Uzbekistan’s President Islam Karimov has signed a presidential decree for the establishment of Kurilishmashlizing leasing company. According to the decree, the Ministry of Finance will own 45.45% of the new company’s shares. Uzbekistan Railways will have 6.82% stake in the company. Other stakeholders are Turkey’s National Bank for Foreign Economic Activity, Asaka State Stock Commercial Bank, Uzpromstroybank, Uzbekneftegaz National Holding Company and Uzbekenergo.
Kurilishmashlizing leasing company that will have an authorised capital of 22 bn soums (€7m)
The role of the Kurilishmashlizing will be to conduct market research and to review applications submitted by organisations for the leasing of the entire spectrum of construction machinery and special vehicles, as well as the placement of orders for production and acquisition of construction equipment for domestic and foreign enterprises.
Over the past year, the country’s leasing market has increased 16.5% to 1.511 trillion soums. A large share of the leasing market is made up of agricultural machinery (37.4%), transport vehicles (24.8%) and property (16.3%).
Uzbekistan Railways is also part of a JV which manufactures excavators. In May this year, the Uzbek-Chinese joint venture UzXCMG, founded by Uzbekistan Railways and Xuzhou Construction Machinery Group (XCMG), started its activities.