Uzbekistan has announced a significant investment of $315 mn towards expanding the production of meat, milk, and eggs. President Shavkat Mirziyoyev unveiled this initiative during a meeting held on February 12, marking a strategic move to bolster the nation's livestock and poultry farming capabilities.
The allocated funds, denominated in the national currency, will be distributed as preferential loans at a competitive interest rate of 17% per annum for up to 10 years, with a generous three-year grace period. These loans are specifically earmarked for the establishment of livestock complexes, procurement of cattle, and the production of essential animal feed, aiming to stimulate growth and modernization within the agricultural industry.
Furthermore, a special preferential loan totaling UZS 1 trillion (approximately $80 mn) will be made available to livestock farms to support their working capital needs. In cases where the interest rate exceeds 18%, the Entrepreneurship Support Fund will step in to cover the additional interest, ensuring accessibility and affordability for agricultural entrepreneurs.
To facilitate the implementation of these measures, key government officials including Deputy Prime Minister Jamshid Khodjaev, Chairman of the State Committee for Veterinary Medicine and Livestock Development Bakhrom Norkobilov, and banking representatives have been tasked with identifying funding sources and developing the necessary loan conditions within a month.
Moreover, a bold directive has been issued to launch 1000 new projects worth UZS 5 trillion (approximately $400 mn) in the field of livestock and poultry farming. This ambitious initiative underscores Uzbekistan's commitment to revitalizing its agricultural sector and stimulating economic growth through targeted investments and strategic partnerships.
In line with these efforts, collaborative projects with Belarus are on the horizon, focusing on poultry farming, milk production, and feed manufacturing, with an estimated investment value of $200 mn. This international collaboration is poised to bring expertise, technology, and investment capital to propel Uzbekistan's agricultural modernization agenda forward.
Looking ahead, the fishing industry is set to undergo a transformation, with ambitious targets to increase production to 1 mn tons and create employment opportunities for 50,000 individuals by the end of 2024. President Mirziyoyev's directive includes the construction of 500 reservoirs along riverbanks to support fishing activities and foster cooperative ventures in the sector.
Additionally, as part of the family entrepreneurship program, plans are underway to enhance support for fish farming by increasing the size of unsecured loans to UZS 100 mn ($8,006), aiming to empower small-scale entrepreneurs and stimulate growth in this vital sector of the economy.
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