RESOLUTION OF THE CABINET OF MINISTERS OF THE REPUBLIC OF UZBEKISTAN

of July 10, 2015 No. 189

About approval of the Regulations on procedure for use, servicing and return of the raised financial resources of Islamic development bank within construction of individual housing according to standard projects in the rural zone

In pursuance of the Resolution of the President of the Republic of Uzbekistan of January 7, 2015 "About the Program for construction of individual housing for standard projects in the rural zone for 2015 and key parameters of construction for 2016" and according to the Resolution of the Cabinet of Ministers of March 13, 2015 No. 60 "About additional measures for providing effective program implementation for construction of individual housing for standard projects in the rural zone for 2015 and key parameters of construction for 2016" the Cabinet of Ministers decides No. PP-2282:

1. Approve Regulations on procedure for use, servicing and return of the raised financial resources of Islamic development bank within construction of individual housing according to standard projects in the rural zone according to appendix No. 1.

2. Make changes to some decisions of the Government of the Republic of Uzbekistan according to appendix No. 2.

3. To impose control of execution of this resolution on the First Deputy Prime Minister of the Republic of Uzbekistan R. S. Azimov and the deputy prime minister of the Republic of Uzbekistan B. I. Zakirov.

Appendix No. 1

to the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan of July 10, 2015 No. 189

Regulations on procedure for use, servicing and return of the raised financial resources of Islamic development bank within construction of individual housing according to standard projects in the rural zone

I. General provisions

1. This Provision determines procedure for use, servicing and return of the raised financial resources of Islamic development bank within construction of individual housing by standard projects in the rural zone on the land arrays allocated for engineering company.

2. In this Provision the following basic concepts are applied:

Istisn's agreement "and - the financial agreement about provision of financial resources in the amount of 100, mln. dollars of the USA for financing of the "Development of House Construction in the Rural Zone" project signed on October 27, 2014 between the Islamic Development Bank (IDB) and the Republic of Uzbekistan;

the project with participation of IBR - "Development of House Construction in the Rural Zone" project regarding financing of IBR realized according to the Resolution of the Cabinet of Ministers of March 13, 2015 No. 60 "About additional measures for providing effective program implementation for construction of individual housing for standard projects in the rural zone for 2015 and key parameters of construction for 2016";

the individual builder (borrower) - the citizen of the Republic of Uzbekistan and in accordance with the established procedure acquiring the individual housing built with participation of engineering company according to the standard project in the rural zone according to the approved standard project;

engineering company - the Kishlok Kurilish Investment Engineering company in the form of limited liability company which is the executive agent responsible for general project implementation with participation of IBR and performing on behalf of IBR functions of the customer in case of construction of individual housing according to standard projects in the rural zone on a turnkey basis;

bank - Kishlok Kurilish Bank Joint stock bank, being the financial agent responsible for use and servicing of financial resources of IBR;

the contractor - the contract organization performing construction of individual housing according to standard projects in the rural zone based on the works agreement signed with engineering company by results of the competitive biddings on order placement on construction of individual housing according to standard projects in the rural zone on a turnkey basis;

financial resources of IBR - the financial resources in foreign currency allocated according to Istisn's Agreement "and from IBR to the Republic of Uzbekistan;

the initial contribution - means of the Borrower in the amount of at least 10 percent from the estimated cost of available apartment houses under construction in the form of own money of the Borrower (co-borrowers) or the legal entity - the employer of the Borrower or money of other persons, brought on the savings supplementary bank account opened addressed to the Borrower;

final payment - payment in the amount of, equal to other part of cost of individual housing according to standard projects in the rural zone which is not covered with the initial contribution and mortgage loan;

general fee of the individual builder - the amount of the initial contribution and final payment;

construction and housing savings deposit on the project with participation of IBR - purpose-oriented accumulation savings deposit which opens for implementation of calculations within construction of individual housing for standard projects in the rural zone on the project with participation of IBR and introduction of means of general fee of the individual builder;

the basic agreement - the contract for implementation of functions of the customer for construction of individual housing according to standard projects in the rural zone signed between engineering company and the individual builder.

II. Procedure for registration of right to sign on financial records

3. The engineering company prepares the corresponding letter with appendix of specimen signatures of authorized officers which are allocated with right to sign on financial records on behalf of the Republic of Uzbekistan within the project with participation of IBR, and represents for approval to the Ministry of Finance of the Republic of Uzbekistan.

4. The Ministry of Finance of the Republic of Uzbekistan after approval of the list of authorized officers of engineering company which are allocated with right to sign on financial records on behalf of the Republic of Uzbekistan within the project with participation of IBR sends the specified list to head office of IBR.

5. Requests for attraction of financial resources of IBR are drawn up by engineering company in the form established by IBR. The prepared requests are signed by the authorized officers given right to sign on financial records on behalf of the Republic of Uzbekistan within the project with participation of IBR. Responsibility for justification of required means is born by engineering company.

III. Procedure for use of means of IBR

6. Means of IBR arrive based on the request of engineering company in the form established by IBR into the special currency account of the Ministry of Finance of the Republic of Uzbekistan opened in the Central bank of the Republic of Uzbekistan.

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