On May 7, President of Uzbekistan Shavkat Mirziyoyev signed the Measures to implement the project for modernization and management of Samarkand International Airport under public-private partnership terms Decree.
In September 2021, Uzbekistan Airports and the foreign-invested enterprise Air Marakanda signed PPP agreements. It follows from the decree that the parties signed an addendum thereto on February 7. The document also approved an agreement on state support between the Ministry of Finance and Air Marakanda.
During the validity period of Air Marakanda agreements, it is allowed to tie prices for goods (works, services) sold on the territory of Uzbekistan to foreign currencies.
By way of exception, the company, after payment of all due taxes and other mandatory duties, it is allowed to open bank accounts with foreign creditor banks to get a loan and use it.
In addition, in the case of a loan from a foreign bank, an enterprise can use these funds to make direct payments to foreign contractors and suppliers without making them through bank accounts in Uzbekistan.
The Ministry of Finance and Uzbekistan Airports received the right to enter into direct agreements aimed at transferring the rights of Air Marakanda to its creditor if the company does not perform its obligations under the agreement.
During the validity term of the PPP agreement, the facilities built by Air Marakanda will be owned by it, and then transferred to Uzbekistan Airports.
In January 2021, the Currency Regulation Law was amended to allow prices for certain goods to be linked to foreign currency. Price binding is allowed when selling goods (works, services) in Uzbekistan for projects implemented with the participation of foreign investments attracted under public-private partnership agreements and investment agreements with the government, based on decisions of the president.
