Uzbekistan to allocate nearly $10 billion for development of small and medium-sized businesses

The president announced the launch of a large-scale SME development program, created with the involvement of foreign experts. The program will allocate approximately $10 billion, or 120 trillion UZS, from all available sources — an unprecedented amount, according to Mirziyoyev.

A total of 22 trillion UZS will be directed toward preferential loans aimed at encouraging citizens to engage in entrepreneurship. Of this amount, 2.5 trillion UZS will be allocated to youth business projects, and an equal amount will be set aside for women-led businesses.

The interest rates on loans provided to women entrepreneurs will be reduced by 2%. The president described this as a gesture of appreciation for women who manage businesses while also handling household responsibilities and caring for their children.

Entrepreneurs will be eligible for unsecured loans of up to 150 million UZS if they expand a microenterprise into a small business or a small business into a medium-sized company. A key requirement is that applicants must not have outstanding overdue loans. Under family business programs, entrepreneurs can also receive up to 50 million UZS without collateral.

Additionally, discussions covered the promotion of venture capital investments as an alternative financing option. Over the past five years, venture funds have invested $145 million in 53 startup projects — an amount the president deemed insufficient.

At the beginning of this year, state banks established three venture capital firms with a total fund volume of $50 million. The head of state called this initiative a "great opportunity" for aspiring entrepreneurs and emphasized the importance of such projects in introducing innovation and technology into the economy.

Successful products and services developed by startups will be incorporated into technical regulations and standards, granting them access to government contracts. The president also supported the idea of directing part of the venture capital funds toward artificial intelligence projects.