News Column

Uzbekistan to create leasing company with authorized capital of 22 billion soums

June 30, 2014

Uzbekistan's President Islam Karimov has signed a presidential decree for the creation of the Kurilishmashlizing leasing company that will have an authorised capital of 22 billion soums (7m).

According to the decree, the country's finance ministry will own 45.45% of the new company's shares. Turkey'sNational Bank for Foreign Economic Activity, Asaka State Stock Commercial Bank, Uzpromstroybank, the Uzbekistan Railways State Joint-Stock Railway Company, Uzbekneftegaz National Holding Company and Uzbekenergo state joint stock company will own 6.82%. The remaining 13.63% of the shares will be owned by "other" shareholders.

The role of the Kurilishmashlizing will be to conduct market research and to review applications submitted by organisations for the leasing of the entire spectrum of construction machinery and special vehicles, as well as the placement of orders for production and acquisition of construction equipment for domestic and foreign enterprises.

The Kurilishmashlizing has been required by the government to work with local government officials in order to create special subsidiaries.

Over the past year, the country's leasing market has increased 16.5% to 1.511 trillion soums. A large chunk of the leasing market is made up of agricultural machinery (37.4%), transport vehicles (24.8%) and property (16.3%).

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Source: AKIpress News Agency (Kyrgyz Republic)

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