Uzbekistan Quality Job Creation as a Cornerstone for Sustainable Economic Growth

Uzbekistan Quality Job Creation as a Cornerstone for Sustainable Economic Growth
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To provide public financial support, the government established in 2017 
the State Fund for Support of Development of Entrepreneurship Activity, 
offering two measures for small businesses: (i) 50% partial credit guarantees 
not exceeding $250,000; and (ii) an interest rate subsidy of 5% for loans to 
specific sectors, mainly for agriculture. As of Q3 2018, the State Fund’s total 
guaranteed loans outstanding amounted to SUM281 billion ($35 million), of 
which 32% were local currency loans and the remaining 68% were foreign 
currency loans, with 111 small business beneficiaries (Figure 4.21). In the 
same period, subsidized loans outstanding amounted to SUM161 billion ($20 
million), of which 48% were local currency loans and the remaining 52% were 
foreign currency loans, with 152 small business beneficiaries (Figure 4.22). 
Since the State Fund started operating in January 2018, it has supported 1,200 
small businesses with a total of SUM1,300 billion ($160 million) in guarantees 
and interest rate subsidies. 
FCY = foreign currency; LCY = local currency; MSMEs = micro, small, and medium-sized enterprises.
Note: Data collected on forms specially designed by the author.
Source: Data received from the State Fund for Support of Development of Entrepreneurship Activity on 5 
October 2018.
Figure 4.21: Credit Guarantees for Small Businesses, Uzbekistan, 
2018
SUM billion
Number
Guaranteed loans outstanding (LCY)
Guaranteed loans outstanding (FCY)
Approved guarantee amount (LCY)
Approved guarantee amount (FCY)
Number of MSMEs guaranteed
0
20
40
60
80
100
120
0
50
100
150
200
250
2018-01
2018-02
2018-03
2018-04
2018-05
2018-06
2018-07
2018-08
2018-09

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