Uzbekistan has increased minimal requirements on authorized capitals of local insurance companies. The decree of Uzbekistan’s president Islam Karimov “On further reforming and development of the insurance services market” envisages this measure.
Samarkand Bank and IShONCh Interbank Insurance Company signed a general agreement to develop partnership relations and mutual beneficial cooperation in presenting complex banking and insurance services to clients.
Uzbek Justice Ministry registered a regulation “On order on use of tax preferences on purchase of shares of commercial banks and receive of dividends on them” on 20 March.
On 23 April, the World Bank Uzbekistan Country Office hosted a ceremony for recipients of the 2007 Small Grants Award. The World Bank allocated US$35,000 to seven Uzbek projects within its Small Grants Programme.
Khamkor Bank, Uzbek commercial bank with headquarters in Andijan, is holding negotiations with the Asian Development Bank (ADB) and KfW of Germany on opening of credit lines.
National Bank of Uzbekistan for Foreign Economic Activities (NBU) held negotiations and signed agreement on trade finance with largest banks of Egypt - Egypt Bank, Cairo Bank and National Bank.
Pakhta Bank, the fourth largest Uzbek bank on volume of assets, will pay dividends on the result of 2006. The bank’s shareholders adopted decision to pay 150 soums per ordinary share and 400 soums on preferential share with par value of 1,000 soums each.
Uzbekistan will sell its shares in three largest Uzbek insurance companies by 2010, a special programme on reforms and development of insurance market said.