DOCSLIB.ORG

Pre-Feasibility Study for Green Sukuk Issuance in the Republic of Uzbekistan

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Pre-Feasibility Study for Green Sukuk Issuance in the Republic of Uzbekistan PRE-FEASIBILITY STUDY FOR GREEN SUKUK ISSUANCE IN THE REPUBLIC OF UZBEKISTAN UZBEKISTAN 2021 PRE-FEASIBILITY STUDY FOR GREEN SUKUK ISSUANCE IN THE REPUBLIC OF UZBEKISTAN UZBEKISTAN 2021 The views expressed in this publication are those of the author(s) and do not necessarily represent those of the United Nations, including UNDP, or the UN Member States. UNDP works in nearly 170 countries and territories, helping to achieve the eradication of poverty, and the reduction of inequalities and exclusion. We help countries to develop policies, leadership skills, partnering abilities, institutional capabilities and build resilience in order to sustain development results. UNDP assistance to Uzbekistan is aimed at achieving common interrelated goals: supporting the Government in accelerating reforms in sustainable economic development, effective public administration, adaptation to climate change and environmental protection. © UNDP, 2021 (www.uz.undp.org) INTRODUCTION TABLE OF CONTENTS LIST OF ABBREVIATIONS. .5 ACKNOWLEDGMENTS ............................................................................6 EXECUTIVE SUMMARY ............................................................................7 INTRODUCTION. .10 CHAPTER 1: OVERVIEW OF THE ECONOMY AND FINANCE SECTOR IN UZBEKISTAN. .12 1.1 Overview. .12 1.1.1 Demand .............................................................................13 1.1.2 Supply. .13 1.1.3 Legal, Regulatory and Tax Framework ....................................................14 1.1.4 Infrastructure and Capacity. .14 1.2 Development Strategy ......................................................................15 1.2.1 Demand .............................................................................15 1.2.2 Supply. .16 1.2.3 Legal, Regulatory and Tax Framework ....................................................18 1.2.4 Infrastructure and Capacity. .19 CHAPTER 2: ISLAMIC FINANCE AND SUKUK. .20 2.1 Overview of the Islamic Finance System ......................................................20 2.2 Current Status of the Islamic Finance Industry and the Sukuk Market .............................23 2.3 The Development of Islamic Finance in Uzbekistan .............................................26 2.4 Islamic Finance and the Link with Sustainable Development . .27 CHAPTER 3: GREEN SUKUK CONCEPTUAL FRAMEWORK. .30 3.1 Overview of Green Bonds and Sukuk .........................................................30 3.2 Green Sukuk Structures .....................................................................33 3.3 Green Bonds/Sukuk Framework . .37 CHAPTER 4: GREEN SUKUK DEVELOPMENT IN UZBEKISTAN – OPPORTUNITIES AND CHALLENGES .......39 4.1 Government Vision and Targets for Green Finance . .39 4.2 Identification of Potential Green Sectors ......................................................41 4.2.1 Overview of the Energy Sector . .42 4.2.2 Overview of the Agricultural Sector ....................................................42 4.2.3 Other Potential Sectors ................................................................43 4.3 Opportunities and Challenges Regarding the Development of Green Sukuk in Uzbekistan. .45 4.3.1 Opportunities ........................................................................45 4.3.2 Challenges ...........................................................................49 4.4 List of Potential Bankable Projects for Green Sukuk ............................................55 CHAPTER 5: FORMULATION OF STRATEGIES FOR GREEN SUKUK ISSUANCE IN UZBEKISTAN .............60 5.1 Recommendations .........................................................................60 5.2 Proposed Future Steps . .64 APPENDICES ....................................................................................66 APPENDIX 1: Legal Acts of the Republic of Uzbekistan regulating Relations in the Securities Market .....66 APPENDIX 2: Minutes of Meetings with Major Stakeholders. .76 3 PRE-FEASIBILITY STUDY FOR GREEN SUKUK ISSUANCE IN THE REPUBLIC OF UZBEKISTAN LIST OF FIGURES Figure 2.1. Global Sukuk Issues and Value of Outstanding Sukuk (2004–2019). .25 Figure 2.2. Islamic Framework to Achieve Sustainable Development and Shared Prosperity . .29 Figure 3.1. Evolution of Green Bonds By Type of Issuer (US$ billion) .................................30 Figure 3.2. Istisna-Ijara Green Sukuk Structure for Solar Energy Financing ............................35 Figure 3.3. Indonesia Sovereign Green Sukuk Structure – Wakala Series ..............................36 Figure 3.4. Key Components of the Green Bonds/Sukuk Framework .................................37 Figure 5.1. Implementation Strategy Roadmap ....................................................64 LIST OF TABLES Table 2.1: Basic Principles of the Islamic Financial System . .20 Table 2.2: Widely Used Islamic Financial Instruments . .21 Table 2.3. Breakdown of the Global Islamic Finance Industry by Sector and Region (US$ billion, 2019*) 24 Table 3.1. Classification of Green Bonds ..........................................................31 Table 3.2. Landmark Green Sukuk Issues. .32 Table 3.3. Required Parties in Sukuk Issuance and Their Roles .......................................33 Table 4.1. Government Targets for the Development of Green Energy (MW). .42 Table 4.2. Climate Finance from Multilateral Development Banks (2015-2019, US$ million). .47 Table 5.1. Tax Changes to Accommodate Sukuk ...................................................60 LIST OF BOXES Box 2.1. Short History of Islamic Finance and Banking. .22 Box 2.2. International Standard Setting Bodies in Islamic Finance ....................................23 Box 3.1. Development of the Green Sukuk Market .................................................32 Box 4.1. An Overview of the Legal Framework for Green Sukuk Issuance in Uzbekistan . .52 4 LIST OF ABBREVIATIONS LIST OF ABBREVIATIONS AAOIFI Accounting and Auditing Organization for IRIS Integrated Risk Information System Islamic Financial Institutions ABS Asset-Backed Security ADB Asian Development Bank IsDB Islamic Development Bank ASEAN Association of Southeast Asian Nations ITFC International Islamic Trade Finance Corporation AuM Assets under Management KPI Key Performance Indicator CAGR Compound Annual Growth Rate KRX Korean Exchange CBU Central Bank of Uzbekistan KYC Know Your Client CIBAFI General Council for Islamic Banks and LLC Limited Liability Company Financial Institutions CMDA Capital Market Development Agency MAF Majid Al Futtaim CMI Capital Market Infrastructure MAS Monetary Authority of Singapore CSD Central Securities Depository MDB Multilateral Development Bank DMO Debt Management Office MSME Micro, Small and Medium-sized Enterprise DVP Delivery versus Payment MYR Malaysia Ringgit EBRD European Bank for Reconstruction and NBU National Bank for Foreign Economic Activity Development of Uzbekistan ESG Environmental, Social and Corporate NDC Nationally Determined Contributions Governance FAO Food and Agriculture Organization OTC Over the Counter FDI Foreign Direct Investment PPA Power Purchase Agreement GBP United Kingdom Pound PPP Public Private Partnership GCC Gulf Cooperation Council SDGs Sustainable Development Goals GCF Green Climate Fund SGD Singapore Dollar GDP Gross Domestic Product SME Small and Medium-sized Enterprise GEF Global Environment Facility SOB State Owned Bank GHG Greenhouse Gases SOE State Owned Enterprise GIIRS Global Impact Investing Rating System SPO Secondary Public Offering GTFS Green Technology Financing Scheme SPV Special Purpose Vehicle ICD Islamic Corporation for the Development of SRI Socially Responsible Investment the Private Sector ICMA International Capital Market Association SROI Social Return on Investment ICT Information and Communication SSEI Sustainable Stock Exchanges Initiative Technology IDA International Development Association SWF Sovereign Wealth Fund IFI International Financial Institution UCSD Uzbekistan Central Securities Depository IFRS International Financial Reporting Standards ULI Uzbek Leasing International IICPSD Istanbul International Center for Private UN United Nations Sector in Development IFSB Islamic Financial Services Board UNEP United Nations Environment Programme IIFM International Islamic Financial Market UNDP United Nations Development Programme IILM International Islamic Liquidity Management US$ United States Dollar Corporation IIRA Islamic International Rating Agency USTC Unified Systems Technology Complex IMF International Monetary Fund UZEX Uzbekistan Commodity Exchange INDC Intended Nationally Determined UZRCE Uzbek Republican Currency Exchange Contributions IOSCO International Organization of Securities UZRSE Uzbekistan Republican Stock Exchange Commissions IPO Initial Public Offering UZS Uzbekistan Som 5 PRE-FEASIBILITY STUDY FOR GREEN SUKUK ISSUANCE IN THE REPUBLIC OF UZBEKISTAN ACKNOWLEDGMENTS This report provides a pre-feasibility study for green sukuk issuance in Uzbekistan and was prepared under the Green Sukuk Initiative of the United Nations Development Programme Istanbul International Center for Private Sector in Development (UNDP IICPSD) on behalf of the UNDP Uzbekistan Country Office. We wish to thank our researchers, editors and interns for their dedication and high-quality work. The research and writing team was led by Gülçin Salıngan, Deputy Director of IICPSD, who ensured that the study benefited highly from valuable inputs, constructive comments and discussions from key stakeholders. The team also benefited greatly from discussions and valuable
Load more

Recommended publications
  • Turakurgan Tpp Construction Board»
    UE « TURAKURGAN TPP CONSTRUCTION BOARD» APPROVED BY Director of UE “Turakurgan TPP Construction Board” _______ Mullajanov T.H. «____»_____________2014 Environmental Impact Assessment of Connection of Existing 220 kV TL to Turaurgan TPP and Kyzyl-Ravat SS with Reconstruction of Kyzyl-Ravat SS Stage: DRAFT STATEMENT OF ENVIRONMENTAL IMPACT (DSEI) DEVELOPED BY OJSC “Teploelectroproekt” Engineering director __________T.B. Baymatova «____»_____________2014 Tashkent-2014 1 CONTENTS INTRODUCTION .................................................................................................................. 2 1. DESCRIPTION OF THE EXISTING ENVIRONMENT IN THE AREA OF THE OBJECT ORIENTATION OF CONSTRUCTION .............................................................. 4 1.1.PHYSIOGRAPHIC AND CLIMATIC CONDITIONS ................................................... 4 1.2.EXISTING IMPACT SOURCES ..................................................................................... 9 1.3.SOIL CONDITIONS AND UNDERGROUND WATER .............................................. 14 1.4.AIR CONDITION ........................................................................................................... 15 1.5.SURFACE ARTIFICIAL AND NATURAL FLOW CONDITION. .......................... 16 1.6.VEGETATIVE GROUND COVER CONDITION ........................................................ 19 1.7. HEALTH STATUS OF THE POPULATION............................................................................... 21 3. DESCRIPTION OF THE DESIGN CONSIDERATION, DETECTION SOURCE
    [Show full text]
  • (Pap-Namangan- Andijan) Railway Electrification Project
    Bi-Annual Environmental Monitoring Report Project Number: TA8706-UZB February 2018 Uzbekistan: CAREC Corridor 2 (Pap-Namangan- Andijan) Railway Electrification Project Prepared by Uzbekistan Temir Yullari for the Asian Development Bank. This Bi-Annual Environmental Monitoring Report is a document of the borrower. The views expressed herein do not necessarily represent those of ADB's Board of Directors, Management, or staff, and may be preliminary in nature. Your attention is directed to the “terms of use” section of this website. In preparing any country program or strategy, financing any project, or by making any designation of or reference to a particular territory or geographic area in this document, the Asian Development Bank does not intend to make any judgments as to the legal or other status of any territory or area. TABLE OF CONTENTS GLOSSARY ............................................................................................................................ 4 1. INTRODUCTION ........................................................................................................... 5 2. PROJECT DESCRIPTION ........................................................................................... 6 2.1 Existing situation ...................................................................................................... 6 2.2 Current status of the Project .................................................................................... 9 3. LEGAL FRAMEWORK AND INSTITUTIONAL ORGANIZATION .......................... 9
    [Show full text]
  • Delivery Destinations
    Delivery Destinations 50 - 2,000 kg 2,001 - 3,000 kg 3,001 - 10,000 kg 10,000 - 24,000 kg over 24,000 kg (vol. 1 - 12 m3) (vol. 12 - 16 m3) (vol. 16 - 33 m3) (vol. 33 - 82 m3) (vol. 83 m3 and above) District Province/States Andijan region Andijan district Andijan region Asaka district Andijan region Balikchi district Andijan region Bulokboshi district Andijan region Buz district Andijan region Djalakuduk district Andijan region Izoboksan district Andijan region Korasuv city Andijan region Markhamat district Andijan region Oltinkul district Andijan region Pakhtaobod district Andijan region Khdjaobod district Andijan region Ulugnor district Andijan region Shakhrikhon district Andijan region Kurgontepa district Andijan region Andijan City Andijan region Khanabad City Bukhara region Bukhara district Bukhara region Vobkent district Bukhara region Jandar district Bukhara region Kagan district Bukhara region Olot district Bukhara region Peshkul district Bukhara region Romitan district Bukhara region Shofirkhon district Bukhara region Qoraqul district Bukhara region Gijduvan district Bukhara region Qoravul bazar district Bukhara region Kagan City Bukhara region Bukhara City Jizzakh region Arnasoy district Jizzakh region Bakhmal district Jizzakh region Galloaral district Jizzakh region Sh. Rashidov district Jizzakh region Dostlik district Jizzakh region Zomin district Jizzakh region Mirzachul district Jizzakh region Zafarabad district Jizzakh region Pakhtakor district Jizzakh region Forish district Jizzakh region Yangiabad district Jizzakh region
    [Show full text]
  • Natural Resources, Environment, and Poverty
    Natural Resources, Environment, and Poverty 150 Central Asia Atlas of Natural Resources he price of economic growth in Central Overstretched Water Resources Asia, perhaps more than anywhere else in Asia, has been paid by the environment. Particularly during the Soviet period, when Water scarcity has been Central Asia’s fundamental Tmassive agricultural and industrial enterprises, concern for millennia; its mismanagement is now together with gigantic infrastructure that straddled equally fundamental. The use of water—for energy the region, were put in place, environmental and especially for irrigation—is greater than the concerns were considered to be less important than capacity of the water resources to satisfy both development goals. These enterprises were nearly human and ecosystem needs, making current all based on exploitation of natural resources—oil water-use practices unsustainable. Use of excessive and gas beneath deserts, sea, and steppes; cotton water from Soviet times until today has caused and wheat agriculture on converted steppe and both reparable and irreparable damage, affecting desert land; mining for many metals in all terrains; the quality of the region’s air, soil, and biodiversity, and underpinning everything, diversion of precious and of the water itself. Water misuse has reduced water from the region’s sparse rivers. productivity of natural land areas, rivers, and reservoirs. It has transformed topography and The first inklings of the enormity of these climate. And in the face of expected negative environmental costs were seen when the Aral effects on water sources from climate change, Sea in the west began to shrink in the 1960s. The continued mismanagement and misuse of water consequences for the environment stretched all the will result in far greater consequences.
    [Show full text]
  • World Bank Document
    Ministry of Agriculture and Uzbekistan Agroindustry and Food Security Agency (UZAIFSA) Public Disclosure Authorized Uzbekistan Agriculture Modernization Project Public Disclosure Authorized ENVIRONMENTAL AND SOCIAL MANAGEMENT FRAMEWORK Public Disclosure Authorized Public Disclosure Authorized Tashkent, Uzbekistan December, 2019 ABBREVIATIONS AND GLOSSARY ARAP Abbreviated Resettlement Action Plan CC Civil Code DCM Decree of the Cabinet of Ministries DDR Diligence Report DMS Detailed Measurement Survey DSEI Draft Statement of the Environmental Impact EHS Environment, Health and Safety General Guidelines EIA Environmental Impact Assessment ES Environmental Specialist ESA Environmental and Social Assessment ESIA Environmental and Social Impact Assessment ESMF Environmental and Social Management Framework ESMP Environmental and Social Management Plan FS Feasibility Study GoU Government of Uzbekistan GRM Grievance Redress Mechanism H&S Health and Safety HH Household ICWC Integrated Commission for Water Coordination IFIs International Financial Institutions IP Indigenous People IR Involuntary Resettlement LAR Land Acquisition and Resettlement LC Land Code MCA Makhalla Citizen’s Assembly MoEI Ministry of Economy and Industry MoH Ministry of Health NGO Non-governmental organization OHS Occupational and Health and Safety ОP Operational Policy PAP Project Affected Persons PCB Polychlorinated Biphenyl PCR Physical Cultural Resources PIU Project Implementation Unit POM Project Operational Manual PPE Personal Protective Equipment QE Qishloq Engineer
    [Show full text]
  • Republican Road Fund Under Ministry of Finance of Republic of Uzbekistan REGIONAL ROAD DEVELOPMENT PROJECT (RRDP) Environmenta
    Republican Road Fund under Ministry of Finance of Republic of Uzbekistan REGIONAL ROAD DEVELOPMENT PROJECT (RRDP) Environmental and Social Management Plan (ESMP) Uzbekistan June 2016 1 Table of Contents 1. EXECUTIVE SUMMARY 5 1.1 Introduction and the Background 5 1.2 Safeguards Policies 5 1.3 Impacts and their Mitigation and Management 6 1.4 Need for the Project – the “Do – Nothing – Option” 8 1.5 Public Consultation 8 1.6 Conclusion 8 2. INTRODUCTION 9 2.1 Project Description 9 2.2 Brief Description of the Project Roads 15 2.3 Description of project roads in Andijan region 20 2.4 Description of project roads in Namangan region 23 2.5 Description of project roads in Fergana region 25 2.6 Scope of Work 27 3. LEGAL AND ADMINISTRATIVE FRAMEWORK 29 3.1 Requirements for Environmental Assessment in the Republic of Uzbekistan 29 3.2 Assessment Requirements of the World Bank 30 3.3 Recommended Categorization of the Project 31 3.4 World Bank Safeguards Requirements 31 3.4.1 Environmental Assessment (OP/BP 4.01) 31 3.4.2 Natural Habitats (OP/BP 4.04) 31 3.4.3 Physical Cultural Resources (OP/BP 4.11) 31 3.4.4 Forests (OP/BP 4.36) 31 3.4.5 Involuntary Resettlement (OP/BP 4.12) 32 3.4.6 International Waters (OP/BP 7.50) 32 3.4.7 Safety of Dams (OP/BP 4.37) 32 3.4.8 Pest Management (OP 4.09) 32 4. ASSESSMENT OF THE ENVIRONMENTAL IMPACTS AND MITIGATION MEASURES 33 4.1 Methodology of the Environmental and Social Management Plan (ESMP) 33 4.2 Screening of Impacts 33 4.2.1 Impacts and Mitigation Measures-Design Phase 35 4.2.2 Impacts and Mitigation Measures – Construction Phase 35 4.2.3 Impacts and Mitigation Measures - Operating Phase 48 5.
    [Show full text]
  • 55) (2020) the Scientific Heritage (Budapest, Hungary
    VOL 6, No 55 (55) (2020) The scientific heritage (Budapest, Hungary) The journal is registered and published in Hungary. The journal publishes scientific studies, reports and reports about achievements in different scientific fields. Journal is published in English, Hungarian, Polish, Russian, Ukrainian, German and French. Articles are accepted each month. Frequency: 24 issues per year. Format - A4 ISSN 9215 — 0365 All articles are reviewed Free access to the electronic version of journal Edition of journal does not carry responsibility for the materials published in a journal. Sending the article to the editorial the author confirms it’s uniqueness and takes full responsibility for possible consequences for breaking copyright laws Chief editor: Biro Krisztian Managing editor: Khavash Bernat Gridchina Olga - Ph.D., Head of the Department of Industrial Management and Logistics (Moscow, Russian Federation) Singula Aleksandra - Professor, Department of Organization and Management at the University of Zagreb (Zagreb, Croatia) Bogdanov Dmitrij - Ph.D., candidate of pedagogical sciences, managing the laboratory (Kiev, Ukraine) Chukurov Valeriy - Doctor of Biological Sciences, Head of the Department of Biochemistry of the Faculty of Physics, Mathematics and Natural Sciences (Minsk, Republic of Belarus) Torok Dezso - Doctor of Chemistry, professor, Head of the Department of Organic Chemistry (Budapest, Hungary) Filipiak Pawel - doctor of political sciences, pro-rector on a management by a property complex and to the public relations (Gdansk,
    [Show full text]
  • Gravity Modeling of Recreational Tourism (In the Example of Namangan Region of the Republic of Uzbekistan)
    International Journal of Engineering and Advanced Technology (IJEAT) ISSN: 2249 – 8958, Volume-9 Issue-2, December, 2019 Gravity Modeling of Recreational Tourism (In the Example of Namangan Region of the Republic of Uzbekistan) Zuhrali Abdulkhakimov Tursunalievich, Madina Ibragimova Ismailovna locomotive for the development of the regional economy. Abstract: As a result of specialization and integration of tourist Therefore research in this area is considered to be a relevant and recreational activities in recreational health improving zones, issue to solve. Correct approaches need to be used in applying recreational tourism started developing rapidly in the regions. to the gravity models for the development of tourism and Gravity models are widely used in the study of development of therapeutic and recreational industry. The problem concentrated recreation in the regions. It is necessary to carry out in-depth in this article is developing the theoretical, methodological and study of the processes of their implication in solving tourism practical recommendations for improving the “gravity rings” of and leisure issues, and analysis of the factors influencing to recreational places by using gravity models in the example of the industry with econometric and mathematical methods as Uzbekistan regions. For investigation the problem there were well as analytic results gained from gravity models, applied statistical data gained from gravity models of recreational development in the equation models. Based on theories of gravity furthermore it is vital to create a virtual platform for modelling, the results of the development, study and advertising, attracting tourists to the touristic and recreational implementation of recreation in the regions increase accuracy, the places.
    [Show full text]
  • Country Report 2015 (English Version, PDF File)
    Disclaimer This report was compiled by an ADRC visiting researcher (VR) from ADRC member countries. The views expressed in the report do not necessarily reflect the views of the ADRC. The boundaries and names shown and the designations used on the maps in the report also do not imply official endorsement or acceptance by the ADRC. Fozilov Elyor THE STATE COMMITTEE OF THE REPUBLIC OF UZBEKISTAN ON VISITING RESEARCHER, GEOLOGY AND MINERAL UZBEKISTAN RESOURCES August 25 to November 20, 2015 1. General Information. 1.1. Geography. Uzbekistan – a country located in the central part of Central Asia. Name of the State "Republic of Uzbekistan". Uzbekistan has an area of 447,400 square kilometers. It is the 56th largest country in the world by area and the 42nd by population. Among the CIS countries, it is the 5th largest by area and the 3rd largest by population. Bordering Kazakhstan and the Aral Sea to the north and northwest, Turkmenistan to the southwest, Tajikistan to the southeast, and Kyrgyzstan to the northeast, Uzbekistan is one of the largest Central Asian states and the only Central Asian state to border all the other four. Uzbekistan also shares a short border (less than 150 km) with Afghanistan to the south. Landscape. The main part of Uzbekistan is occupied with plains (about four fifth of the total area). And one of the main ones is Turanian plain. To the East and to the North-East of the country are located mountain ranges of the Than-Shang and Pamir, with the highest top of the country 4,643 m.
    [Show full text]
  • 48025-003: Central Asia Regional Economic Cooperation Corridor
    Land Acquisition and Resettlement Plan Addendum Implementation Report Project Number: 48025-003 UZB Loan Number: 3527-UZB Prepared: February 2021 Republic of Uzbekistan: Central Asia Regional Economic Cooperation Corridor 2 (Pap-Namangan-Andijan) Railway Electrification Project Implementation of Addendum to Land Acquisition and Resettlement Plan No. 1 (Construction of two sectioning posts at PK1194+00 and PK635+35) Prepared by the O’zbekiston Temir Yo’llari, Republic of Uzbekistan for the Asian Development Bank. This Land Acquisition and Resettlement Plan Addendum Implementation Report is a document owned by the borrower. The views expressed herein do not necessarily represent those of ADB’s Board of Directors, Management, or staff. In preparing any country program or strategy, financing any project, or by making any designation of or reference to a particular territory or geographic area in this document, the Asian Development Bank does not intend to make any judgments as to the legal or other status of any territory or area. CURRENCY EQUIVALENTS (as of 11 November 2020) Currency unit – Uzbekistan sum (UZS) UZS1.00 = $0.0009630 $1.00 = UZS 10,378.88 2 ABBREVIATIONS ADB - Asian Development Bank AP - Affected Person AH - Affected Household CC - Civil Code CSC - Construction Supervision Consultant DMS - Detailed Measurement Survey DLARC - District Land Acquisition and Resettlement Committee DP - Displaced Person EA - Executing Agency FGD - Focused Group Discussion GRM - Grievance Redress Mechanism ha - Hectare HH - Household IA - Implementing
    [Show full text]
  • Cite As :Paper Title; Vol. …|Issue ….|Pg:102-107
    Journal of Economics, Finance and Management Studies ISSN(print): 2644-0490, ISSN(online): 2644-0504 Volume 4 Issue 04 April 2021 Article DOI: 10.47191/jefms/v4-i4-06, Impact Factor: 6.228 Page No.- 261-264 An Important Factor in Solving the Poor Problem Ibrohim Maxkamov1, Rashidov Rahmatullo A`lojonovich2 1,2Associate professor of the Department of Economics, Namangan Institute of Engineering and Technology, Namangan, Republic of Uzbekistan ABSTRACT: This article highlights the role of farms in improving the welfare of the population, in particular, in Namangan region, the specifics of the specifics of the solution of the problem of poverty through the development of farms in Namangan region. KEYWORDS-Farms, poverty, entrepreneurship, cluster, pandemic, credit. I. INTRODUCTION Today, the pandemic, which is leaving a complex mark on the world economy, is having a negative impact on all sectors of the economy, from large enterprises to small businesses and private entrepreneurship. In order to prevent such negative consequences, a new system of business support is being introduced in our country. Due to the conditions created by our state, the number of people willing to engage in entrepreneurial activities is growing. Especially in rural areas, they are engaged in horticulture, horticulture, horticulture, beekeeping, animal husbandry, poultry, fisheries, handicrafts, services and other industries due to the nature of the region. It is obvious that special attention is paid to the development of family business, especially small farms. This is not only a socio-economic task, but also a political goal aimed at changing the worldview of our people, sharply increasing their interest in earning income through labor.
    [Show full text]
  • Download This Article in PDF Format
    E3S Web of Conferences 258, 06068 (2021) https://doi.org/10.1051/e3sconf/202125806068 UESF-2021 Possibilities of organizing agro-touristic routes in the Fergana Valley, Uzbekistan Shokhsanam Yakubjonova1,*, Ziyoda Amanboeva1, and Gulnaz Saparova2 1Tashkent State Pedagogical University, Bunyodkor Road, 27, Tashkent, 100183, Uzbekistan 2Tashkent State Agrarian University, University str., 2, Tashkent province, 100140, Uzbekistan Abstract. The Fergana Valley, which is rich in nature and is known for its temperate climate, is characterized by the fact that it combines many aspects of the country's agritourism. As a result of our research, we have identified the Fergana Valley as a separate agro-tourist area. The region is rich in high mountains, medium mountains, low mountains (hills), central desert plains, irrigated (anthropogenic) plains, and a wide range of agrotouristic potential and opportunities. The creation and development of new tourist destinations is great importance to increase the economic potential of the country. This article describes the possibilities of agrotourism of the Fergana valley. The purpose of the work is an identification of agro-tours and organization of agro-tourist routes on the basis of the analysis of agro-tourism potential and opportunities of Fergana agro-tourist region. 1 Introduction New prospects for tourism are opening up in our country, and large-scale projects are being implemented in various directions. In particular, in recent years, new types of tourism such as ecotourism, agrotourism, mountaineering, rafting, geotourism, educational tourism, medical tourism are gaining popularity [1-4]. Today, it is important to develop the types of tourism in the regions by studying their tourism potential [1, 3].
    [Show full text]