Tashkent, Uzbekistan (UzDaily.com) -- The Cabinet of Ministers adopted Resolution “On additional measures to attract young people to entrepreneurship and support their business initiatives.”

In accordance with the Presidential Decree No. UP-6260 from 13 July 2021 “On additional measures to comprehensively support young people and further increase their social activity”, National Bank for Foreign Economic Affairs of the Republic of Uzbekistan is entrusted with the task of financing innovative youth projects developed based on new ideas.

The Fund for Reconstruction and Development allocated to the National Bank the equivalent of US$100 million for a period of 7 years, including a three-year grace period with an interest rate four percentage points lower than the main rate of the Central Bank.

Of these funds, in 2022-2024, loans will be allocated for new business projects of young entrepreneurs on the following conditions:

- loan amount from 1,000 to 2,000 sizes of the basic estimated value; 

- term - 7 years, grace period - 3 years;

- interest rate - at the key rate of the Central Bank (14%).

For the allocation of loans, the Agency for Youth Affairs, the Chamber of Commerce and Industry and banks is forming a list of young people who want to be engaged in entrepreneurship.

In addition, hands-on training courses on business skills and entrepreneurship education for young people, including online, are offered free of charge.

Young people who successfully complete these courses will be issued certificates and loans on the above conditions for organizing their own business.

To implement the project, it is necessary to submit an application to the branches of the National Bank for Foreign Economic Activity, and in accordance with it, a loan is allocated or the application is reasonably rejected.

Loans are not allocated for the following purposes: 

- repayment of previously received loans;

- production of alcoholic and tobacco products, as well as cigarettes and electronic cigarettes;

- trade intermediation;

- formation of working capital of public catering organizations;

- repair and construction work, including the organization of trade and public catering facilities; 

- non-production costs, including administrative expenses and the purchase of a company car; 

- organization of lotteries.