Abstract In modern conditions, leasing is particularly relevant for the development

Abstract In modern conditions, leasing is particularly relevant for the development 

of small business in Uzbekistan, which can accelerate the formation of small 

businesses and strengthen the role of the middle class in the formation of the 

market and the development of market infrastructure in Uzbekistan. In this case, 

much less start-up capital is required, since the primary capital expenditures for the 

acquisition of equipment are incurred by the leasing company

. 

 

INTRODUCTION 

 In accordance with the law and the financial lease contract (leasing agreement), the lessor 

undertakes to purchase the property indicated by the lessee from the seller determined by him 

and for entrepreneurial purposes to provide it in paid rent or in temporary possession and use. 

And the lessor in this case is not responsible for choosing the subject of the lease and the seller. 

At the same time, the financial leasing agreement may provide for another option, in which the 

choice of the seller and the acquired property is carried out by the lessor. 

 

The back to the evolution of Uzbekistan leasing sector 

TILF-2011 was organized by the Uzbekistan Lessors Association and SAIPRO Information Rating Agency 

with the official support provided from the Chamber of Commerce and Industry of Uzbekistan and Media 

XPRIMM (Romania). Uzbek Leasing International A.O., a leading Uzbek leasing company, held the status 

of the Forum’s general partner. 

The event was attended by top managers and specialists of foreign and national leasing companies, banks, 

insurance companies, enterprises producing and supplying various types of machinery and equipment to 

leasing companies, other representatives of the sphere of leasing services, ministries and departments, state 

and  public  organizations,  heads  of  foreign  financial  market  regulators,  national  and  international 

associations of different financial institutions. 

Reference: 

here

 

In a major effort to strengthen the leasing industry in Azerbaijan, Kyrgyzstan, Tajikistan and 

Uzbekistan; in 2005, IFC in partnership with the Swiss State Secretariat for Economic Affairs 

(SECO) launched the ACALF Advisory Services activity – a three-and-half-year project that 

aimed to improve private sector economic growth, increase access to finance and create 

employment through the development of leasing. It should be noted that this project contributed 

to a market growth in leasing in Azerbaijan and Central Asia of $275 million. Its participating 

financial institutions have engaged in more than $147 million in leasing transactions since 

working with the project and have implemented 134 new policies and procedures. 

 

Experts of the market of investments predict in the near future «leasing boom» in the Republic of 

Uzbekistan in spite of the fact that this kind of enterprise activity is considered at us rather new. The 

matter is that at active introduction leasing owing to possibilities inherent in it can become a powerful 

impulse not only manufactures modernization, but also structural reorganization of economy to 

Republic Uzbekistan. Leasing in Republic of Uzbekistan gradually accepts more and more accurate 

organizational and legal forms. 

 

Analysis 

 

                         Others 

                            25% 

 

 

 

                                                                                                                Top 5 leasing 

                                                                                                                  companies 

 

                                                                                                                          53% 

 

 

 

 

 

 

             Top 5 banks

 

                            22% 

 

 

 

 

Top 5 leasing companies 

 

 

 

Volume of leasing services 

No. 

Name of leasing company 

performed in 2018 

 

 

(bln. UZS) 

1 

SLC «Uzagrolizing» 

758,4 

 

 

 

2 

«Uzbek Leasing International А.О.» JSC 

241,2 

 

 

 

3 

LC «Uzavtosanoat-Leasing» LLC 

223,4 

 

 

 

4 

«Kurilishmashlizing» RSLC JSC 

94,3 

 

 

 

5 

«Orient Invest Group» LLC 

81,4 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reference: 

here

 

 

 

Top 5 banks 

 

 

 

 

 

 

 

Volume of leasing services 

No. 

Name of bank 

 

performed in 2018 

 

 

 

(bln. UZS) 

1 

«Uz PSB Bank» JSCB 

 

197,3 

 

 

 

 

2 

«Kapital Bank» JSCB 

 

124,1 

 

 

 

 

3 

«Asaka Bank» JSCB 

 

110,9 

 

 

 

 

4 

«Trust Bank» PJSB 

 

76,2 

 

 

 

 

5 

«Ipoteka Bank» JSCMB   

73,8 

 

 

 

 

The most promising areas for the growth of Uzbekistan's leasing market are the acquisition of 

equipment and innovative technology for small and private businesses in the regions  

• processing of agricultural products;  

• textile;  

• building;  

• pharmaceuticals;  

• medicine;  

• services;  

• renewable energy sources;  

• motor transport;  

• tourism.  

Currently, Uzbekistan Lessors Association is working with government agencies to solve the 

issues related to VAT. In order to exclude unjustified price increases for final consumers, the 

Association proposes to keep the chain of property transfer without VAT when leasing, when 

local producers and imported property are exempt from VAT. To solve this problem, Uzbekistan 

Lessors Association has sent a letter to the Cabinet of Ministers of the Republic of Uzbekistan, 

as well as it is conducting explanatory talks with the Ministry of Finance of the Republic of 

Uzbekistan and the State Tax Committee of the Republic of Uzbekistan.