Samarkand granted $25 million to prepare for SCO Summit

Government adopted a decree on the procedure for financing preparatory work for the Summit of the Shanghai Cooperation Organization (SCO) in Samarkand in 2022, Norma reports.
 
The purpose of the document is to organize preparatory work for the SCO Summit in Samarkand in 2022 with participation of leaders of more than 20 states.
 
The Samarkand region’s Improvement and Welfare Fund (established in 2018) was allocated a loan of the Fund for Reconstruction and Development (FRD) in the amount of $25 million. Funds were received in soums at the Central Bank rate for 5 years with a 2-year grace period at 2% per annum, subject to refinancing by the NBU.
 
The loan will improve the condition of city roads and streets, compensate for the losses of individuals and legal entities in connection with the seizure of their land for the state and public needs to conduct the SCO Summit. The address list of compensations will be compiled by the Samarkand regional administration in agreement with the Cabinet of Ministers. In this regard, the administration is responsible for the targeted and efficient use of the allocated loan.
 
The loan will be repaid at the expense of additional sources of the Samarkand region’s local budget, as well as other sources not prohibited by legislation. The Ministry of Finance, together with the NBU and the FRD, was instructed to establish monitoring of the targeted and effective use of the allocated loan, as well as its timely repayment.