A new program has been launched in Uzbekistan to support the employment of graduates. Now entrepreneurs who hire graduates from higher educational institutions will be able to obtain preferential loans.
Relevant changes have been made in the decree of President Shavkat Mirziyoyev. Companies can apply for loans of up to 5 billion soums for a period of 7 years, with a grace period of 2 years.
For each billion soums received, the entrepreneur undertakes the obligation to employ one young specialist. The loan interest rate should not exceed the Central Bank's base rate by more than 4 percentage points.
The funds can be directed towards purchasing fixed assets or replenishing working capital. Protective mechanisms have also been introduced within the program: if an employer dismisses a graduate within two years, the loan rate will increase to the commercial rate.
To avoid this, the employer is required to hire another graduate within a month. In addition, a startup project competition will be held for graduates.
Winners will be allocated grants of up to 1 billion soums to implement their ideas. In this case, they will be required to employ at least two other young specialists.
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