Poytakht Bank receives a license to conduct banking operations; A shopping center worth $ 100 million will be built on the base of the Tashkent market “Aviasozlar”; The state will compensate part of the expenses on building hotels; Foreign companies will be allowed to open representative offices in Uzbekistan without restrictions; The introduction of electronic transport fare in Tashkent is entrusted to foreign companies on a turn-key basis; The state will reimburse part of the expenses on the purchase of franchises of prestigious hotels.
Poytakht Bank receives a license to conduct banking operations
The Board of the Central Bank of the Republic of Uzbekistan made a decision to issue a license for the right to conduct banking operations to Poytakht Bank on 29 December 2018.
The bank is being established in accordance with the Resolution of the President of the Republic of Uzbekistan dated 13 March 2017 No. PP-2824 “On additional measures to expand the scale of construction of affordable apartment buildings in the city of Tashkent for 2017-2021”.
The resolution states that the new bank will provide mortgage loans and banking services to the public and legal entities to meet their housing needs. The Bank will also provide credit resources to contracting organizations that build affordable apartment buildings and act as a customer in the design and construction of accessible apartment buildings.
A shopping center worth $ 100 million will be built on the base of the Tashkent market “Aviasozlar”
A trade and household center (THC) will be built on the base of the Tashkent market “Aviasozlar dehkon bozori”, popularly known as the “Kadyshev” market.
Auto Solution LLC will be engaged in the project. The total cost was estimated at 830 billion soums, of which $100 million is foreign investment.
The creation of the CBC was included in the list of projects implemented in Tashkent with the participation of foreign investment. In total the list includes 57 projects, including the construction of new houses, hotels, shopping complexes, the creation of new industries.
The state will compensate part of the expenses on building hotels
A part of investors’ expenses for the construction and equipping of a new hotel is compensated by the means of the State budget. This was approved by the presidential decree “On measures to accelerate the development of the tourism industry.”
It will be possible to receive money on the condition that the hotel is put into operation before January 1, 2022 with a room fund of at least 50 rooms for the 3-star category and at least 100 rooms for the 4-star category. The amount of funding will be:
- 40 million soums for each hotel room with a category of 3 stars;
- 65 million soums for each hotel room with a category of 4 stars.
In addition, it will now be possible to privatize the land allocated for the construction of a hotel, if this is not a security zone of tangible cultural heritage objects or agricultural land.
Foreign companies will be allowed to open representative offices in Uzbekistan without restrictions
Development Center “Action Strategy” proposed to cancel the process of accreditation of representative offices of foreign companies.
Currently in order to open a representative office in Uzbekistan, a foreign company must be accredited to the State Investment Committee, collect a package of documents, translate it, notarize, pay, wait for the result.
Instead, it is proposed to introduce the registration of offices in the Public Service Centers on a perpetual basis. It is expected that this will facilitate the flow of investment in Uzbekistan.
The introduction of electronic transport fare in Tashkent is entrusted to foreign companies on a turn-key basis
The introduction of electronic tolls in Tashkent was entrusted to foreign companies, follows from the decision of the Cabinet of Ministers of January, 4.
In particular, a consortium of Fininvest Foundation companies from Hong Kong, Kentkart from Turkey and Toshshahartranshizmat will be engaged in the implementation of automated transportation management systems and turnkey fare payments.
The total cost of the project was estimated at 415 billion soums, of which $50 million is foreign investment. The project is included in the list ofones that are to be implemented with the attraction of foreign capital.
The state will reimburse part of the expenses on the purchase of franchises of prestigious hotels
The state compensates part of the cost of buying franchises of prestigious hotels, follows from the presidential decree “On measures to accelerate the development of the tourism industry.”
If a resident entrepreneur of Uzbekistan can attract a well-known and prestigious global hotel brand to the country (according to the ratings of the top 50 hotel brands) as part of a franchise, he will be able to receive partial funding from the State budget to cover royalties.
Compensation can be received within three years from the date of entry into force of the franchise contract in the amount of:
- the first 50 hotels with 3 stars category – annually in the equivalent of $ 200 per room for each hotel;
- the first 30 hotels with 4 stars category – annually in the equivalent of $ 400 per room for each hotel.