Uzbekistan to establish free tourist zone “Charvak”

Tashkent, Uzbekistan (UzDaily.com) -- President of Uzbekistan Shavkat Mirziyoyev signed a decree “On creation of a free tourist zone “Charvak”.

The zone is created within the territory of Chimgan-Charvak resort and recreation zone in Tashkent region. It is planned to construct modern hotel complexes, cultural and recreational, shopping and entertainment facilities in the territory of the zone tourist destination, as well as objects of modern engineering infrastructure.

The created free tourist zone "Charvak" is the first and unique such zone in Uzbekistan. The Decree defines as the main tasks and directions of activity of the free tourist zone “Charvak”.

It particular it will attract investment of foreign and domestic investors for implementation of projects in constructing of modern tourist infrastructure projects and create necessary conditions for tourists.

The zone will create unique tourist routes, taking into account the possibilities of the region's eco-environment. It will also adopt measures to improve tourists safety including via introduction of video surveillance and warning systems.

The tourist zone is created for 30 years with the possibility of its further prolongation. The Uzbek state bodies were entrusted to prepare proposals on developing zone and ensuring safety of tourists.

One of the most important aspects of the decree is also its focus on creating favorable conditions for the implementation of investment projects on the territory of a free tourist zone. To this end, the Reconstruction and Development Fund of the Republic of Uzbekistan was instructed to ensure the opening of a preferential credit line in the amount of $ 100 million to co-finance investment projects implemented in a free tourist zone, including including the provision of flexible loan and interest repayment terms.

Uzbek leader provided right to National Bank for Foreign Economic Affairs of the Republic of Uzbekistan, Uzpromstroybank and Asaka Bank to participate in the investment project, covering 100% of project cost.

They also together with the State Committee of the Republic of Uzbekistan for Investments should attract grants, credit lines and investments, gratuitous financial assistance from international financial institutions, foreign banks and other investors - legal entities and individuals (including foreign investors), state and non-state funds, enterprises and organizations, as well as loans of commercial banks for financing of investment projects.

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