Uzbekistan to establish Youth Entrepreneurship Development Fund with $100 million capital

According to the decree, titled “Measures to Improve the System of Supporting Business Projects Aimed at Promoting Youth Entrepreneurship and Ensuring Their Employment,” signed on February 14, the new fund will be created under the Youth Affairs Agency, based on the existing Youth Entrepreneurship Support Fund.

The fund’s resources will be increased to the equivalent of $100 million. One of its primary performance indicators will be ensuring the employment and entrepreneurial involvement of at least 50,000 young people.

To support youth business initiatives, land plots along designated rivers, canals, and waterfronts will be allocated through electronic online auctions. These plots will be used for launching business projects, including service centers, recreational facilities, and entertainment venues.

Additionally, a venture fund with a charter capital equivalent to $10 million will be established under the new fund. This venture fund will finance promising youth startup projects using resources allocated from the Youth Affairs Agency.

During a dialogue with young people on February 14, President Shavkat Mirziyoyev highlighted three major decrees aimed at ushering in a new era for youth entrepreneurship. One of these decrees includes the creation of the Youth Entrepreneurship Development Fund, which has been allocated $100 million. Under this initiative, young entrepreneurs will have access to preferential loans of up to 2.5 billion UZS, while innovative youth startup projects will receive investments of up to 2 billion UZS.

Over the past eight years, the number of young entrepreneurs in Uzbekistan has tripled, and today, nearly 40% of business representatives are young people. Additionally, youth unemployment has halved, and the number of job-secure neighborhoods has increased to 1,889.