The President of the Republic of Uzbekistan has announced a new initiative aimed at developing youth entrepreneurship. According to the plan, Aloqabank will be transformed into a “Youth Bank” to support young people’s business projects and startups, and a total of $200 million will be allocated for this purpose.
Key Opportunities:
Microloans
Self-employed youth engaged in production, agriculture, services, science, arts, and sports can receive preferential microloans of up to 100 million UZS for a period of 7 years.
Loans
Entrepreneurs who create at least 20 jobs and establish a small enterprise or a training center will be eligible for preferential loans of up to 5 billion UZS for a 7-year term.
Women’s Entrepreneurship
At least 30% of the bank’s credit portfolio will be allocated to support women’s entrepreneurship.
Innovative Projects
Under the “Innovative Youth” initiative, youth-led scientific research and technological developments will be financed through venture capital funds.
Business Incubators and Startup Garages
A “Youth Business Incubator” and its regional centers will be established under “Aloqabank”. These incubators will support youth startups for periods ranging from 6 months to 3 years, helping them transition into fully operational businesses.
Additionally, the “Startup Garage” will provide its resident startups with investments of up to $10,000.
In the next phase, the “Aloqa Venture” fund will invest in startups, facilitating the sale of products and services in domestic and international markets, assisting in finding business partners, and attracting additional investments.
New Projects and Employment Opportunities
• Approximately 2,000 young entrepreneurs will receive support, with the number of new startups expected to reach 200.
• Within the next two years, 350,000 young people will be engaged in various projects and initiatives, leading to the creation of 100,000 high-income jobs.
• Starting April 1, monthly “Project Days” will be organized to identify and support the most promising business ideas.
• In the regions, unused state-owned facilities will be repurposed into business incubator centers for youth.
This initiative aims to develop Uzbekistan’s startup ecosystem and create extensive opportunities for young entrepreneurs.
