October 16, 2020
Improving the Entrepreneurship Support System in Uzbekistan
With the introduction of the new Presidential Decree No. PP-4862 dated 14.10.20 “On Additional Measures to Improve the System of Public Involvement in Entrepreneurship and Development of Entrepreneurship”, the practice of broad public involvement in entrepreneurship is being introduced.
In particular, a new unified system of entrepreneurship training will be developed, implemented in non-governmental educational organizations in the form of training courses. 70% of the expenses that non-governmental educational organizations will spend on training the population (women and youth) will be compensated by the State, but not more than 1 million Soums for each graduate.
Individuals who successfully complete the courses will receive certificates that can be used to acquire micro-loans with special benefits, such as:
- Micro-loans without collateral up to 33 million Soums to individuals to organize their business;
- Micro-loans of up to 225 million Soums with third-party guarantees, collateral or insurance for individuals who have established small businesses.
Such micro-loans will be allocated for a period of up to 3 years with a grace period of up to 6 months at the Central Bank’s basic rate of 14%.