Uzbekistan sets up Fund for support of entrepreneurship development

The President of Uzbekistan adopted a Decree "On establishment of State Fund for support of entrepreneurship". The document is aimed at further strengthening the financial support of private entrepreneurship, especially micro and small enterprises, creating favorable conditions and opportunities for accelerated development.

The regulation provides that the proposed Public Fund for support of entrepreneurship will render small businesses and entrepreneurs financial support in the form of:

- providing resources by commercial banks in national and foreign currency, including at the expense of attracted foreign credit lines;

- guarantees on loans of commercial banks in the amount of up to 50 percent of the loan amount but not exceeding $500 thousand or its equivalent;

- compensation to cover part of interest expenses on loans from commercial banks.

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