President of Uzbekistan Islam Karmov approved a resolution “On measures on further improving activity of the Fund for Reconstruction and Development of Uzbekistan” on 9 March 2012.

The document was adopted to raise role and expand scale of the FRDU participation in reconstruction and development of Uzbekistan in carrying out processes on modernization, technical and technological re-equipment of enterprises, strengthen its resource base to increase volume of co-financing of strategic investment projects of the leading industries and production infrastructure in the country.

According to the resolution, the charter capital of the Fund for Reconstruction and Development of Uzbekistan was formed at the size of US$10 billion.

Uzbek leader approved proposal of the Ministry of Finance, Central Bank, Ministry of Economy, Ministry of Foreign Economic Relations, Investment and Trade on increasing the charter capital of the FRDU to US$15 billion stage-by-stage in 2012-2016.

Fund for Reconstruction and Development of Uzbekistan was created in May 2006 in line with the presidential resolution “On measures on organization activity of the Fund for Reconstruction and Development of Uzbekistan”.

The fund was founded for financing and co-financing important investment projects, included into the state investment programme. The charter capital of the fund is US$1 billion.

The founders are Finance Ministry of Uzbekistan, National Bank of Uzbekistan for Foreign Economic Activity, Asaka Bank, Uzpromstroybank, Agrobank and Ipoteka Bank.

It is planned that the Fund will provide co-financing to 29 strategic projects in leading industries for over US$758 million in 2012, which is 38.2% more year-on-year.