USAID Launches Initiative to Boost Economic Growth in Uzbekistan
Washington, The Gulf Observer: In a significant stride towards fostering sustainable and inclusive economic growth in Uzbekistan, the U.S. Agency for International Development (USAID) has officially unveiled a five-year business support project. The initiative, announced at a high-profile event, aims to enhance the competitiveness of small and medium-sized enterprises (SMEs) across key sectors, including information and communication technologies, tourism, the textile industry, and the green economy.
At the heart of the project lies a collaborative approach, with USAID forging partnerships with crucial stakeholders such as the Government of Uzbekistan and the private sector. This collaboration is designed to streamline investment allocation and cultivate robust business relations among companies operating in the identified sectors. To fuel the ambitious undertaking, USAID has earmarked a budget of $17.7 million over the course of five years.
The overarching objectives of the initiative revolve around dismantling barriers to private sector growth and fortifying investment channels while improving access to financing for the development of the private sector. By doing so, the project seeks to lay the groundwork for a more conducive environment for business development and innovation, thereby contributing to the overall economic prosperity of Uzbekistan.
A noteworthy component of the initiative is the Annual Project Co-Financing Program, which outlines opportunities for local businesses to access grants and financial support totaling $1.8 million. These funds are earmarked for enterprises and initiatives aligned with the project’s goals, providing a crucial avenue for local businesses to thrive.
During the announcement event, USAID also disclosed ten new grant recipients as part of another ongoing project dedicated to entrepreneurship and business environment development. This separate initiative, funded at $1.1 million, aims to amplify the involvement of women in business, boost their competitiveness, encourage youth participation in entrepreneurship, and foster the growth of the startup ecosystem in Uzbekistan.
The collective impact of these endeavors is poised to catalyze transformative changes in Uzbekistan’s economic landscape, ushering in a new era of sustainable growth, innovation, and increased opportunities for businesses, especially those in the vital sectors identified by the USAID initiative.
