Uzbekistan To Provide Significant Financing To Its Entrepreneurship Fund
Date
8/19/2023 9:10:42 PM
(MENAFN- Trend News Agency) TASHKENT, Uzbekistan, August 20. Uzbekistan
will allocate some additional $25 million to the Entrepreneurship
Fund by the end of 2023, trend reports.
As President of Uzbekistan Shavkat Mirziyoyev noted during his
meeting with the representatives of the business sector of the
country, another $100 million will be provided for the development
of the Fund in 2024.
In order for medium-sized enterprises to expand their
activities, it is necessary to help them attract new investors and
brands. Therefore, if an enterprise enters into an agreement with a
foreign brand and investor, it can invest up to 25 percent of the
capital into the newly established industrial fund.
Simultaneously, the Fund also provides foreign currency loans
for medium-sized businesses.
The Fund will introduce a "service mortgage" system in the
tourism, trade, and service sectors. Currently, entrepreneurs are
offered ready projects for facilities such as hotels, restaurants,
shopping complexes, parking lots, gas stations, and campsites.
The Fund also offers resources for acquiring land for service
facilities, constructing buildings and structures, as well as
replenishing working capital.
Both of these new systems will be fully operational from October
1, and next year, funding will be provided for 2,000 new projects
in the industry and 10,000 in the service sector for medium-sized
businesses.
Thanks to these new opportunities, it will be possible to
provide additional services worth $1 billion, produce products
worth $5 billion, and create 350,000 new jobs.
MENAFN19082023000187011040ID1106896483
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.