The National Venture Fund UzVC was established by a Resolution of the Cabinet of Ministers on November 3, Norma.uz reported.
Its purpose is to create an infrastructure for supporting innovative ideas and a startup ecosystem.
The Fund is being set up in the form of a limited liability company, its initial authorized capital of 15 billion soums will be formed from the 2020 state budget contributed to the Ministry of Innovative Development.
The Fund will finance venture projects of legal entities and individuals, including in partnership with foreign entities.
One of the terms for venture funding is to draw equal of funds allocated from the private sector, the document emphasizes.
Foreign experts with international experience will be hired to manage the Fund. A private company that does not have a state share will be selected on a competitive basis to manage the Fund.