In 2012-2017, “Uzbekenergo” JSC included 14 projects worth $3.3 billion in investment programs. Subsequently, all of them were deemed inexpedient and terminated by government decisions. It causes confusion, why $185 million was spent on preparation of these projects’ documentation. This was reported at the meeting, held on January 17 under the chairmanship of President Shavkat Mirziyoyev.
There are a number of problems in formation of investment programs and examination of projects. This process was carried out according to the criteria and procedures defined in the resolutions that were adopted 15 years ago. In particular, as a result of repeated re-approvals of the feasibility study, business plan and tender documentation on projects, their expertise was delayed up to 6 months instead of 15 days. This led to a rise in price and decrease in profitability of investment project.
Economically justified projects with ready design and estimate documentation are subject to inclusion in the investment programs. However, earlier such documentation was prepared after inclusion of the project in the investment program. As a result, in some cases, a gap of up to 80 percent occurred between the initial and approved project costs. This led to unjustified spending of budgetary funds.
Many enterprises went bankrupt due to miscalculations in formation of projects, not attracting investors’ funds for their implementation. Commercial banks, which were entrusted with improvement of enterprises, also suffered heavy losses. Taking this into account, starting from the current year, the practice of transferring bankrupt enterprises to the banks’ balance sheet has been terminated.