Targeted program of investment projects planned to be realized in 2009 by using resources of the Uzbekistan Reconstruction and Development Fund was approved by Special Decree of the president of Uzbekistan Islam Karimov, specified the source.

In particular, in 2009 US$30.4 million out of the proceeds of the Fund will be assigned to build propane-butane mixture installation needed to increase production volumes of liquefied gas at Mubarek Gas Processing Plant at the total cost of US$221.6 million; US$65 million will be assigned to run gas main pipeline Ahangaran-Pungan via Kamchik pass at the cost of US$492.9 million. To construct Dehkanabad Potash Fertilizer Plant at the total cost of US$123.6 million US$34.2 million will be assigned; to install high-voltage line of 500 kilowatt Guzar-Surhan and autotransformer at substation “Surhan” at the cost of US$128.4 million US$39.3 million will be directed.

To carry out overhaul reconditioning of Karshi coordinated pumping facility which costs US$27.3 million it is planned to use resources of the Fund at the amount of US$8.4 million; to generate production of tractor transmission at OJSC Tashkent Tractor Plant in the value of US$23.5 million it is planned to assign US$11.8 million; to deliver second and third stages of reconstruction and modernization of the international airport in Navoi, which is valued at US$63.1 million, it is planned to direct US$26 million.

To fulfill these projects in 2009 it is planned to attract US$647.4 million in total, including, except resources of the Fund at the amount of US$215.1 million, own funds of enterprises (US$248.7 million) and credits of local and foreign banks (US$183.6 million).

As it was said above the Uzbekistan Reconstruction and Development Fund was founded in May 2006 with authorized capital of US$1 billion with a view to finance and co-finance important investment projects included into the state investment program. Resources of the Fund can be used also to repay debts to international financial institutions and foreign creditors in advance on state external loans; to crediting purchases of foreign technology, equipment and other goods of strategic purpose; to investing in authorized capital of newly founded financial institutes and enterprises of strategic purpose with foreign capital of main sectors of economy.

The founder of the Fund is government of the republic represented by the Ministry of Finance. In March of this year the president Islam Karimov gave an order to strengthen resource basis of the Fund, in particular, during 2008-2010 increase authorized capital five times up to US$5 billion.