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31 March 2009 / 04:54

“On establishing the joint-stock commercial bank “Agrobank”

With a view of further sustainable developing the agrarian sector of economy, progressively deepening the economic reforms in agriculture, supporting farms, buttressing their material and financial basis, rendering agricultural producers a broad spectrum of banking services aimed at accelerated establishment of modern enterprises on thorough reprocessing of produce, introduction of the latest technologies and equipment on manufacturing high quality, competitive products and filling the local market with domestic foodstuff:

1. The proposal of shareholders of the joint-stock commercial bank “Pahta-bank” on renaming it into the joint-stock commercial bank “Agrobank” shall be accepted.

It shall be ascertained that the JSCB “Agrobank” shall be established as an open joint-stock company and shall be an assignee of the JSCB “Pahta-bank” on property, financial and other liabilities, as well as the requirements that assure the safety and timeliness of return of funds of legal and physical entities.

2. The main tasks of the JSCB “Agrobank” shall be determined as follows:

crediting and rendering of a complex of banking services to farms engaged in producing agricultural goods;

gradually bettering the mechanisms of crediting and financing agricultural producers, enterprises of all forms of ownership, including the enterprises of cotton-cleaning and grain-processing industry, which are specialized in reprocessing, storing, transporting and realizing the cotton and grain products;

conducting active investment policy aimed at improving the reclamation state of lands, modernizing, technically and technologically renewing production in the branches of agro-industrial complex, attracting modern foreign technologies and equipment, ensuring on such basis of the production of high quality products competitive both at domestic and external markets, consistently filling the domestic consumer market with locally-made foodstuff;

channeling own resources of the bank, attracting funds of population and enterprises by way of proposing the new attractive types of deposits, their effective use, including for implementation of investment projects, providing for timeliness and fullness of return of deposited funds;

attracting soft loans, investments and grants of international financial institutions and leading foreign banks for their further refinancing the agricultural producers and enterprises of agro-industrial sector of the nation’s economy.

3. Ministry of Foreign Economic Relations, Investments and Trade along with Ministry of Finances and Central Bank of the Republic of Uzbekistan shall render assistance to the JSCB “Agrobank” in attracting the soft loans, investments and grants of international financial institutions and foreign financial and crediting structures to strengthen the Bank’s resource basis.

4. Cabinet of Ministers of the Republic of Uzbekistan in a two week’s time shall approve the make-up of the Board of the JSCB “Agrobank”.

5. Central Bank along with the Ministry of Justice of the Republic of Uzbekistan and interested ministries and agencies in a month’s time shall introduce to the Cabinet of Ministers of the Republic of Uzbekistan proposals on amendments and addenda to the legislation that proceed from this Resolution.

6. First Deputy Prime Minister of the Republic of Uzbekistan Azimov R.S. and Chairman of the Central Bank of the Republic of Uzbekistan Mullajanov F.M. shall be entrusted with a task of controlling the implementation of the current Resolution.

President of the Republic
of Uzbekistan Islam Karimov

City of Tashkent
March 30, 2009

Unofficial translation from Russian at the Information Agency “Jahon”