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Finance 01/03/2011 Commercial banks of Uzbekistan create modern enterprises
Commercial banks of Uzbekistan create modern enterprises
Tashkent, Uzbekistan (UzDaily.com) -- Commercial banks of Uzbekistan are working on rehabilitation of insolvent enterprises and creating modern high-technologic capacities on their base.

According to the Central Bank of Uzbekistan, introduction of mechanism, which envisages additional investments by the banks to modernization and equipment of production, financial rehabilitation, production of new production and introduction management system, as well as creation of new jobs is a key in rehabilitation of bankrupt enterprises.

It is worth to mention that the banks of Uzbekistan invested 156 billion soums to modernization and technical re-equipment of the enterprises, which helped to create over 21,000 new jobs. The production at the rehabilitated enterprises made up 460 billion soums and exports reached US$165 million.

Currently 140 of 147 insolvent enterprises, transferred to balance of commercial bank, were rehabilitated and 64 of them were realized for new investors for 663 billion soums.

The government determined that modernization of production capacities and re-equipment, speeding up development of industries are important priorities. Based on these, the commercial banks will actively invest into rehabilitation of insolvent enterprises.

According to the Central Bank, the volume of loans, directed to real sector of economy, grew by 35% in 2010. At the same time, share of loans, issued due to internal resources, made up 85.1% in loan portfolio of commercial banks.

The share of long-term investment loans, issued for over three years, in total loan portfolio grew from 35% in the end of 2000 to 75.2% in the end of 2010.

Investment loans of the banks are directed to financing strategic projects of the enterprises of real sector of economy, modernization of basic industries, etc.

In order to support exporters, the bank issued preferential loans for 402 billion soums in 2010, which is 58% more year-on-year.

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