President of Uzbekistan Islam Karimov announced about this at his greeting message to the participants of the international scientific-practical conference “Effectiveness of anticrisis programmes and priorities of post-crisis development (in example of Uzbekistan)”.

He said FRDU was founded in 2007, first of all, to implement works related to formation infrastructure, reconstruction and modernization of production. Currently, over US$4.7 billion of hard currency accumulated at the fund.

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 founder of the fund with charter capital of US$1 billion is the government of Uzbekistan.

The fund accumulates its resources due to extra receipts to budget from income tax, tax for use of entrails and excise duty, as well as income, received from realization of product-sharing agreement (PSA) with foreign partners.

The resources of the fund are formed in hard currency at the Central Bank. The Central Bank converts receipts in national currency to hard currency. The Central Bank also has right to place resources of the fund to high-liquid foreign financial instruments.

It is expected that the fund will participate in implementation of 23 investment projects for US$870.9 million in 2010.