Crediting from the account of the credit lines of the Fund subjects toas standard, so and the individual investment projects, which providesfollowing purposes:
development and expansion of own production of farmings, including
| ||Buying the chemical means of protection plants, mineral fertilizers |
| ||Production and re-production of farm products |
| ||Buying seeds, seedlings, primary processing of raw materials |
| ||Acquisition of farm machinery, buying mini-equipments, labour instruments of agriculture |
| ||Construction of farming buildings, buying the live-stock, saplings of the live-stock, birds, forage and provenders, veterinary drugs |
The Credit lines from the account of the The Fund of support for The Peasantry and Farming are opened for grace target credits only for the members of The Farming Association and only through commercial banks of the Republic of the Uzbekistan on garce rate of interest in 1/3 size of the refunding rate of the Central bank for 3 year-period without right of prolongation. As the refunding rate of the Central bank is asserted in size of 12% in present days, so the rate of interest of The Fund's credit will be in size of 4,0% (12% : 3 = 4,0%).
The Credit formation initial capital are given for the peasantry (with status of the legal person) and farmings on the following purposes:
- formation circulating assets for beginning their activity;
- elaboration technical and economical reason of the investment project;
- acquisition of the equipment.
50% of credit resources of the Fund annually moves on opening target creditlines in commercial banks for formation initial capital of newly foundedthe peasantry (with status of legal person) and farmings. Herewith, thesecredits are allocated only for submitted corresponding applications forreceipt of the credit at period not later 6 months after their state registration,on grace rate of interest in amount of 1/6 parts of the refundung rateof the Central bank for 3 year-period without right of prolongation, inamount of at most 150 minimum salaries for the peasantry (with status oflegal person) and at most 300 minimum salaries for farmings.
So, for instance, if the Central bank's refunding rate is 12% then therate of interest of credit for formation the initial capital will be inamount of 2,0% (12% : 6 = 2,0%).
Credit, allocated for formation initial capital, are provided with postponementof payment of the interest for 12 months and the repaiment of the maindebt begins after 18-24 months from the date of credit receipt.
In purpose of the realization of the grace crediting of the peasantry andfarming, annually, between The Fund and The Head commercial banks are concludedGeneral agreements on principles of urgency, refund and repayment. That'swhy the farming, the members of the Association, must applyto their own servicing bank in order to receive grace credit from the Fundfacilities and present the necessary package of documents, namely:
- statement on receipt the grace credit by the lines of The Fund;
- business plan;
- balance sheet (form #1) for the last reporting period, certified by thelocal State Tax Department;
- reference about receivables and credit indebtedness (form ¹2à);
- report about financial result (form ¹2).
The Borrower also gives the bank one of the following types of pawn provision:
- property warranty
- guarantee of the bank or insurance organization;
- guarantee of third person
- insurance policy of insurance company about insuring the risk of unpayment of credit by borrower;
Hereinafter these documents are considered in installed time-limits :
- forbranches of the banks and commercial banks, not having in itsstructureof the branches, as well as for private banks - 10 workdays;
- for regional branches of the banks - 15 workdays;
- for Head (republic) banks - 20 workdays since the date of the presentingthe statement.
The Package of documents have to be examined in district, regional branchesof the bank, and then they are introduced for consideration of The Headbank.
After Generalagreement between The Fund and The Head commercial bank issigned, creditagreement is concluded on opening the credit line.Following terms arespecified in credit agreement with The Head bank onproviding the loanfor opening credit line:
- for The Head (republican) banks - 20 workdays since the date of the presenting the statement amountof credit line for a year with allocation of its parts, whichisenvisaged `to provide credit for formation initial capital, withquarterlyand on regionally dividing into parts;
- grace rate of interest with bank margin deduction;
- purposes, on which the facilities of credit line are directed;
- the order of the realization control on proposeful use of issued credit disbursement transaction..
After signing the credit agreement, The Fund quarterly disburses the amountof credit line on corresponding account of the commercial bank.
SCHEME of grace crediting the Peasantry and farming by credit line of The Fund of support for The Peasantry and Farmers of the republic of Uzbekistan
DIAGRAM of the allocated grace credit by The Fund PF.
DIAGRAM of the allocated grace credit by The Fund for development of peasantryand farming.
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|FUND OF SUPPORT FOR THE PEASANTRY AND FARMERS |
OF THE REPUBLIC OF UZBEKISTAN