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Business & Economics

03.06.2017

On June 1, the Board of Directors of the ADB (Asian Development Bank) approved a loan to the government of Uzbekistan in the amount of $500 million to finance the construction of housing in rural areas. According to the bank's official website, “the ADB has approved the provision of a $500 million loan from ordinary banking resources, which will be used to build 29,000 new homes in nine provinces of Uzbekistan. This will be done within the framework of the state program to provide the rural population of the republic with affordable housing.”

 

03.06.2017

The capital of Turkmenistan has hosted the forum of the International Energy Charter held under the motto “Towards a framework multilateral agreement on the transit of energy resources.” Its agenda contained a wide range of issues related to the current state of world energy and the prospects for its further development, as well as the formation of a new architecture of the global energy security system.

 

03.06.2017

Kazakhstan's obligations to oil producing countries to reduce oil production can be adjusted due to the expected growth in production at the Kashagan field. According to energy minister of the republic Kanat Bozumbayev, the Kazakh side has already held the preliminary negotiations with the OPEC countries on this topic. “I told my colleagues, the energy ministers of Russia and Saudi Arabia, that we would increase our oil production in September, at the expense of the Kashagan field. And so we will have to change the production plan.

02.06.2017

Kazakhstan has started the retail sales of measured ingots of bank refined gold. Chairman of the National Bank of the Republic Daniyar Akishev made such a statement. According to him, all the preparatory works for this project have been completed, and gold bars are available to citizens starting from May 31. In addition to the purchasing opportunity, individuals can also sell the ingots back to banking institutions.

 

02.06.2017

In the village of Kalkaman (Pavlodar Province of Kazakhstan), plans are afoot to build a major glass plant. The project envisages the participation of foreign investments from such countries as the UAE, Kuwait, China and the United Kingdom in the amount of $145 million. These investments will be allocated for the project on preferential terms: for a period of 10 years at 3 percent per annum, with a grace period of 2 years. In addition, Kazakhstan will use the glass produced at the new plant to repay investors on the financial loan.

 

02.06.2017

In recent years, there has been a decline in the quality of grain produced in the Republic of Kazakhstan. First Deputy Minister of Agriculture Kayrat Aytuganov made this statement during the recent government meeting. According to him, in 2011 the volume of first and third class grain was 88 percent; however, it decreased almost twofold to 45 percent in 2016. And the volume of grain of lower quality (grades 4 and 5) increased to 41 percent in 2016 against 10 percent in 2011.

 

01.06.2017

In Uzbekistan, in accordance with the decree of the President of the Republic, there was approved the 2017-2021 Program of measures aimed at further development of renewable energy in the country, as well as at increasing energy efficiency in all sectors of the economy and in the social sphere. This document will allow to solve several key tasks. In particular, the wide use of renewable energy sources will allow to diversify the fuel balance, partially replacing the traditional fuels and reducing their share in the volume of heat and electricity generated throughout the country.

01.06.2017

Recently, there has been a significant growth in the exchange rate of foreign currencies (dollar and euro) in Uzbekistan in relation to the national currency of the republic (UZS). According to the local media, the European and American currencies have recently surged in value in the Uzbek market, which is expressed in a growth by several tens of UZS every week. For example, on May 30, the Central Bank of the Republic established a new official exchange rate of the dollar at UZS3,846.33, which is UZS25.87 higher than a week ago.

31.05.2017

In the near future, small specialized industrial zones will be created in all districts of Tashkent. According to the relevant decree of the President of Uzbekistan, the land plots and production areas for the formation of such zones will be provided on a long-term lease for a period of 10 years. It will be possible to extend this period for another 10 years, if the companies fulfill their agreements on implementation of projects, and timely pay all the taxes and other mandatory payments.

 

31.05.2017

Starting from June 1, 2017, economic entities of Uzbekistan will be allowed to export goods of their own production without prepayment, excluding fresh fruit and vegetable products, melons, grapes, and raw materials. This is stated in the text of the presidential decree dated May 27, the purpose of which is to expand the export potential of a number of sectors of the economy and territories of the republic.