A state trust fund for the development of youth entrepreneurship will be established in Uzbekistan. The relevant Presidential decree aimed at improving the system of support for youth business projects and increasing their employment was signed on February 14.
Increase of the fund volume to $ 100 million
According to the Decree, the new fund will be formed on the basis of the Agency for Youth Affairs. To finance youth entrepreneurship initiatives, its capital will be increased to an amount equivalent to $ 100 million.
One of the key goals of the fund will be to promote employment and involve at least 50 thousand young people in entrepreneurial activities.
Creating a venture fund to support startups
Under the new structure, a venture fund will be established with an authorized capital equivalent to $ 10 million. It will be used to finance promising startups that can make a significant contribution to the country's economic development.
Allocation of land plots for businesses
Land plots will be provided for the implementation of business projects in the areas of recreation, tourism and entertainment. Their distribution will be carried out through electronic auctions in accordance with the established rules.
Investing in startups with international development potential
Startups that have successfully completed incubation and acceleration programs, as well as winners of prestigious competitions, will be able to receive funding from the venture capital fund. The amount of investment will depend on the stage of development of the project:
- Up to 500 million soums — for startups at the stage of developing a promising model;
- Up to 1 billion soums — for projects successfully implemented in the domestic market;
- Up to 2 billion soums — for startups with the potential to enter international markets.
Role of the Chamber of Commerce and Industry and local authorities
To facilitate the development of business projects supported by the foundation, a mechanism for interaction with the Chamber of Commerce and Industry and local authorities will be created. Responsible entities will submit quarterly proposals for financing projects with high added value.
The creation of this fund will be an important step in the development of youth entrepreneurship in Uzbekistan, providing young entrepreneurs with the necessary resources to implement promising business ideas.
