Support for Startups in Uzbekistan Up to 2 Bln Soums

Initiatives targeting foreign markets can receive funding of up to two bn soums.

Uzbek President Shavkat Mirziyoyev has signed a decree aimed at supporting startup projects. According to the Justice Ministry, initiatives targeting foreign markets can receive funding of up to two bn soums.

Projects that successfully launch in Uzbekistan can expect to receive one bn soums, while high-potential startup initiatives may qualify for funding of up to 500 mln soums.

This funding will be sourced from a venture fund with a charter capital of $10 mln. The Chamber of Commerce and Industry, in collaboration with local authorities, will be responsible for supporting the business projects funded through this initiative.

In February of this year, Mirziyoyev announced a series of measures designed to support the youth, which includes the establishment of youth business incubators across the country.

Kursiv Uzbekistan also reports that young scientists in Uzbekistan will be eligible for preferential loans to purchase housing.