RESOLUTION OF THE CABINET OF MINISTERS OF THE REPUBLIC OF UZBEKISTAN

of May 5, 2014 No. 114

About measures for further development and upgrade of the companies making products for children's sport with attraction of currency fund of development of physical culture and sport under the Ministry of physical culture and sport of the Republic of Uzbekistan

For the purpose of further development of physical culture and sport in the Republic of Uzbekistan, decides expansions and stimulations of activities of domestic manufacturers for development of release of new types of sportswear, the footwear, products and equipments which are in the increased demand and meeting the modern quality standards, the Cabinet of Ministers:

1. Approve Regulations on procedure for crediting of projects by commercial banks on new construction, reconstruction and upgrade of the companies making products for children's sport, implemented with attraction of currency fund of development of children's sport under the State committee of the Republic of Uzbekistan on physical culture and sport according to appendix.

2. Determine that financing of projects on new construction, reconstruction and upgrades of the companies making products for children's sport, realized with attraction of currency fund of development of physical culture and sport under the Ministry of physical culture and sport of the Republic of Uzbekistan (further - Fund), is performed in the amount of:

no more than 40 percent from total cost of the project in type of loan by currency fund by refinancing through the foreign trade activities National Bank of the Republic of Uzbekistan, JSB Uzpromstroybank, GAKB of Usak;

at least 60 percent - at the expense of own means of initiators and the credits of commercial banks.

3. To the ministry of physical culture and sport of the Republic of Uzbekistan:

to annually perform selection of projects on new construction, reconstruction and upgrade of the companies making sports products, to development of release of new types and meeting modern quality standards of sportswear, footwear, the products and equipments which are in the increased demand;

establish control of the course of implementation of the approved projects, quality of products and compliance to the made products to modern requirements, with the subsequent introduction by its results of information into the Cabinet of Ministers of the Republic of Uzbekistan.

4. Control of execution of this resolution to assign the deputy prime minister of the Republic of Uzbekistan A. A. Abdukhakimov.

Appendix

to the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan of May 5, 2014 No. 114

Regulations on procedure for crediting of projects by commercial banks on new construction, reconstruction and upgrade of the companies making products for children's sport, implemented with attraction of currency fund of development of physical culture and sport under the Ministry of physical culture and sport of the Republic of Uzbekistan

I. General provisions

1. This Provision determines procedure for crediting of projects by commercial banks by new construction, reconstruction and upgrade of the companies making products for children's sport, implemented with attraction of currency fund of development of physical culture and sport under the Ministry of physical culture and sport of the Republic of Uzbekistan (further - Fund).

2. Crediting of projects on new construction, reconstruction and upgrade of the companies making products for children's sport by currency fund is performed by refinancing through JSB Uzpromstroybank, GAKB of Usak, the foreign trade activities National Bank of the Republic of Uzbekistan (further - authorized banks).

3. In this Provision the following basic concepts are used:

credit line of Fund - the target funds allocated by authorized banks by currency fund for financing of projects on new construction, reconstruction and upgrade of the companies making products for children's sport;

borrowers - legal entities - the producers of sports products, the equipment and stock for children's sport who are residents of the Republic of Uzbekistan;

the credit - the long-term loans of authorized banks allocated at the expense of currency means of credit line of Fund with return condition in national currency.

II. Conditions of issuance of credits at the expense of means of credit line of Fund

4. The credits are issued to borrowers at the expense of credit line of Fund only on financing of projects for new construction, reconstruction and upgrade of the companies making products for children's sport.

5. Financing of projects on new construction, reconstruction and upgrade of the companies making products for children's sport, implemented with attraction of currency fund is performed in the amount of:

no more than 40 percent from total cost of the project in type of loan at the expense of credit line of Fund by refinancing through authorized banks;

at least 60 percent - at the expense of own means of initiators and the credits of commercial banks.

6. Crediting of borrowers is performed for the term of no more than 7 years, from grace period to 2 years, without the right of prolongation of term of repayment of the loan.

The interest rate for use of the credit at the expense of currency credit line of Fund is established in the amount of 2,5 to annual interest rate 4,5, including margin of authorized bank in the amount of percent 0,5.

At the same time the interest rate is established, proceeding from the following criteria:

amount of demand and requirement on specific type of products planned to release for the realization account of the project;

level of profitability of the borrower for the last 3 years;

self-sufficiency of the project and others.

Authorized banks carry out complex financial and economic project appraisal, taking into account the conclusions of Fund and Ministry of physical culture and sport of the Republic of Uzbekistan (further - the Ministry) about requirement availability in planned to production for the realization account of the project within five working days.

7. The credits at the expense of credit line of Fund are allocated only on condition of the availability of the positive recommendation of the Ministry and the decision of credit committee of authorized bank (or the relevant authorized body of management of bank) which is drawn up in accordance with the established procedure for the purposes specified in item 4 of this provision.

8. The credits at the expense of credit line of Fund are issued on the principles of recoverability, the paid nature, security, urgency and target use.

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