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    Economics

    Uzbekistan wants to boost agribusiness by offering unsecured debts

    Uzbekistan wants to boost agribusiness by offering unsecured debts

    Uzbek officials plan to allocate at least 13 trillion soums to support family businesses in rural areas.

    These measures are clearly stated in the president’s decree "On additional measures to support business initiatives of the population within the framework of family entrepreneurship development programs" adopted on January 31.

    According to the document, from February 1, 2023:

    • loans are primarily given to those who have not used loans before under the programs;
    • unsecured debts of up to 50 million soums are granted to farmers and small business entities by renting land areas intended for agriculture for a long period of time;

    Small business owners that effectively use the loans they received before will be allowed to use these loans repeatedly to further expand their activities.

    According to the recommendation of the assistant mayor, a part of the loan amount of up to 10 million soums (up to 20 million soums for craftsmen) will be transferred to bank cards (with limited possibility of cashing out).

    From June 1, 2023, the process will be simplified by using merely ID cards.  

    01.02.2023, 14:34   Comments (0)   981
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