The Surkhandarya region is poised to receive a substantial financial injection of $40 million to bolster and drive youth entrepreneurship in the area. This promising initiative is set to empower and support young entrepreneurs as they strive to launch and expand their businesses.
The allocation of funds for this ambitious project is a result of a recent presidential decree, outlining the disbursement of financial resources from the Young Entrepreneurs Support Fund under MIIT. These funds are earmarked to finance entrepreneurial projects in youth industrial zones, aiming to provide a conducive environment for budding entrepreneurs to thrive.
In addition to financial support, the initiative also includes provisions for the placement of entrepreneurial projects based on industrial mortgages. Furthermore, land plots for construction will be made available through an electronic online auction, offering a unique opportunity for young entrepreneurs to secure the necessary space for their ventures.
As part of the drive to fuel the growth of youth entrepreneurship, industrial buildings and structures constructed by young entrepreneurs will be sold through direct contracts, streamlining the process and providing a clear pathway for these individuals to realize their ambitions.
One key aspect of this initiative is the provision of loans from the fund, accessible for a period of 10 years with a 3-year grace period. In addition, loans in national currency will be made available by commercial banks for an 11-year period, with the maximum loan amount set at an impressive $100,000, and up to $500,000 in some cases. These terms are designed to offer flexibility and support to young entrepreneurs as they build and expand their businesses.
Furthermore, the resolution paves the way for the creation of a dedicated youth industrial zone spanning an area of 4 hectares, along with the expansion of the territory of the Termez SEZ by including 17 hectares of land. To ensure the seamless implementation of these plans, the Surkhandarya regional administration, in collaboration with the MIIT, has been tasked with overseeing the construction of buildings in youth industrial zones across 6 districts in 2024 and 8 districts in 2025, all based on an industrial mortgage.
This significant investment in the development of youth entrepreneurship in the Surkhandarya region is an encouraging step towards fostering innovation, economic growth, and opportunities for the younger generation. It represents a clear commitment to empowering young entrepreneurs and providing them with the resources and support they need to succeed. As the initiative takes shape and the allocated funds are put to use, it is poised to spark a wave of entrepreneurial endeavors that will contribute to the vibrant economic landscape of the region.
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