$200 million allocated for youth entrepreneurship

President Shavkat Mirziyoyev announced the allocation of an additional $200 million to support youth entrepreneurship during a meeting with young people held on February 24 at the Kuksaroy residence.

Each year, around 600,000 young people enter the labor market, and this figure is expected to reach 1 million by 2030. It was emphasized 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 respondents expressed a desire to become entrepreneurs. Last year, $400 million was allocated to banks and the Youth Affairs Agency to support youth employment. In particular, under the “Youth Business” and “Step into the Future” programs, 15,000 young people launched their own businesses, creating 50,000 jobs.

The maximum loan amount for self-employed youth will be increased from 100 million soums to 300 million soums. Loans of up to 10 billion soums — up from the current 5 billion soums — will be made available for youth entrepreneurial projects. In addition, investments of up to $100,000 will be permitted for innovative startup projects.

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

Earlier, during the same meeting, President Shavkat Mirziyoyev sharply criticized university rectors over issues related to education quality and graduate employment.