Loan amounts for self-employed youth to be increased from 100 million to 300 million UZS

Loan amounts for self-employed youth to be increased from 100 million to 300 million UZS

Every year, around 600,000 young people enter the labour market, and by 2030 this figure is expected to reach 1 million. It was noted that creating conditions for young people to find suitable employment is one of the most important priorities.

A survey conducted among young people showed that one-third of them expressed a desire to become entrepreneurs. Last year, 400 million US dollars were allocated to banks and the Youth Affairs Agency to support youth employment. In particular, under the “Youth Business” and “Step into the Future” programmes, 15,000 young people launched their own businesses, creating jobs for 50,000 people.

The President announced that an additional 200 million US dollars will be allocated to support youth entrepreneurship.

The loan amount for self-employed young people will be increased from 100 million to 300 million UZS. Young entrepreneurs will also be eligible for loans of up to 10 billion UZS for their projects (currently up to 5 billion UZS). In addition, investments of up to 100,000 US dollars will be permitted for innovative start-up projects.

Favourable financing packages will be introduced for young people interested in purchasing franchises from local brands in the service and catering sectors that have created more than 1,000 jobs, enabling them to open new branches.