Tashkent, Uzbekistan (UzDaily.uz) - The Industrial Development Fund (IDF) is being established in Uzbekistan under the Fund for Reconstruction and Development of Uzbekistan (FRDU).

This decision was made by the decree of the President of Uzbekistan, Shavkat Mirziyoyev, dated 21 July, "On measures for the effective organization of state management in the sphere of investments, industry, and trade within the framework of administrative reforms."

The Fund will attract resources equivalent to US$1 billion. In particular, FRDU will allocate US$200 million to the IDF in 2023-2024.

The IDF will be authorized to attract funds from external sources and subsequently seek new sources to increase its capital.

The President instructed the Ministry of Economy and Finance to allocate 2 trillion soums annually from the state budget starting from 2024 for infrastructure expenses, as well as US$15 million equivalent for subsidies and compensations provided by the IDF.

The Fund will provide credit resources, including working capital in foreign and national currencies, for industrial projects aimed at producing new high-tech products and expanding existing capacities.

The IDF will allocate credits for the acquisition and leasing of buildings and facilities under the "Industrial Mortgage" system to increase production volumes.

Moreover, the Fund will finance a portion of the expenses related to marketing research for projects aimed at developing demand-driven products. Additionally, it will support the development of project documentation, attracting foreign specialists, and certifying manufactured products.