#Legal_news The activities of the Fund for State Support of | Legal Info

#Legal_news

The activities of the Fund for State Support of Agriculture will be improved

The Decree of the President "On cardinal improvement of the activities of the Fund for State Support of Agriculture under the Ministry of Finance of the Republic of Uzbekistan" was adopted (№ DP-6179, February 26, 2021).

According to the document, the activities of the Fund for State Support of Agriculture under the Ministry of Finance will be raised to a new level.

Based on this, the payment of compensation to cover part of the interest rate on loans allocated by commercial banks for cotton harvesting will be made at the expense of the Fund.

In this case, compensation is paid for the first 9 months of the loan to cover:

part of the interest rate on commercial loans allocated in national currency, which exceeds the basic rate of the Central Bank, but not more than 10 percentage points;

up to 30 percent of the interest rate set by commercial banks on loans issued in foreign currency, but not more than 3 percentage points.

In 2021, commercial banks will provide loans to vegetable growing clusters, farms, and other vegetable producers for 9 months in the amount of up to 40 percent of the cost of vegetables grown at an annual interest rate at the main rate of the Central Bank (taking into account the bank's margin - 2 percent).

For commercial loans allocated for the cultivation of vegetables in the main areas, starting from the harvest of 2022, a system of compensation for the part of the interest rate that exceeds the basic rate of the Central Bank is being introduced.

The decree defines the main tasks of the Fund.

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