This measure was envisaged in programme on reforming and increasing sustainability of financial-banking system of the country for 2011-2015, which was approved by Uzbek President Islam Karimov in the end of November.

The programme noted that Uzbekistan will increase number of non-banking credit organizations by 1.7 times in 2011-2015. The document said that the complex measures on expanding non-banking credit organizations in 2011-2015 will be developed in the first quarter of 2011.

The programme also envisages creation of credit unions and microcredit organizations in Uzbekistan in 2011-2013, which will specialize on issuing microloans to women from low income family. They will be financed due to preferential resources, including international financial institutes, donors and investors.

Central Bank, commercial banks and non-banking-credit organizations will also adopt measures on implementation of pilot projects on introduction of methods on microcrediting without securities based on solidary liability of debtors’ group.

To ensure repayment of microloans, issued by banks and non-banking credit organizations, the insurance companies of Uzbekistan were entrusted to develop corresponding insurance products.

Uzbekistan will also adopt measures on increasing financial sustainability of non-banking credit organizations through increasing the size of aggregate capital by average 2.1 times in 2011-2015.

It is also planned to increase the volume of deposits at the non-banking credit organization twice in 2011-2015, the programme said.

According to Central Bank of Uzbekistan, currently the country has 114 credit unions, 35 microcredit organizations and 56 pawnshops.