Uzpromstroybank has launched a venture capital company called SQB Ventures to support startups in “mahallah”, according to the bank’s press service.
In addition to financing business projects in these communities, SQB Ventures will offer expert guidance and organisational support. The company aims to help startups develop effective strategies, establish robust management systems and successfully enter the market.
Uzpromstroybank emphasises that supporting entrepreneurship is a key priority for the bank. The venture company’s activities are expected to create new jobs in the mahallas and enhance the income of the local population.
In December 2024, President Shavkat Mirziyoyev announced that all state banks in Uzbekistan should establish venture capital companies and allocate at least $50 mln to support local startups.
SQB Ventures was founded by SQB Capital, a bank subsidiary. The company’s authorised capital will be gradually increased as its portfolio of startups expands.
Kursiv Uzbekistan also reports that seven Uzbek banks have established a venture fund worth $40 mln.
