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Yunusabad metro line to draw $125 million

06.01.2017

The President of Uzbekistan Shavkat Mirziyoev approved a Resolution "On measures for implementation of the project "Construction of the second phase of Yunusabad line of Tashkent metro."

The document was adopted in order to further improve the transport infrastructure of the city, to increase the passenger flow, improve the level and quality of transportation of passengers in the Yunusabad line of the Tashkent metro, reduce the congestion of overhead public transport, as well as improvement of ecology and environment protection.

The document has approved the proposal of the Tashkent city administration and JSC "Uzbekiston Temir Yullari" on completion of the second phase of Yunusabad line of Tashkent metro in the period 2017-2019.

The construction cost taking into account revaluation as of October 1, 2016 made up 6.91 billion soums.

The document has defined the sources of financing with estimated cost equivalent to $124.8 million:

- centralized investments at the expense of the State budget of the Republic of Uzbekistan in the equivalent of $72 million, channeled annually in equal shares within the Investment program of the Republic of Uzbekistan for 2017-2020.

- loans of the Fund for reconstruction and development of Uzbekistan worth $52.8 million, refinanced by the National Bank for foreign economic activity of the Republic of Uzbekistan for a period of 15 years, including a grace period of 4 years, with an interest rate at 2.25% APR, including margin of the refinancing bank in the amount of 0.25 percent.

Up to 1 January 2020, in the framework of the project, all participants are exempt from:

- customs payments (except customs duties) for special vehicles, road construction machinery, machines, mechanisms, equipment, raw materials, spare parts, components, assemblies, including special construction and road machinery and equipment not produced in the Republic, imported on the lists approved by the Cabinet of Ministers of the Republic of Uzbekistan;

- value added tax for goods, works (services), including works (services) rendered to non-residents of the Republic of Uzbekistan;

- obligatory contributions and charges to the Republican road fund and Off-budget fund for reconstruction, refurbishment and equipping of general schools, professional colleges, academic lyceums and medical institutions under the Ministry of Finance of the Republic of Uzbekistan;

- property tax, purchased for the project implementation;

- in case of providing free meals to employees appropriate costs are excluded from the taxable base when calculating the tax on profit of legal entities, value added tax, single social payment of the tax to incomes of physical persons and the insurance contributions of citizens to Non-budgetary pension fund under the Ministry of Finance of the Republic of Uzbekistan.

2 new stations are planned to be built at the Yunusobod line: "Yunusabad" and "Turkistan" starting from the current station "Shahristan".