On July 22, 2015, at the International Banking and Financial Center was held meeting of the Association of Lessors of Uzbekistan to discuss the results of the first half of 2015. At the meeting, the results of the reporting period were summed up, and further tasks and priority areas for the development of the leasing market in our country were identified.
In the first half of 2015, 83 leasing companies, including 24 banks, were actively engaged in leasing activities in the Republican market. The total portfolio of leasing operations in the reporting period amounted to UZS 2 trillion 352 billion and rose, compared to the same period of the last year, by 18.8%. During the reporting period, the lessors concluded almost 3,427 new leasing transactions, their volume amounted to over UZS 422 billion and tends to rise.
Among the objects provided for lease, the agricultural machinery is leading; in the first half of 2015, its share in the total structure of leasing transactions amounted to 33.5%. Besides, significant volume of transactions were made to lease the technological equipment — 34,1%, vehicle — 19.1% and real estate — 13.3%.
During the reporting period, the major market participants among leasing companies were: Uzselxozmashlizing (UZS 133.1 billion), Uzmeliomashlizing (UZS 41.1 billion), Uzbek Leasing International JSC (UZS 35.0 billion), Uzavtosanoatlizing (UZS 26.3 billion) and Kurilishmashlizing (UZS 14.8 billion).
Among the banks the major lessors in the reporting period were: the Asaka Bank (UZS 21.1 billion), KDB (UZS 14,4 billion), Trust Bank (UZS 10.3 billion), Qishloq Qurilish Bank (UZS 8.1 billion) and Uzpromstroybank (UZS 7.1 billion).
In new leasing transactions made in the first half of 2015, the largest portion among the Regions belonged to Tashkent city — 21.28%, Samarkand and Tashkent Regions took the second and third places — 8.84% and 8.03%, respectively.
During the meeting, there were discussed the priority tasks and areas of activity of the leasing sector, issues regarding making amendments and additions to the legal framework of the republic. In particular, the additions were discussed to the Tax Code of the Republic of Uzbekistan regarding release of the object of leasing, including agricultural machinery, from the property tax and extension of the benefits for leasing companies in payment of the income tax and the single tax up to January 1, 2020, in order to further promote and stimulate the growth of leasing operations. The General Director of the Association of Lessors of Uzbekistan in his speech also mentioned about the possibilities of raising funds by the lessors through cooperation with international financial institutions and insurance companies.
The event was attended by representatives of the Ministry of Finance of the Republic of Uzbekistan, the Association of Banks of Uzbekistan, the International Finance Corporation, the Association of Professional Participants of the Insurance Market of Uzbekistan, the Fides Solutions Innovation Center, as well as the officers of leasing companies and commercial banks.