"Asaka Bank" launches a venture company to support startups in Uzbekistan

The Tech AI

Get the key points in seconds - a short summary from The Tech AI.

Asaka Bank and the Agency for the Development of the Pharmaceutical Industry will develop a program by 2025 to produce 200 types of medicines. $400 million in preferential loans will be directed toward implementing these projects. An Investment Fund for Advanced Pharmaceutical Projects will be established. The Reconstruction and Development Fund will open a $100 million credit line to Asaka Bank. The bank will also establish a venture company with a capital of $10 million to support startups.

Asaka Bank and the Agency for the Development of the Pharmaceutical Industry, together with major enterprises, will develop a program by 2025 to master and produce 200 in-demand types of medicines, which will allow doubling the production volume. $400 million, attracted on preferential terms, will be directed toward the implementation of such projects.

An Investment Fund for Advanced Pharmaceutical Projects will be created, which will become a shareholder and catalyst for projects in such areas as biopharmaceuticals, cell technologies, and oncology.

The Reconstruction and Development Fund will open a $100 million credit line for Asaka Bank for projects in this field. These funds will also be provided for leasing services.

Additionally, Asaka Bank will establish a venture company with a capital of $10 million to finance startups and commercialize new developments. Companies may be allocated additional funds without expert review in an amount equal to the size of independently attracted investments.

Source: president.uz