President of Uzbekistan Shavkat Mirziyoyev signed a resolution “On formation of the Joint stock commercial bank Uzagroexportbank” on 24 January 2017.

The charter capital of the bank will make up 10 million euros. The founders of the bank will be Fund for Reconstruction and Development of Uzbekistan (share in the charter capital – 75%), Uzbekinvest (10%), Uzbekoziqovqatholding (5%), Uzagrosugurta (5%) and Insurance company KAFOLAT (5%).

The resolution said that residents and non-residents of Uzbekistan, including international financial institutes, could become shareholders of Uzagroexportbank.

Uzbek leader recommended to the bank to attract strategic investor, selling at least 15% stake in the charter capital of the bank by 1 January 2020.

The bank and its branches will be freed from payment of all taxes and mandatory payments. The freed resources should be directed to strengthening resource and material-technical base of the bank.

According to the resolution, Uzagroexportbank will attract resources to finance investment projects on developing production and export of agri-industrial products, including fruits and vegetables.

The bank will attract resources of international financial institutes, foreign investors and foreign banks to finance organizations of agri-industrial industry.