Central Bank issues license to Uzagroexportbank

The Board of the Central Bank of Uzbekistan adopted a corresponding decision, the regulator said in a statement.

The charter capital of Uzagroexportbank is 10 million euros. The stakeholders of the bank are Fund for Reconstruction and Development of Uzbekistan (75%), Uzbekinvest National Export-Import Insurance Company (10%), Uzagrosugurta (5%), Kafolat SK (5%) and Uzbekinvestholding " (5%).

Uzagroexportbank will finance investment projects for development of production and export of agro-industrial products, primarily fruit and vegetable, and related infrastructure.

The bank will also assist its clients in developing strategies for promotion of agro-industrial products, primarily fruits and vegetables, to international markets in cooperation with foreign banks, financial institutions, diplomatic and trade missions.

President of Uzbekistan Shavkat Mirziyoyev signed a resolution “On formation of the Joint stock commercial bank Uzagroexportbank” on 24 January 2017.

Uzbek leader recommended to the bank to attract strategic investor, selling at least 15% stake in the charter capital of the bank by 1 January 2020.

The bank and its branches will be freed from payment of all taxes and mandatory payments. The freed resources should be directed to strengthening resource and material-technical base of the bank.