757 and 767, Airbus 320, and Airbus 300- 600 cargo aircrafts. Sixth, Implementation of structural transformation and diversification of the economy is supported by steady growth of banks’ resource base, expansion of the share of long-term funding sources and increase of commercial banks role in these processes. If in 1990 loans exceeding three years constituted about 24 % of the total loan portfolio, now their share is 80 %. Thanks to the sustainable growth of aggregated capital of the commercial banks in Uzbekistan and balanced management policy of assets portfolio, current capital adequacy ratio is ensured and three times higher than international standards of the Basel Committee on Banking Supervision. For the fifth consecutive year, Moody’ s international rating agency assesses the prospects of the banking system of Uzbekistan as“ stable”. Now, all commercial banks of the Republic are rated with a stable outlook from leading international rating companies, as Standard & Poor’ s, Moody’ s and Fitch Ratings. Seventh, Uzbekistan Fund for Reconstruction and Development( UFRD), created in 2006, plays an important role in the implementation of modernization and effective investment policy in the Republic. Its assets reached $ 25 billion this year.
The active participation of the UFRD in implementation of new infrastructure projects has been served to attract more than $ 10 billion of foreign investment and loans in the form of co-financing from the World Bank, Asian Development Bank, Islamic
Development Bank, financial institutions of Japan, South Korea, China and other foreign banks and investors.
Eights, Uzbekistan’ s achievements and milestones are widely recognized by the world community. In particular, our country occupies the 5th place in the Fast Growing Economies ranking of the W orld Economic Forum. According to the“ World Happiness Report” conducted by sociologists at the Columbia University( USA), with the assistance of the United Nations, Uzbekistan took 44th place out of 158 countries and the first place among the CIS countries.
Last October the World Bank published the rating of « Doing Business 2017 », with the fact that Uzbekistan has risen to 16 positions from 2015 and ranked as 87th. According to the report, Uzbekistan improved its position in ranking on such criteria as property registration( 75th place, + 6 positions), protecting minority investors( 70th place, + 8 positions), paying taxes( 138 place, + 1) and trading across border( 165th place, + 1 position).
The report added that four procedures required in Uzbekistan to register enterprise, which is lower than average in the Europe and Central Asia( 4.8) and OECD member states( 4.9). The registration term is 5.5 days in Uzbekistan against 10.2 days in Europe and Central Asia and 8.3 days in the OECD countries.
Uzbekistan profile | January- 2017 www. uzbekistan. be 5