June 12, 2009
Politics:
Islam Karimov receives Russian President’s special representative for CIS
Economics:
Tashkent hosts Uzbek-Korean business forum
Uzpromstroybank, ICD sign credit line agreement
National standard on property evaluation discussed
Mortgage gains regions
Japanese technology in the country’s power grid
Society:
Tashkent’s 2,200th anniversary to be celebrated in September
How editorial offices fulfill laws
POLICY
ISLAM KARIMOV RECEIVES RUSSIAN PRESIDENT’S SPECIAL REPRESENTATIVE FOR CIS
President of Uzbekistan Islam Karimov received the special representative of the President of Russia for relations with the CIS countries Farit Muhametshin.
The sides considered issues of bilateral and multilateral cooperation within the Commonwealth of Independent States, National News Agency UzA reported.
Besides, they touched upon important issues of rational use of the region’s water energy resources.
ECONOMY
TASHKENT HOSTS UZBEK-KOREAN BUSINESS FORUM
The forum of business circles of Uzbekistan and South Korea was held in Tashkent on June 11. The event was organized by the Ministry of foreign economic relations, investments and trade of Uzbekistan and the subcommittee of the National assembly of South Korea.
The participants of the forum considered issues of development of trade and economic, as well as investment cooperation between the two states. In particular, the discussions covered sectors of banking and finance, oil and gas, construction, machinery building, air transportation, agriculture, mineral resources, healthcare, electronics, transport and logistics, IT and telecommunications, etc.
After the forum the cooperation exchange with participation of companies and enterprises of Uzbekistan and South Korean businessmen was held. Its participants learnt about the potential of their partners and exchanged views on cooperation and implementation of new projects.
South Korea is one of the largest investment partners of Uzbekistan. The volume of investments from this country in the Uzbek economy has exceeded USD 2 billion.
The trade turnover in 2008 comprised more than USD 1 billion. More than 350 Uzbek-South Korean joint ventures operate in Uzbekistan, along with 91 representative offices of South Korean companies.
In the framework of the forum, the foreign businessmen visited the cities of Navoi and Samarkand. As reported earlier, South Korea is actively participating in the creation of the free industrial zone in Navoi region of Uzbekistan.
UZPROMSTROYBANK, ICD SIGN CREDIT LINE AGREEMENT
Uzpromstroybank open joint-stock commercial bank signed a credit line agreement worth US$12 million with the Islamic Corporation for the Development of the Private Sector (ICD).
The Uzbek bank said the credit line is attracted in line with the principles of Islam financing. The bank said the ICD allocated US$3 million for initial stage of the project, Uzreport Information Portal reported.
Khalid Al-Aboodi, general manager of ICD, and chairman of the board of Uzpromstroybank Ulugbek Mustafoev signed the corresponding document.
The credit line is opened to organize new production capacities in industry, agriculture, transport and information technologies.
NATIONAL STANDARD ON PROPERTY EVALUATION DISCUSSED
State Property Committee of Uzbekistan hosted a meeting to discuss project of national standard on property evaluation on June 10.
Representatives of the State Property Committee of Uzbekistan, evaluation companies and interested organization participated at the event. Participants presented concrete recommendations on further improvement of national standards.
The project was developed in line with the Law of Uzbekistan "On evaluation activity", resolution of the president from 26 April 2006 "On measures on improvement activity of the State Property Committee of Uzbekistan" and resolution of the president from 24 April 2008 "On further improving of activity of evaluation and increasing their liability for quality of rendered services".
The national standard on property evaluation determines requirements on holding property evaluation and sets single terms, rules and requirements in determining the price of the privatized property and reflecting results of evaluation in the report.
The document is developed for evaluation organizations and it should be used in evaluation of property in privatization processes, as well as checking reliability of evaluation report.
MORTGAGE GAINS REGIONS
A special bank will provide soft loans for rural residents
Uzbekistan approved the order of preferential mortgage, to be provided by a joint stock commercial bank, Kishlok Kurilish Bank (rural construction bank), for constructing private housing of approved standard designs, Uzbekistan Today newspaper reported.
Now rural population can take soft mortgage loans for housing construction of approved standard design by means of target funds provided for up to 15 years with a six-month grace period. The customer has the right to get a mortgage loan, which does not exceed 1000-fold minimum monthly wage and 75% of the estimated cost of the erected house.
Interest rate of Kishlok Kurilish Bank is fixed at 50% of the refinancing rate of the Central Bank of the Republic of Uzbekistan on the day the credit commission makes positive decision. Today, the current rate is 14%. Interest will accrue on the actual balance of the principal outstanding till the borrower fully repays his mortgage.
To obtain the loan, the village resident should be at least 18 years of age and have 12 months of permanent job or other source of income enabling him or her to pay monthly interest on the mortgage. Besides, borrowers is granted the credit on terms he or she has a down payment of at least 25% of the cost of the house erected or carried out construction and installation works as well as construction materials of the same cost. The sum of the initial deposit or part of it can be transferred by a legal entity, the borrower’s employer.
The erected house together with the land is the security of the borrower’s liabilities to repay the mortgage loan. In addition, the credit commission of the bank may accept other real estate in the borrower’s property as a mortgage. In case the construction is conducted by a contractor on turnkey, 50% of the loan is transferred to the contractor’s account in advance.
Kishlok Kurilish Bank was created under the Decree of the President of the Republic of Uzbekistan “On establishment of joint stock commercial Kishlok Kurilish Bank on the basis of the joint stock commercial Galla Bank”. The creation of a special commercial bank for rural construction was one of the main directions in the approved State Program of the Year of Rural Development and Improvement. As experts note, the new bank will undoubtedly be an important additional condition for a more effective process of housing construction, social and production infrastructure, overall introduction of soft loans for housing. The authorized capital of Kishlok Kurilish Bank is 150 bln soums.
JAPANESE TECHNOLOGY IN THE COUNTRY’S POWER GRID
TashTETs will carry out a project of a new gas turbine
New Energy and Industrial Technology Development Organization of Japan (NEDO) grants $33 mln towards modernization of Tashkent Power Plant, TashTPP.
Funds will be directed to a model project on building a gas turbine unit (GTU), with a design capacity of 27 MW. Technological equipment will be supplied by Japanese company Tohoku Electric Power Co.
The project’s total cost is $52 mln. In addition to the NEDO grant, the project will be financed through own funds of Uzbekenergo. It is expected that the construction of gas turbine unit will begin in 2010.
TashTPP is one of the major thermal power plants in the capital. Currently, the power plant produces 150 mln kWh of electricity annually.
It is planned to build three gas turbines, with the capacity of 27 MW each, at TashTPP. The construction of two gas turbines uses credit facilities of the Japan International Cooperation Agency.
SOCIETY
TASHKENT’S 2,200TH ANNIVERSARY TO BE CELEBRATED IN SEPTEMBER
President of Uzbekistan Islam Karimov signed a resolution on 10 June on the main events devoted to the 2,200th anniversary of the city of Tashkent.
According to the document, the solemn meeting and a concert program devoted to the jubilee will be held on 1 September at the Uzbekistan international forums palace. On September 2, the mass events for the public will be held on the city’s squares, UzA reported.
The head of the state also resolved to move the days off from Saturday 29 August and Sunday 30 August to 31 August and 2 September. Thus, the official days off will be 31 August through 2 September.
The 2,200th anniversary of the capital of Uzbekistan is celebrated with participation of the UNESCO.
HOW EDITORIAL OFFICES FULFILL LAWS
Monitoring results on the media in Tashkent Region
Committee on Information and Communication Technologies of the Lower Chamber of the Parliament held a monitoring of the Law of the Republic of Uzbekistan “On the protection of professional activities of journalists” in offices of certain newspapers in Tashkent Region.
As commented Anor Bobomurodova, a member of the committee, today there are 47 newspapers, 3 magazines and a number of TV and radio studios in Tashkent.
Analysis shows, newspapers in Bostanlik, Parkent districts and the city of Chirchik has done substantial work on fulfilling laws regulating relations in the media activity, in particular the Law “On protection of professional activities of journalists”. There are all conditions created for journalists to fully exercise their rights to collect, analyze and distribute information, to address for it to public authorities, associations, organizations, agencies and self-governing bodies of citizens.
There are measures conducted in the region to improve legal literacy of the staff employees of mass media, held meetings for studying existing laws related to their professional activities.
Recommendations draw attention to ensuring unconditional execution of the law, strengthening influence of the media on the socioeconomic development, informing the public of the essence of the democratic reforms. Members of parliament note there should be more professional training courses for journalists, attention paid to bringing conditions for their creative work to international standards, attraction of young professionals to journalism. It is also necessary to improve the quality of materials and strengthen material base of the media.