USAID launches a business support project in Uzbekistan

The U.S. Agency for International Development has launched an initiative to stimulate sustainable and inclusive economic growth in Uzbekistan – a business support project, UzA reports.

The implementation of a five-year initiative to increase the competitiveness of small and medium-sized businesses in four main areas, such as information and communication technologies, tourism, the textile industry, and the green economy, was announced at the event.

The project provides for partnerships with key stakeholders, including the Government of Uzbekistan and the private sector, to facilitate investment allocation and business relations between companies.

USAID plans to allocate $17.7 million to implement this five-year project. These activities aim to achieve two main goals – reducing barriers to private sector growth and increasing investment and access to financing for private sector development. Through this, a more favorable environment for business development and innovation will be created, which will serve the overall economic prosperity of Uzbekistan.

An Annual Project Co-Financing Program was also announced as part of the new initiative. It describes opportunities to provide grants and financial support for $1.8 million for local businesses and initiatives that meet the program’s goals.

At the event, ten new grant recipients were announced within the framework of another USAID project for developing entrepreneurship and business environment for $1.1 million. This initiative’s primary goal is to expand women's involvement and increase their competitiveness in business, promote youth participation in entrepreneurship, and further develop the startup ecosystem in Uzbekistan.