American-Uzbekistan Chamber of Commerce

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Guarantee Fund will be established in Uzbekistan for small business development.
President Shavkat Mirzizyoyev signed the relevant decree on February 10, 2017.
The fund is created in form of Joint Stock Company. The State Competition Committee for privatization, demonopolization and development of competition acts as the main founder of the Fund, while the Association of Banks of Uzbekistan, Chamber of Commerce, as well as a number of large banks and insurance companies act as its shareholders.
The Fund is established in order to further improve the business climate and accelerate the development of entrepreneurship.
The Guarantee Fund is intended to provide security to banks for loans granted to small businesses, to the extent not covered by the pledge of up to 50% of the loan amount, but not more than $100,000.
The Fund will also provide assistance to small businesses on the terms of obtaining the bank loans and creation of high-tech and innovative production capacities.
Uzbekistan's business environment is among the most challenging in the world. Lack of collateral is one of the main obstacles in obtaining bank credit by small businesses. Meantime, it is the most common reason for refusing a credit.
One of the key economic problems faced by Uzbekistan is to adjust the country's economic model; public policies and incentives are currently directed toward the industrial policies that favor enterprises with state shares (SOEs) rather than private sector enterprises.
Current government policies are also weighted toward investments in mining and other industrial SOEs rather than in non-commodity production and in exports by private enterprises in manufacturing, agriculture, and services as engines of future growth, according to the WB.

In January 2017, Uzbekistan exported fresh and processed fruit and vegetable products worth almost $42.6 million, twice as much as in the same period in 2016, the country's official Jahon information agency reports. It also stated that Russia was their leading export partner for fruit & vegetables.
A total of over 31 thousand tons of fruits were exported from Uzbekistan in the first month of the current year. For comparison, in January 2016, the inflow of foreign currency from the export of fruit, vegetables, cucurbits and legumes totaled $20.7 million.
The bulk of the exports consisted of grapes, pomegranates, lemons, persimmons, apples, greens, cabbage, carrots, cucumbers, tomatoes, beets, radishes, turnips, peanuts, and mung beans. Most of the orders were fulfilled within the framework of obligations under the contracts concluded during the First International Fruit and Vegetable Fair on 8-10 November 2016 in Tashkent.

The American-Uzbekistan
Chamber of Commerce
1030 15th Street, N.W.,
Suite 555W
Washington, DC 20005
phone: 202.509.3744 

 © 2016 American - Uzbekistan Chamber of Commerce. All rights reserved.