TASHKENT, Uzbekistan, March 6. The US Agency for International Development (USAID) announced the commencement of the business support project, a breakthrough initiative aimed at supporting long-term and equitable economic growth in Uzbekistan, Trend reports.
USAID plans to allocate $17.7 million to the business support project over five years.
The event marks the start of a five-year journey to boost the competitiveness of small and medium-sized businesses in four critical sectors: ICT, tourism, textiles, and the green economy.
The project will work with key partners, including Uzbekistan and the private sector, to encourage investment and business-to-business relationships amongst enterprises. This effort demonstrates the US government's ongoing commitment to assisting Uzbekistan's economic development and regional connectivity.
Furthermore, this endeavor aims to achieve two primary goals: lowering impediments to private sector growth and expanding investment and access to private sector funding. By focusing on these objectives, the program hopes to create a more conducive climate for business development and innovation, contributing to Uzbekistan's overall economic progress.
The program includes the release of the yearly program of co-financing projects, which details chances to provide $1.8 million in grants and financial support to local businesses and initiatives that
USAID is collaborating with Uzbekistan to diversify the country's economy and promote regional trade, address infectious and pandemic health concerns, and improve the government's capacity to react to the population's needs.