Uzbekistan, the Islamic Development Bank and Saudi Arabia signed an Agreement on the Establishment of an Economic Empowerment Fund.

The creation of the fund at the opening of the 46th Annual Meetings of the Board of Governors of the Islamic Development Bank (IsDB) in Tashkent was announced by the President of Uzbekistan Shavkat Mirziyoyev.

The agreement was signed by Deputy Prime Minister – Minister of Investments and Foreign Trade of Uzbekistan Sardor Umurzakov and IsDB President Muhammad Sulaiman Al Jasser.

The fund’s capital is expected to reach $500 million over time. The project will serve to create the necessary conditions for attracting youth, women and the rural population to entrepreneurship.

The new project will support the efforts of Uzbekistan Government to reduce poverty and develop entrepreneurship in the country.

UzA