Entrepreneurship Development and Job Creation Discussed with the World Bank

On June 1, a meeting was held between Cecile Thioro Niang, Practice Manager for Finance, Competitiveness and Innovation at the World Bank, and Ilhom Norqulov, First Deputy Minister of Economy and Finance of the Republic of Uzbekistan, according to the report of the Information Service and Communications Department of the Ministry of Economy and Finance.

The meeting was attended by World Bank project leaders in Uzbekistan, officials of the Ministry of Economy and Finance, representatives of the Entrepreneurship Development Company JSC, and other stakeholders.

During the discussions, the parties addressed issues related to private sector development, support for small and medium-sized enterprises (SMEs), enhancement of export potential, attraction of investments, and the creation of new, high-quality jobs for the population, particularly for young people.

The participants emphasized that SMEs are a key driver of economic growth and highlighted the importance of supporting export-oriented businesses, improving their competitiveness, and expanding their access to international markets.

The meeting also reviewed the next stages of the Small Business and Jobs Coalition initiative, which is being developed with the participation of international financial institutions, government agencies, and private sector representatives. The platform aims to coordinate entrepreneurship support programs and resources, prevent duplication of initiatives, and enhance the effectiveness of reforms focused on SME development.

Within the framework of the coalition, discussions focused on improving the business environment, expanding access to finance, ensuring the effective use of grant funding and technical assistance programs, attracting private investment, and developing the necessary infrastructure.

The parties also reviewed the current status and future plans of the World Bank’s FINGROW (Financing for Jobs and Economic Growth) project. The project is designed to expand access to financing for entrepreneurs and support innovative, energy-efficient, and high-potential business initiatives through guarantee mechanisms and a fund-of-funds approach.

In addition, the participants discussed the conceptual directions of the SaBIIT (Supporting Better Jobs, Investments and Inclusive Transformation) project. This initiative is aimed at supporting high-growth-potential startups, new exporters, and enterprises ready for modernization, increasing their productivity, and promoting their integration into global value chains.

The parties also exchanged views on the implementation of the World Bank’s B-READY subnational study, which analyzes business practices across regions, evaluates procedures in areas such as construction permitting, international trade, and property registration, and develops practical recommendations for improving the business environment.

Furthermore, the discussion covered ways to enhance the competitiveness of the national economy through the development of digital technologies, artificial intelligence, innovation, and the production of high value-added products.

At the conclusion of the meeting, both sides reaffirmed their commitment to continuing cooperation aimed at supporting sustainable economic development, strengthening the private sector and small business ecosystem, and creating high-quality employment opportunities.