ANNOUNCEMENT 30 Mar 2009In March 2009, the government of Uzbekistan announced a change in private-sector financial support.
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President of Uzbekistan Islam Karimov signed a resolution on 30 March 2009 on creation of the Qishloq Qurilish Bank (Rural Construction Bank) on the basis of one of the country's largest banks Galla-bank.
The purpose of the creation of the bank is to improve the living conditions of the rural population and construction works in the villages, speeding up the development of the industrial and social infrastructure in the regions and wide introduction of the long-term crediting of the housing construction in the country.
The new bank, to be created in the form of the open joint-stock company with a charter capital of UZS 150 billion, will be the rights holder of Galla-bank on property, finance and other obligations, as well as requirements guaranteeing the safety and timeliness of return of the funds of the legal entities and individuals.
Qishloq Qurilish Bank will be freed from payment of income and property tax, as well as customs duties for the imported bank equipment until 1 January 2012.