President of Uzbekistan Shavkat Mirziyoyev signed a resolution “On introduction of a new procedure for formation and financing of state development programs of the Republic of Uzbekistan”.

Uzbek leader approved introduction of procedure for implementation of projects, including development of regions and sectors of the economy, funded from centralized sources, on the basis of state development programs of the Republic of Uzbekistan.

According to the document, the country is creating the Fund for financing state development programs of the Republic of Uzbekistan under the Cabinet of Ministers of the Republic of Uzbekistan.

Financing of projects included in government development programs, for which centralized sources of funding have been identified, is implemented exclusively through newly-established Fund.

The resources of the Fund are accumulated in the accounts with the Central Bank of the Republic of Uzbekistan. Executive directorate of the fund is an executive body and manager of the Fund’s resources.

The Executive Director of the Fund is Deputy Prime Minister of the Republic of Uzbekistan - Head of the Complex for Investment, Innovative Development, Coordination of Free Economic and Small Industrial Zones, and Tourism.

The sources of the Fund’s funds are formed based on the state budget of the Republic of Uzbekistan and state off-budget funds, the Fund for Reconstruction and Development of the Republic of Uzbekistan, foreign loans attracted under the guarantee of the Government of Uzbekistan and other sources.

State development programs are formed on the basis of sectoral, regional and target portfolios of projects approved in accordance with relevant development concepts, containing a comprehensive vision and strategic objectives for implementing priority directions for sectoral, regional and targeted socioeconomic development of the Republic of Uzbekistan in the long term, 10-15 years.

Coordination of work on development and implementation of state development programs is carried out by the State Committee for Investments jointly with the Ministry of Economy under the leadership of the Deputy Prime Minister of the Republic of Uzbekistan - Head of the Complex for Investment, Innovative development, coordination of free economic and small industrial zones, tourism.

Non-centralized investments intended for financing state development programs are subject to accounting in the Fund.

Approval of state development programs is carried out only if there is a positive opinion of the National Project Management Agency under the President of the Republic of Uzbekistan.

The inclusion of projects in government development programs, which envisages funding from centralized sources, is carried out only if there is a positive decision of the Fund’s Supervisory Board, the document said.

Credits of commercial banks for financing state development programs are provided after a thorough and comprehensive study of project design documents and business plans of projects, as well as the positive decision of the commercial bank’s credit committee.