Uzbekistan will create a State trust Fund for the development of Youth Entrepreneurship, which will operate under the Agency for Youth Affairs on the basis of the Fund for Support of Young Entrepreneurs. According to the decree, the fund's funds will reach the equivalent of $ 100 million.
The main goal of the fund will be to support young entrepreneurs and provide employment for at least 50 thousand young people. As part of the program, land plots for business projects aimed at developing services, entertainment and recreation on river and canal embankments will be provided through electronic online auctions.
The fund will also create a Venture Fund with an authorized capital of $ 10 million, funded by the Agency for Youth Affairs. The funds will be used to support promising startups that have completed an incubation or acceleration program, as well as winners of prestigious competitions.
Funding will be distributed depending on the stage of development of the startup:
- up to 500 million soums – for projects that are at the stage of developing a standard model (MVP);
- up to 1 billion soums - for startups successfully implemented in the domestic market;
- up to 2 billion soums – for projects with the potential to enter the international market.
The Chamber of Commerce and Industry and local authorities will take personal responsibility for the development of business projects supported by the foundation. They will also be required to offer quarterly initiatives to finance projects that create high added value.
