President of Uzbekistan Islam Karimov signed a resolution “On additional measures on increasing crediting of small businesses and private entrepreneurs” on 11 March 2011.

The document was adopted to stimulate developing microfinancing as important tool for developing small and private businesses, increase employment and well-being of population.

In line with the regulation, from 1 April 2011 to 1 January 2016 revenue from commercial banks, received from issuing loans due to resources of the Special Fund of Preferential Crediting under the commercial banks, were exempted from income tax for legal entities.

At the same time, the document said, the exempted resources will be directed to increasing resource base of the Special Fund of Preferential Crediting under the commercial banks.

The document set that resources of the Special Fund of Preferential Crediting are mainly directed at financing high-technological and innovative projects in small and private business sector, production microfirms, small enterprises, farms, located in remote areas and districts and regions with excessive number of employees.

As earlier reported, Uzbekistan announced 2011 as the Year of Small Business and Private Entrepreneurship. On 7 February 2011, the Uzbek President Islam Karimov approved a state programme "The Year of Small Business and Private Entrepreneurship".

In line with the programme, the commercial banks are planning to increase the volume of crediting of small businesses due to own resources by 30% to 3.6 trillion soums.