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Uzbek reconstruction and dev’t fund to support entrepreneurship in Tashkent region

Business Materials 24 May 2021 15:20
Uzbek reconstruction and dev’t fund to support entrepreneurship in Tashkent region

BAKU, Azerbaijan, May 24

By Klavdiya Romakayeva - Trend:

The Fund for Reconstruction and Development Uzbekistan will allocate funds in the amount of $100 million in order to support entrepreneurship in the Tashkent region, Trend reports referring to Norma information and legal portal.

According to the information, half of the allocated amount will be used to support entrepreneurial activity within the framework of the program ‘Every Family is an Entrepreneur’ in accordance with the requirements of the president's decree.

The other half will be used to improve the heat supply system, drinking water supply and sewerage networks, work on the construction and repair of highways, as well as strengthening the material and technical base of the management of the improvement of districts of the Tashkent region.

In particular, $19 million will be used for restoration and development of the heat supply system, $17 million - for improvement of drinking water supply and sewerage networks, $10 million - for work on the construction and repair of highways and $4 million – for provision of additional modern special vehicles for the management of the improvement of districts of the Tashkent region.

It is noted that funds allocated for ‘Every Family is an Entrepreneur’ program are provided to authorized commercial banks for a period of seven years, including a three-year grace period, in equal installments at a rate four percentage points lower than the main Central Bank rate with a refund condition.

In addition, interest-free funds in the equivalent of $50 million are allocated to the Fund for the Improvement and Welfare of the Tashkent region with the condition of return within a ten-year period.

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Follow the author on Twitter: @romakayeva

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