President of Uzbekistan Islam Karimov approved target programme for 2011 in late December 2010, which included 24 investment projects with total cost of US$11.62 billion. FRDU participates in realization of these projects. The projects cover such sectors as energy, oil and gas, chemical industry, machinery, irrigation and transport infrastructure.

To implement these projects, it is planned use US$2.02 billion, including US$691.4 million of foreign investments and loans, US$455.17 million of resources of enterprises and US$84.54 million – other sources.

Largest volume of FRDU loans will direct most of its loans to implementation of projects in fuel-energy, chemical, oil-chemical and metallurgy industry. The fund will issue loans for US$579.3 million to these industries in 2011, of which US$260.96 million to oil and gas industry.

In 2011, FRDU, in particular, will issue US$100 million loans to project on construction of Ustyurt Gas Chemical Complex and US420 million – to construction of plant on production of synthetic liquid fuel at Shortan Gas Chemical Complex.

The Fund will direct US$195 million to construction of combined-cycle plant at Navoi thermal power station, installation of turbo expender generator set at Talimardjan and Syrdarya thermal power stations, as well as US$44.1 million to project on transfer of energy blocks of Novo-Angren thermal power station to burning coal.

FRDU will send US$135.74 million to implementation of four projects in transport infrastructure. In particular, the fund will allocate US$77.24 million to Uzbekistan Havo Yollari to modernize its aircraft fleet.

In mining-metallurgy industry, the fund will allocate loan for US$79.25 million. AGMK will receive US$67.25 million and NGMK – US$20 million.

Fund for Reconstruction and Development of Uzbekistan was created in May 2006 in line with the presidential resolution “On measures on organization activity of the Fund for Reconstruction and Development of Uzbekistan”.

The fund was founded for financing and co-financing important investment projects, included into the state investment programme. The charter capital of the fund is US$1 billion. The founders are Finance Ministry of Uzbekistan, National Bank of Uzbekistan for Foreign Economic Activity, Asaka Bank, Uzpromstroybank, Agrobank and Ipoteka Bank.

In April 2010, the Uzbek President Islam Karimov said that the FRDU accumulated over US$4.7 billion of hard currency.