The Government of Tajikistan has ordered to channel 100 million somonis (more than 9.1 million US dollars) to replenish the authorized capital of the Open Joint-Stock Company (OJSC) NBO Roghun.
By government’s decree, posted on the Justice Ministry’s website for legal information, the Ministry of Finance is instructed to replenish the authorized capital of OJSC Roghun NBO with money from the Stabilization Fund for Economic Development (SFED).
The SFED in turn receives these funds from the national budget thank to the following revenues:
- The balance of the current account of dividends of state shares (60 million somonis);
- The balance of the current account of funds for payments at the expense of the net profit of state enterprises received under financial obligations of 2022 (23 million somonis);
- The balance of the current account of fines received from the “Safe City” video surveillance system (17 million somonis).
In accordance with Article 16 of the country’s law on the national budget for 2022, the SFED is replenished due to overfulfillment of the revenue parts of local and republican budgets. The SFED’s funds are channeled to, first off all, development of the energy and social sectors, timely provision of servicing of the country’s external debt and securing the country’s food security.
It is to be noted that OJSC NBO Roghun authorized capital is reviewed annually during an annual meeting of shareholders.
According to the OJSC NBO Roghun management, the authorized capital of OJSC NBO Roghun increased nearly 15 percent or 4.5 billion somonis in August 2021, reaching 36.06 billion somonis.
In November 2022, the Government instructed the Ministry of Finance to replenish the authorized capital of OJSC Roghun NBO with 200 million somonis from the SFED.
By government’s decree of February 2, 2023, the Ministry of Finance was instructed to replenish the authorized capital of OJSC Roghun NBO with 800 million somonis from the SFED.
In 2022, 3.2 billion somonis were allocated for construction of the Roghun hydropower plant.
In 2023, the country’s budget reportedly earmarked 2.1 billion somonis for construction of the Roghun hydropower plant.
Recall, Tajikistan founded OJSC NBO Roghun with an authorized capital of 116 million somonis for completing the construction of the Roghun HPP in April 2008 after it formally revoked a contract with Russia's RusAl aluminum company for the construction of the Roghun HPP in August 2007.
To raise funds to complete construction of the Roghun HPP the government started to sell shares in Roghun to people on January 6, 2010. Tajikistan has reportedly issued 6 billion somonis worth of 5 million Roghun shares.
They have reportedly sold little more than 1.8 million shares, while the remaining more than 3 million shares are kept at local banks.
In a report released at a news conference in Dushanbe, the Minister of Energy and Water Resources Daler Juma revealed on February 1 that on average, US$1 billion is allocated annually to finance the construction of the Roghun hydroelectric power plant (HPP).
The minister noted that according to the latest estimates, US$6.2 billion are needed for completion of construction of the Roghun hydropower plant.
According to him, this amount was determined by international consultants who were hired to evaluate the project. Mr. Juma expressed confidence that this is the final amount, with use of which the construction of the Roghun hydropower plant will be fully completed.
He further noted that the government has been conducting negotiations on financing this project with 10 partners for development.
