PRESIDENTIAL DECREE OF THE REPUBLIC OF UZBEKISTAN

of September 26, 2025 No. UP-176

About measures for support of subjects of entrepreneurship on the basis of new approaches

(Extraction)

For the purpose of ensuring execution of the tasks determined in the V open dialogue of the President of the Republic of Uzbekistan with entrepreneurs, and also I decide expansions of financial support of business activity:

I. Main objective

1. Determine main objective of adoption of this Decree realization of 5 thousand entrepreneurial projects in 2026-2027 by provision by "The Company on Development of Entrepreneurship" Joint-stock company (further - the Company) measures of financial support on the amount 4 trillion sum.

II. Expansion of financial support of entrepreneurial projects and implementation of new tools

2. Implement the additional tools on financial support the Company of subjects of entrepreneurship providing since November 1, 2025:

(a) placement of resources for allocation through commercial banks of the credits to 10 billion sum in national and foreign currency on projects in the field of production and rendering services for the purpose of assistance to removal of subjects of entrepreneurship to category of the entrepreneur - "champion";

(b) refinancing of the credits at the rate to 500 million sum allocated with commercial banks for microprojects of small business entities in the direction of production, rendering services and "green" economy, with the following provisions:

(i) interest rate reduction of the allocated credit to 6 percent, but at the rate is up to 4 higher than percent points of the main rate of the Central bank;

(ii) provision on projects of the subjects of entrepreneurship which are performing activities at least 1 year and having 2 workers providing creation of 5 and newer workplaces.

3. Determine provision since December 1, 2025 by the Company of guarantee or guarantee in addition with the following provisions:

(a) to large subjects of entrepreneurship - to 10 billion sum, but in the amount of, not exceeding 50 percent of the credit, leasing, the bank guarantee and letters of credit;

(b) on large projects of average and large subjects of entrepreneurship in the direction of production, rendering services and "green" economy according to the procedure, established by the solution of the Supervisory board of the Company, proceeding from their turnover - in the amount of more than 10 billion sum;

(c) to the subjects of entrepreneurship who were earlier positively using the guarantee and having good credit history - with increase in existing guarantee size to time 1,5;

(d) on the allocated credits, leasing, bank guarantees and letters of credit to all categories of subjects of entrepreneurship for the purpose of prevention of the arisen deficit on mortgage providing within the established sizes.

4. For the purpose of reduction of system of provision of guarantees and the guarantee of the Company in compliance with international standards, expansions of attraction of financial resources of the international financial institutions and investors to approve offers:

(a) about creation under establishment of the Company of the organization for provision of guarantees in the form of joint-stock company;

(b) about transfer since December 1, 2025 of the functions of the Company connected with provision of guarantees and guarantees, the organizations for provision of guarantees. At the same time the obligations which are earlier assigned to the Company on guarantees or the guarantee remain with the Company.

5. Implement since January 1, 2026 procedure for provision by the Company of compensation by refinancing of the credits allocated to the small and medium subjects of entrepreneurship registered in the remote and hardly accessible territories, parts respectively to 1,5 of one billion sum and 5 billion sum at the rate is up to four percent points higher than the main rate of the Central bank. At the same time:

(a) refinancing is performed in case members of the families included in the Register of poor families of the employees occupied in subjects of entrepreneurship constitute at least:

(i) 5 people - to 2 percent;

(ii) 10 people - to 4 percent;

(iii) 20 people - to 6 percent;

(b) in case of preserving in accounting year of number of the workers provided in the subitem "an" of this Item, refinancing continues, in case of reduction - the percent on the credit is transferred to market rate;

(c) in case of exception of the workers provided in the subitem "an" of this Item of the Register of poor families due to their employment in this subject of entrepreneurship the procedure for refinancing remains.

6. To grant to the supervisory board of the Company the right of recovery of the financial aid suspended in case of low indicators of the business plan and efficiency of projects in the directions established by the Ministry of Economics and finance and also industry associations.

III. Financial resources

7. Companies:

(a) in 2026 - 2028 to perform release of corporate bonds on the amount of 500 billion sum;

(b) at the expense of own income and means of the budget advance allocated according to the Presidential decree of the Republic of Uzbekistan of November 10, 2023 to No. UP-193, to allocate necessary funds for the "refinancing" and "placement of resource" tools proceeding from demand.

8. And finance since 2026 annually to allocate to the Ministry of Economics the Companies according to its request for the "refinancing" and "placement of resource" tools budget advance to 300 billion sum for a period of 7 years, including grace period 3 years, at the rate for 2 percent points below the main rate of the Central bank.

9. To leave dividend payments (assignments) transferred into the Government budget from net profit of the Company in 2024 - 2026 at the disposal of the Company due to increase in share of the Ministry of Economics and finance.

10. Determine that:

(a) The company performs function of attraction of financial resources in centralized procedure for development of entrepreneurship and their distribution to the organizations which are under its establishment;

(b) The company develops methodologies for the main activities of the organizations which are under its establishment and determines risk degrees of their activities;

(c) Powers by determination of interest rates and rates of tools of financial support of subjects of entrepreneurship by the organizations which are under its establishment, to modification of their sizes, parameters, rules and conditions, and also approval of the internal regulating documents connected with it are conferred to the company.

IV. Organization, providing and control of execution of the Decree

11. Till January 1, 2026 to perform integration of the information system "Tadbirkor" of the Company with information systems of the organizations given in appendix No. 1 *, in accordance with the established procedure.

12. Approve "Road map" on expansion of financial support of business activity according to appendix No. 2*.

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