BAKU, Azerbaijan, Nov. 5
By Klavdiya Romakayeva - Trend:
A national venture fund UzVC will be created in Uzbekistan in order to support startup ecosystems, Trend reports with reference to Norma.uz information and legal portal.
The fund will be created in accordance with the Presidential Decree "On additional measures to improve the mechanisms for financing projects in the field of entrepreneurship and innovation" in order to support innovative ideas.
The document states that the fund is created in the form of an LLC.
The initial authorized capital of the fund in the amount of 15 billion soums ($1.45 million) will be formed from the funds of the 2020 state budget allocated to the Ministry of Innovative Development.
State Assets Management Agency will receive 100 percent of the authorized capital.
The fund will finance venture projects of legal entities and individuals, including in partnership with foreign entities.
Qualified specialists from among foreign citizens with international work experience will be attracted to manage the fund.
The State Asset Management Agency, together with the Capital Market Development Agency, was instructed to select a private management company that does not have a state share for the fund on a competitive basis within four months.
One of the conditions for venture financing is the attraction of funds of the private sector, equal in volume, allocated from the fund.
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