Viewing results 1 - 6 of 35
On December 25th, Deputy Minister of Investment, Industry and Trade, Khurram Teshabayev took part in a dialogue between the Ministry and young Uzbek investors and entrepreneurs, the Ministry’s official website reported. The event gathered senior officials of the ministry and more than 500 representatives of the younger generation - successful investors and business people from all regions of the country, in online and offline formats. Opening the meeting, Teshabayev emphasized the importance of involving young people in entrepreneurial and investment activities, saying that a number of opportunities have been created in Uzbekistan to realize the potential of young people, including within the framework of the “Uzbekistan-2030 Strategy”. Today, the task of providing comprehensive support to young entrepreneurs and investors has been elevated to the level of state policy, the Deputy Minister said. Youth industrial-entrepreneurial zones with preferential treatment for manufacturers have been created, a fund to support young entrepreneurs has been established, which provides assistance in the implementation of investment projects and entrepreneurial initiatives, covering the production of products and the provision of services, startup projects and scientific research. Young entrepreneurs can receive support both by obtaining an infrastructurally developed territory for organizing production facilities, and in the form of financial assistance for the implementation of projects for the production of import-substituting products that are in high demand in foreign markets. To date, the Fund for Support of Young Entrepreneurs has allocated funds for the implementation of about 700 youth projects, with about 150 of them located in Youth Industrial Zones.
EBRD to Allocate €200 Million for Development of Youth Businesses in Central Asia The European Bank for Reconstruction and Development (EBRD) has launched a program aimed at developing youth businesses in Central Asia and Mongolia, and will allocate $218 million over seven years to ensure access to financing and training for young entrepreneurs. The program is aimed at the development of micro, small and medium-sized businesses under the guidance of young people aged 18 to 35 years. Companies will receive financing through 20 partner financial institutions, whilst participants will also be able to receive trainings, access various events, and use consulting services. The investments is set to be complemented by a package of up to €30 million in grants and concessional co-financing. The EBRD notes that many young people in Central Asia have entrepreneurial skills, but do not have economic opportunities. According to the bank's estimates, only 10% of young people have the necessary education and work skills. "Solving this problem is important for Central Asia, where small and medium—sized enterprises account for almost half of total employment and almost 40% of regional GDP," the EBRD emphasized. The program is funded by the Government of Kazakhstan, the Small Business Foundation, and the European Union.
EBRD Launches Youth in Business Program in Central Asia The European Bank for Reconstruction and Development (EBRD) on December 12th said it is addressing the issue of youth entrepreneurship and employment in Central Asia by launching a seven-year €200 million (U$ 218 million) Youth in Business program designed to provide better access to finance and relevant training to young entrepreneurs in the region, where up to one third of the population is aged between 18 and 34 years. The Youth in Business program in Central Asia (YiB CA) will target micro, small and medium-sized enterprises (MSMEs) led or owned by individuals under the age of 35. It will consist of up to €200 million for on-lending to up to 20 partner financial institutions in Central Asia and Mongolia; targeted non-financial services for eligible small businesses will be provided by the Bank’s Advice for Small Businesses program to help develop their entrepreneurial skills through training, advisory services, and networking opportunities. The EBRD’s investment will be complemented by a package of up to €30 million in grants and concessional co-financing to stimulate inclusive lending and youth entrepreneurship. It is expected that the first agreements under the YiB CA will include: a loan of up to U$ 10 million to Uzbekistan’s largest private bank, Hamkorbank, a loan of up to U$ 8 million to Shinhan Bank Kazakhstan, a loan of up to U$ 4 million to Mongolia’s leading micro-lender, Transcapital, and a loan of up to U$ 2 million to Kazakhstan-based micro-financial organization, Arnur Credit. A market assessment conducted by the EBRD in the region revealed that while many young people across Central Asia have a strong entrepreneurial mindset, very few have access to equal economic opportunities. Only around 10% have access to the necessary training and professional expertise. In Central Asia, MSMEs account for almost half of total employment, and contribute almost 40% of regional GDP. Grant support and concessional finance to the program is provided by the Government of Kazakhstan, the Small Business Impact Fund, and the European Union.
