Uzbekistan to provide significant financing to its entrepreneurship fund

Uzbekistan Materials 20 August 2023 03:00 (UTC +04:00)
Kamol Ismailov
Kamol Ismailov
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TASHKENT, Uzbekistan, August 20. Uzbekistan will allocate some additional $25 million to the Entrepreneurship Fund by the end of 2023, Trend reports.

As President of Uzbekistan Shavkat Mirziyoyev noted during his meeting with the representatives of the business sector of the country, another $100 million will be provided for the development of the Fund in 2024.

In order for medium-sized enterprises to expand their activities, it is necessary to help them attract new investors and brands. Therefore, if an enterprise enters into an agreement with a foreign brand and investor, it can invest up to 25 percent of the capital into the newly established industrial fund.

Simultaneously, the Fund also provides foreign currency loans for medium-sized businesses.

The Fund will introduce a "service mortgage" system in the tourism, trade, and service sectors. Currently, entrepreneurs are offered ready projects for facilities such as hotels, restaurants, shopping complexes, parking lots, gas stations, and campsites.

The Fund also offers resources for acquiring land for service facilities, constructing buildings and structures, as well as replenishing working capital.

Both of these new systems will be fully operational from October 1, and next year, funding will be provided for 2,000 new projects in the industry and 10,000 in the service sector for medium-sized businesses.

Thanks to these new opportunities, it will be possible to provide additional services worth $1 billion, produce products worth $5 billion, and create 350,000 new jobs.