Charter of Entrepreneurship Fund approved in Uzbekistan

The Cabinet of Ministers of Uzbekistan has issued an edict on the State Fund for the Support of Entrepreneurship under the Ministry of Economic Development and Poverty Alleviation, the Ministry of Justice’s official Telegram channel “Huquqiy axborot” reports.

According to the regulation, one of the main tasks of the fund is to support of people’s entrepreneurial initiatives.

The supreme body of the fund's management is the council, whose members can be only approved by the president. Fund only allocates financial aid to:

• Uzbekistan registered companies;
• not liquidating companies;
• with no bankruptcy proceedings;
• borrowers who do not have overdue debts for loans and taxes from the date of application.

State financial control bodies check compliance with the terms, objectives and procedure of guarantees, compensations and payment of payments by borrowers.