TASHKENT, May 12 (RIA Novosti, Abu Ali Niyazmatov) - Uzbek President Islam Karimov has issued a decree to establish a national reconstruction and development fund with charter capital of $1 billion, the presidential press service said Friday.
"The fund is designed to facilitate implementation of modernization and restructuring projects of major and primarily basic sectors of the national economy, to secure the country's dynamic, sustained and balanced socio-economic development, and to implement an effective structural and investment policy," the decree said.
The Fund will have the status of a legal entity and will be controlled by the Uzbek government.
Under the presidential decree, the Fund will be exempt from all taxes, levies, duties, and mandatory deductions to target-specific state programs, except for the unified social security tax.
