement of foreign experts, in three-months time to provide development and deployment in practice of commercial banks of set of diversified instruments of financing of the foreign trade transactions of exporters.

8. Government commission concerning development of export and investments (S. U. Umurzakov) to approve procedure for provision by the Agency of financial resources to commercial banks for the credits for the trading activities connected with export and preexport financing in a month.

9. Make changes to some acts of the President of the Republic of Uzbekistan according to appendix.

10. To the ministry of investments and foreign trade together with the Ministry of Economic Development and reducings poverty, the Ministry of Finance, and also the interested ministries and departments in two-month time to make in the Cabinet of Ministers offers on the changes and amendments in the legislation following from this Decree.

11. To impose control of execution of this Decree on the deputy prime minister of the Republic of Uzbekistan S. U. Umurzakov.

President of the Republic of Uzbekistan

Sh. Mirziyoev

Appendix

to the Presidential decree of the Republic of Uzbekistan of October 21, 2020 No. UP-6091

The changes made to some acts of the President of the Republic of Uzbekistan

1. In the paragraph the second Item 11 of the Presidential decree of the Republic of Uzbekistan of March 19, 2020 shall be replaced with words No. UP-5969 "About First-priority Measures for Mitigation of Negative Impact on Industries of Economy of Koronavirusny Pandemic and the Global Crisis Phenomena" of the word "for accounting year" "within 12 months before date of customs clearance".

2. In paragraph one of Item 1 of the resolution of the President of the Republic of Uzbekistan of May 24, 2019 No. PP-4337 "About measures for expansion of funding mechanisms and insurance protection of export activities" the words "The State Fund of Support of Development of Business Activity under the Cabinet of Ministers of the Republic of Uzbekistan" shall be replaced with words "The state fund of support of business activity".

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