For the construction of accommodation facilities, the term for repayment of the main part of the debt on loans previously issued by commercial banks is extended
Given the sharp decline in cash flows of the population and business entities during the coronavirus pandemic, the President of the Republic of Uzbekistan adopted Decree No. 6002 dated May 28, 2020 "On urgent measures to support the tourism sector in order to reduce the negative impact of the coronavirus pandemic." In accordance with paragraph 6 of the document, for the construction of accommodation facilities (hotels, tourist centers and complexes, rest houses and recreation areas, boarding houses, campgrounds, motels, guest houses, tent camps, yurts, etc.), the possibility of prolongation for a period from 18 to 24 months of repayment of the principal debt on previously issued loans from commercial banks.
If a business entity who received a loan for the construction of accommodation facilities had, for example, a loan agreement for a period of 3 years, that is, for 36 months, then the obligation to repay the principal debt on the loan, from October 1, 2020, in addition to 36 months, can now be extended for another 18 - 24 months.
For this, the business entity shall submit a written submission to the servicing commercial bank by October 1 of the current year on the basis of the above Decree. After the commercial bank decides to extend the maturity of the main part of the loan, along with the loan repayment schedule, an agreement will be drawn up in addition to the loan.
Also, another of the advantages created during the period when the procedure for combating the spread of coronavirus infection is being introduced is the absence of penalties against customers for the expiration of the payment period, as well as the absence of collection on the collateral on the loan.
Source: uzbektourism.uz