Shavkat Mirziyoyev signed a decree on February 14, outlining new measures to support youth employment. This was reported by the legal information channel of the Ministry of Justice.
The document formalizes the steps announced by the president during the dialogue with the youth on that day. The Fund for the Support of Young Entrepreneurs under the Agency for Youth Affairs will be transformed into a state-targeted fund for the development of youth entrepreneurship.
The fund will receive an allocation equivalent to $100 million. A key indicator is set to ensure employment and attract at least 50,000 young Uzbeks into business.
Citizens starting their businesses will be granted concessional loans of up to 2.5 billion sums from the fund's resources. The Chamber of Commerce and Industry and local administrations will be required to submit proposals for financing projects that create high added value every quarter.
Additionally, a venture structure will be established under the fund to support promising startups. It will be allocated $10 million from the resources of the Agency for Youth Affairs.
The venture fund will provide equity investment in startup projects that have undergone incubation and acceleration, as well as those that have won special competitions. The amount of investment will depend on the current stage of the startup:
- development of a standard model with high potential for success – up to 500 million sums;
- ready product (service) being implemented in the Uzbekistan market – 1 billion sums;
- ready product (service) with export potential – up to 2 billion sums.
Furthermore, plots along the banks of rivers, canals, and other water bodies will be put up for online bidding. These areas will accommodate recreational zones, service and entertainment facilities.
Earlier, Spot reported on the establishment of the United Ventures venture fund with $40 million in participation from seven state banks.