Youth entrepreneurship development fund will be established in Uzbekistan

By the decree of the President of Uzbekistan, a State Trust Fund for the Development of Youth Entrepreneurship will be established.

According to the resolution “On measures to improve the system of supporting business projects aimed at ensuring youth entrepreneurship and their employment”, signed on February 14, this fund will be established on the basis of the Fund for Supporting Young Entrepreneurs, under the Youth Affairs Agency.

The funds of the fund will be brought to the equivalent of 100 million US dollars from designated sources. The main indicator of the effectiveness of its activities is ensuring the employment of at least 50 thousand young people and attracting them to entrepreneurship.

Land plots will be allocated through electronic online auctions in accordance with the established procedure for the placement of business projects for the provision of services, entertainment and recreation facilities on the banks of designated rivers, canals and coasts.

At the expense of the funds allocated to the Fund by the Youth Affairs Agency, a venture fund will be established under the Fund, with a charter capital of 10 million US dollars, which will finance promising startup projects of young people.

During a dialogue with young people on February 14, the President of Uzbekistan announced that he had signed 3 major documents that will usher in a completely new era in youth entrepreneurship. According to one of them, a Youth Entrepreneurship Development Fund has been established and $100 million has been allocated to it. Now, young entrepreneurs will be provided with preferential loans of up to 2.5 billion soums, and up to 2 billion soums will be invested in startup projects of enterprising young people.

The number of young entrepreneurs in Uzbekistan has tripled over the past 8 years, and today young people make up almost 40 percent of business representatives. The number of unemployed young people has halved. The number of unemployment-free neighborhoods has reached 1,889.

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