Enterprises to direct US$2.9bn to modernize production capacities till 2021

The resolution approved the targeted parameters of decommissioning and renewal of worn-out and obsolete equipment with replacement with modern equipment in 2017-2020.

According to the document, enterprises of Uzbekistan will direct US$1.037 billion to replace old equipment in 2017-2020. Overall, they will replace 8,700 units of equipment.

Within the investment projects in 2017-2020, it is planned to replace 14,350 units of equipment with the cost of US$1.887 billion.

The document said that the Uzbek enterprises will replace over 51,130 units of equipment in 2021-2025.

The enterprises also exempted from payment of customs payments for imported goods, which are not produced in Uzbekistan and imported to realize the projects, included to the project, till 1 January 2021.

Uzbek leader recommended commercial banks to provide long-term loans to industrial enterprises for seven years with one-year grace period to purchase new technological equipment. The interest rates on loans will not exceed the refinancing rate of the Central Bank of Uzbekistan.