Uzbek President Shavkat Mirziyoyev recently announced the establishment of the Business Development Bank, demonstrating a strong commitment to boosting economic growth. This groundbreaking initiative aims to make a more robust business environment in Uzbekistan, promoting innovation, growth, and prosperity.

The bank will play an important role in providing businesses with access to essential financial resources, thereby supporting their development and contributing to the overall progress of the country’s economy.

The near future

During an open dialogue with entrepreneurs on August 18, President Mirziyoyev shared that the existing “Kishlok Kurilish Bank” will transform significantly to become the Business Development Bank. This transformation is expected to revolutionize working methods and financing mechanisms, paving the way for a more dynamic business landscape.

Under the new structure, the Business Development Bank will establish small business centers in all 14 regions of Uzbekistan. These centers will serve as valuable support hubs for entrepreneurs, offering assistance in launching and developing business projects.

Entrepreneurs will have access to an expansive range of services, including specialist recruitment, accounting, tax, audit, marketing, legal, and other consulting services.


A key highlight of this transformation is the favorable financing terms provided by the Business Development Bank. Entrepreneurs who receive training at the small business centers will be eligible for project financing on advantageous terms.

The financing breakdown will involve the entrepreneur contributing 10% of the investment, the Business Development Bank providing 45%, and the state contributing 45%. Additionally, loans will be available to entrepreneurs for 5-7 years on favorable terms.

A substantial amount of $150 million will be allocated on October 1 to kickstart this transformative initiative. This financial support will empower entrepreneurs and spur the growth of their business ventures. The Business Development Bank aims to create an enabling environment for entrepreneurship, driving economic progress and prosperity throughout Uzbekistan.

In conclusion, the formation of the Business Development Bank marks a significant milestone in Uzbekistan’s economic journey. With its commitment to supporting entrepreneurship through funding, training, and diverse services, the bank is poised to stimulate significant growth and innovation.

The favorable financing terms and the allocation of $150 million towards this initiative demonstrate a deep-seated commitment to creating a facilitative environment for businesses. This strategic move, led by President Mirziyoyev, sets a promising precedent for future economic development, positioning Uzbekistan as a rising star in the global business landscape.