Uzbekistan Launches $100 Million Youth Entrepreneurship Fund
Uzbekistan Establishes State Targeted Fund for Youth Entrepreneurship Development
A recent presidential decree in Uzbekistan has announced the establishment of the State Targeted Fund for the Development of Youth Entrepreneurship. The decree, titled “Measures to Improve the System of Supporting Business Projects Aimed at Promoting Youth Entrepreneurship and Ensuring Their Employment,” was signed on February 14, marking a new era for youth entrepreneurship in the country.
Under this new decree, the Youth Entrepreneurship Support Fund will be restructured and expanded to become the State Targeted Fund for the Development of Youth Entrepreneurship. The fund will operate under the Youth Affairs Agency and will receive resources equivalent to $100 million. One of its main objectives will be to ensure the employment and entrepreneurial involvement of at least 50,000 young people.
To support youth business initiatives, land plots along rivers, canals, and waterfronts will be allocated through electronic online auctions. These plots will be utilized for launching various business projects, including service centers, recreational facilities, and entertainment venues. Additionally, a venture fund with a charter capital of $10 million will be established under the new fund to finance promising youth startup projects.
President Shavkat Mirziyoyev emphasized the importance of youth entrepreneurship during a dialogue with young people on February 14. He highlighted three major decrees aimed at promoting youth entrepreneurship, including the creation of the Youth Entrepreneurship Development Fund with a budget of $100 million. This initiative will provide young entrepreneurs with access to preferential loans and investments for innovative startup projects.
In recent years, Uzbekistan has seen a significant increase in the number of young entrepreneurs, with nearly 40% of business representatives being young people. Youth unemployment has also decreased, and the number of job-secure neighborhoods has risen to 1,889. The establishment of the State Targeted Fund for the Development of Youth Entrepreneurship is expected to further support and promote youth entrepreneurship in the country, fostering economic growth and innovation.
