RESOLUTION OF THE PRESIDENT OF THE REPUBLIC OF UZBEKISTAN

of November 10, 2023 No. PP-364

About additional measures for increase in role and share of microfinancial services in development of business activity

For the purpose of increase in availability of microfinancial services, support of entrepreneurial initiatives of general population, expansion of scale of use of microfinancial services in regions, creations of possibility of attraction of additional financial resources, including deposits, for the microfinancial organizations, and also strengthening of the chain connecting the microfinancial organizations and commercial banks:

1. Approve the offer of the Ministry of Economics and finance and the Central bank on program implementation of increase in the availability of microfinancial services in 2024 - 2026 directed to achievement of the following target indicators:

increase in size of the market of microfinancing by 5 times at least;

scope microfinancial services over 1 million subjects of entrepreneurship;

increase twice the size of the raised funds of physical persons in resource base of the microfinancial organizations;

rendering assistance in self-employment and development of the business to about 500 thousand citizens who do not have the official income by means of provision of microfinancial services.

2. Determine that since January 1, 2024:

the extreme size of microloans increases from 50 million sum to 100 million sum;

non-bank credit institutions are formed in the form of joint-stock company or limited liability company;

the microfinancial organizations are allowed to raise borrowed funds from nonresidents and to render financial services to legal entities in foreign currency;

it is allowed to raise borrowed funds from participants (shareholders) - physical persons, not exceeding the double size of the deposit amount granted on authorized capital (authorized capital), or the share par value which are at them in property;

the microfinancial organizations have the right to implementation of activities of payment institute after receipt of the corresponding license;

the requirement of receipt of preliminary permission of the Central bank for acquisition by physical persons and legal entities of share in the authorized capital of non-bank credit institution is mitigated by increase in 10 percent share established by the legislation by 20 percent. At the same time, if the size of acquired share constitutes from 10 percent to 20 percent, the notification procedure of the Central bank takes root;

in case of attraction of credit resources of commercial banks by the microfinancial organizations or receipt of the microcredits by subjects of entrepreneurship in the microfinancial organizations the possibility of provision of guarantees of JSC The Company on Development of Entrepreneurship is created;

commercial banks in case of allocation of the credits to the microfinancial organizations are granted the right to acceptance as proof of the right of these organizations to reclamation for the microfinancial services rendered by them.

3. Agree with the offer of the Central bank, National association of members of the financial market, and also Ministry of Economics and finance by the training of microfinancial banks which are engaged in rendering basic banking services and also to creation of the mechanism of transformation of the microfinancial organizations in microfinancial banks for the purpose of market development of microfinancial services in regions of the country.

4. Permit since January 1, 2024 at the expense of the extinguished part of the credits which are earlier allocated with commercial banks within development programs of family entrepreneurship:

place in the microfinancial organizations 1 trillion sum for financing of projects of small business;

direct to authorized banks 2 trillion sum to rendering microfinancial services.

5. To the Ministry of Economics and finance together with JSB Hulk banki to attract resources of the international financial institutions to placement (taking into account the available risks and economic indicators) on competitive basis in the microfinancial organizations in 2024. At the same time to provide the direction of these resources on rendering microfinancial services to small business entities.

6. To provide to JSB Mikrocreditbank till April 1, 2024 creation of the new microfinancial organization with participation of strategic foreign investors performing activities on the basis of digital technologies, specialized on the sphere of rendering microfinancial services and also bringing its authorized capital to equivalent of 30 million US dollars, having determined it the main objectives:

rendering assistance in self-employment and search of the new directions of family business to the citizens who do not have the official income;

implementation of packet of complex financial services for the category of the population occupied in the sphere of agricultural industry unofficial, and creation of the electronic portal on rendering the specified category of free advisory services;

program implementation of increase in financial literacy for the segments of the population which do not have sufficient knowledge of financial services by means of the operating bank infrastructures;

creation of possibility of access to all types of microfinancial services for the Dehkan farms performing activities on land on the basis of lease including allocation of the credits for purchase of the mini-equipment and agricultural machinery by it.

7. JSB Hulk banki take measures for attraction during 2024 of additional resources of the international financial institutions in the amount of 100 million US dollars on the microfinancing purpose.

To fund of reconstruction and development till the end of 2023 to extend in addition for 3 years the term of return of deposit facilities in the amount of 100 million US dollars allocated for improvement of liquidity of JSB Hulk banki without change of conditions, and also to determine the direction of JSB Hulk banki of these funds for the microfinancing purposes.

8. Recommend to microfinancial institutions and National association of members of the financial market:

the organization of activities of the information and analytical portal about the services rendered to the population and subjects of entrepreneurship by the organizations performing microfinancial activities;

carrying out together with Council of Ministers of the Republic of Karakalpakstan, khokimiyats of areas and the city of Tashkent of broad propaganda activities about creation of the microfinancial organizations and microfinancial banks among the population and subjects of entrepreneurship on places;

the organization of seminars trainings about enhancement of rendering microfinancial services for employees of microfinancial banks and the microfinancial organizations.

9. To Central Bank:

a) till January 1, 2024 to develop and in accordance with the established procedure to approve regulatory framework of rendering services of Islamic financing by the microfinancial organizations;

determination of form of business of microfinancial banks;

determination of the permitted types and the extreme number of the financial transactions performed by microfinancial banks;

provision to microfinancial banks of the right to attraction from the population and legal entities of deposits (deposits) in the permitted size and rendering microfinancial services to them;

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