BAKU, Azerbaijan, Nov. 26
By Klavdiya Romakayeva - Trend:
The International Development Association of the World Bank and the Asian Infrastructure Investment Bank will fund the development of rural infrastructure of Uzbekistan, Trend reports referring to Uzbek national news agency.
The International Development Association of the World Bank and the Asian Infrastructure Investment Bank provided loan financing in the amount of $100 million and $82 million, respectively.
At the same time, the government of Uzbekistan has allocated $1.6 million for the implementation of the project.
The project is being implemented in 21 district that are lagging behind in terms of economic and social development of the Fergana, Andijan, Namangan, Syrdarya and Jizzakh regions. The project implementation period accounts for five years - from 2020 to 2024.
The executive body responsible for the timely implementation and coordination of the project, as well as the targeted and effective use of loans from the Association and the Bank, is the Ministry of Economic Development.
The turnover for the sale of goods (services) purchased by legal entities, subject to the approval of these projects by international and foreign government financial organizations before July 1, 2020, is not subject to VAT and excise tax within the framework of the project.
In addition, goods imported into the customs territory by legal entities at the expense of these borrowed funds are exempted from customs duties and the funds saved as a result of these benefits are considered Uzbekistan's contribution to the project.
The document also approved the main technical and economic parameters of the Rural Infrastructure Development project, the forecast schedule for the repayment of the principal debt, interest accrued thereon and other payments on loans of the Association and the Bank within the framework of the project, the road map for the use of funds within the framework of the project with the participation of the Association and Bank.
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