Azernews.Az

Uzbek President Islam Karimov has issued a decree on the establishment of "Kurilishmashlizing" leasing company.

According to the decree "On the establishment of the Kurilishmashlizing republican specialized company", the authorized capital of the new company will be 22 billion soums.

The founder of the leasing company will be Uzbekistan's Finance Ministry which owns 45.45 percent of the company's shares.

National Bank for Foreign Economic Activity, "Asaka" State Stock Commercial Bank, Uzpromstroybank, the "Uzbekistan Railways" State Joint-Stock Railway Company, "Uzbekneftegaz" National Holding Company and "Uzbekenergo" state joint stock company will have 6.82 percent and "other" shareholders, 13.63 percent of the whole shares.

The main objectives of "Kurilishmashlizing" are conduction of marketing and analysis of applications of the construction organizations on the supply on the leasingof the entire spectrum of construction machinery and special vehicles; placementof orders for production and acquisition of construction equipment for domestic and foreign enterprises; transfer of under lease or rental of construction equipment, produced and delivered in accordance with the placed orders; fundraising including credit lines from foreign banks and international financial institutions for the purchase of construction equipment.

"Kurilishmashlizing" is instructed to establish subsidiaries in the regions within a month together with local authorities.

As reported earlier, some 99 lessors, including 24 commercial banks and 75 leasing companies operated in the country`s leasing market in 2013. The total volume of leasing operation increased by 36 percent in Uzbekistan in 2013 compared with 2012 - up to 805.2 billion soums. The volume of the leasing market increased by 16.5 percent to up to 1.511 trillion soums during the reporting period.

The main share of the leased property at the end of last year belonged to the agricultural machinery - 37.5 percent. The volume of leasing on automobile transportation amounted to 24.8 percent, technical equipment - 21.4 percent, real estate and property complex - 16.3 percent.

In 2013, the major part of the structure of transactions on different types of technological equipment belonged to the construction machinery and equipment for construction materials manufacturing - 35.4 percent, reclamation equipment - 22.9 percent, equipment for light industry - 12.8 percent.