Financing Startups in Uzbekistan: Current Opportunities, Challenges and Development Prospects (Zenodo)

Summary

• As of May 2026, the startup ecosystem in Uzbekistan comprised 950 startups, 22 active venture funds, and a total value of $4.3 billion.p.2
• Startup investment in Uzbekistan reached $329 million in 2025, growing 522 per cent compared to 2024.p.2
• Resolution No. PQ-59 sets a strategic target to expand the number of startup projects in Uzbekistan to 5,000 by 2030.p.2
• The government aims to attract $2 billion in total venture investment into the Uzbek economy by 2030.p.2
• National targets for 2030 envisage generating more than 20,000 new jobs and supporting at least 400 startups to expand into international markets.p.2

Key insights

1. Early-stage startups face severe restrictions in accessing traditional commercial bank loans due to a lack of revenue, collateral, or financial history.p.1
2. Uzbekistan experienced a dramatic expansion in venture funding in 2025, with total investment surging 522 per cent year-over-year.p.2
3. Public funding and government grants are intended to de-risk projects for private investors rather than substitute private capital.p.2
4. Applying high debt loads to unvalidated startup business models is considered inadvisable due to repayment risks.p.3
5. Key structural challenges impeding startup success include initial capital shortages, high risk levels, and limited financial management capabilities among founders.p.3
6. Creating an effective ecosystem requires aligning specific financing tools (grants, venture capital, loans) with each project's distinct developmental stage.p.3