Uzbekistan’s PF-138 decree provides for UZS 270 trillion in business support for 2026 and 2027, including SME financing, investment infrastructure, hotel loans, credit guarantees, tourism measures and tax incentives.

Uzbekistan is implementing a broad package of financial, infrastructure, tourism and tax measures designed to support businesses and investment.

Presidential Decree No. PF-138, dated 19 August 2025, provides for a total of UZS 270 trillion to support entrepreneurship and create financial and infrastructure conditions for businesses during 2026 and 2027.

The measures go beyond access to credit. They include large-scale financing for small and medium-sized businesses, infrastructure for investment projects, new credit-scoring mechanisms, hotel financing, credit guarantees, tourism incentives and tax measures.

For companies already operating in Uzbekistan, and for investors assessing the market, several elements of the decree are particularly worth understanding.

UZS 270 TRILLION FOR BUSINESS SUPPORT

The headline figure is significant.

The decree provides for a total of UZS 270 trillion to be directed toward entrepreneurship support and related financial and infrastructure measures in 2026 and 2027.

The headline allocations listed in the decree include:

UZS 250 trillion in financing through commercial banks for small and medium-sized businesses, including UZS 30 trillion under dedicated entrepreneurship programmes;
UZS 4 trillion in financial support through the Entrepreneurship Development Company for at least 5,000 business projects;
UZS 5 trillion for driver projects;
UZS 6 trillion for accelerated development programmes in selected districts and cities;
UZS 4 trillion from the State Budget for infrastructure in free economic zones, small industrial zones and major manufacturing projects involving foreign direct investment.

The package therefore combines business financing with infrastructure development, regional programmes and support for investment projects.

For foreign investors, one particularly relevant provision is the allocation of state-budget funding for infrastructure serving major manufacturing projects involving foreign direct investment.

A NEW CREDIT-SCORING SYSTEM FROM MAY 2026

Access to finance is not only about how much funding is available. It also depends on how businesses are assessed by lenders.

From 1 May 2026, an alternative scoring system is to be introduced for businesses applying for credit.

When evaluating a company’s ability to repay, information already available in databases maintained by state bodies and private-sector organisations can be used.

The decree specifically refers to information such as:

tax payments;
utility payments;
transaction activity;
turnover;
export operations;
other positive indicators relevant to the assessment of the business.

This creates a broader data-based framework for evaluating business borrowers alongside traditional credit assessment.

HOTEL PROJECTS CAN ACCESS LOANS OF UP TO UZS 30 BILLION

Tourism and hospitality receive some of the most detailed support under the decree.

During 2026 to 2028, commercial banks are to provide hotel construction loans to business entities for periods of up to 7 years.

The maximum financing depends on the location of the project.

Hotels being built in regional centres, Tashkent, Nukus and districts or cities specialising in tourism may receive loans of up to:

UZS 30 billion

Hotel projects in other locations may receive loans of up to:

UZS 10 billion

The financing is available under the programme to all categories of business entities, subject to the applicable lending and eligibility requirements.

CREDIT GUARANTEES AND INTEREST COMPENSATION FOR HOTEL PROJECTS

Hotel financing is supported by additional mechanisms through the Entrepreneurship Development Company.

For loans of up to UZS 30 billion, the company may provide a guarantee covering up to 50% of the loan amount, with the guarantee capped at UZS 10 billion.

For loans of up to UZS 10 billion, a guarantee may cover up to 50% of the loan amount.

The decree also provides for partial interest compensation on eligible loans issued in national currency.

For loans of up to UZS 30 billion, where the interest rate does not exceed twice the Central Bank’s base rate, compensation may cover the eligible portion of interest above the base rate plus four percentage points, subject to a maximum compensation of 8 percentage points.

For loans of up to UZS 10 billion, the corresponding maximum compensation is 10 percentage points.

The compensation mechanism follows a 2+3 principle.

Support is initially provided for the first two years of the loan. It may continue for the following three years if annual revenue from hotel services increases by 15% or more.

For hotel developers, this means that the support framework is not limited to the loan itself. It can also include guarantees and partial support for interest costs.

AT LEAST 5,000 HECTARES FOR TOURISM ACCOMMODATION PROJECTS

Land availability is another major part of the tourism programme.

During 2026 to 2028, at least 5,000 hectares of land are to be offered through electronic online auctions for the development of accommodation facilities.

The decree also introduces a state participation mechanism for hotel projects.

Based on the auction value of the land, the state may participate in the company developing the hotel, with the state share limited to no more than 50% of the company’s charter capital.

The state share may subsequently be sold at market value to an existing participant or another potential investor during a period of up to 10 years.

This creates an additional structure for developing accommodation projects alongside traditional private financing.

SUPPORT ALSO EXTENDS TO EXISTING BUILDINGS

The support mechanism is not limited to completely new hotel developments.

From 1 January 2026, the system for partially reimbursing the costs of constructing and equipping new hotels is also extended to:

the expansion of an existing hotel through additional buildings and facilities;
the conversion of existing buildings or facilities for hotel use.

This is particularly relevant for investors considering the redevelopment or conversion of existing real estate rather than constructing a new hotel from the ground up.

TOURIST FEE RELIEF IN SELECTED LOCATIONS

From 1 January 2026, the requirement to calculate and pay the tourist or hotel fee is abolished for accommodation facilities in many districts and cities.

The exemption does not apply to:

regional centres;
Tashkent;
Nukus;
districts and cities with high tourism potential included in a list approved by the Cabinet of Ministers;
designated tourist zones.

The decree also doubles the permitted number of guests that can be accommodated and/or provided with meals for a property to qualify as a family guest house.

These measures are intended to create additional conditions for developing accommodation capacity outside Uzbekistan’s main tourism centres.

MORATORIUM ON CERTAIN FOREIGN TRADE PENALTIES

The decree also introduces a measure relevant to companies involved in international trade.

Until 1 January 2027, a moratorium applies to the imposition and collection of penalties for overdue receivables from foreign trade operations for business entities that do not have a state share in their charter capital.

If the overdue receivable is resolved during the moratorium period, the relevant penalties are cancelled.

For businesses engaged in cross-border trade, this provision creates additional time to resolve certain overdue foreign-trade receivables without the normal penalty mechanism being applied during the moratorium period.

TAX INCENTIVES FOR BUSINESSES MOVING TO VAT

The decree also introduces incentives for businesses moving from turnover tax to VAT for the first time.

From 1 January 2026, qualifying businesses receive:

exemption from profit tax for one year;
no financial penalty for certain violations related to registration as a VAT payer during the first year;
for six months, the ability to deduct eligible accounting-service costs from taxes payable, subject to the limit established by the decree.

The decree specifies that the monthly deductible accounting-service cost may not exceed 3.5 times the minimum wage.

Another important change concerns monthly advance payments of profit tax.

The income threshold at which businesses are required to make monthly advance profit-tax payments is increased from:

UZS 10 billion to UZS 20 billion

TAX REPORTING IS ALSO BECOMING MORE PROACTIVE

From 1 January 2026, responsibility for preparing certain tax reports is transferred to the tax authorities.

This applies to reporting related to:

corporate property tax;
land tax;
personal income tax;
social tax.

Businesses will have the right to make necessary corrections to tax reports prepared by the tax authorities and submit the corrected version within 5 working days.

The decree also requires mobile video cameras to be used during field tax inspections from 1 January 2026. Inspections conducted without the required mobile video camera are to be considered unlawful.

STATE PROPERTY LEASE TERMS ARE EXTENDED

The decree also changes the conditions for leasing state-owned real estate.

From 2026:

the minimum rental payment for state real estate is to be determined based on the minimum market rental price established in the relevant area;
the maximum lease period for state-owned real estate is increased from 3 years to 5 years.

For businesses using state property, the longer lease period may provide greater certainty for medium-term operating and investment decisions.

WHAT DOES THIS MEAN FOR FOREIGN BUSINESSES?

The decree is primarily a framework for supporting entrepreneurship in Uzbekistan, so eligibility for individual mechanisms must be assessed according to the specific project, legal structure, location and financing conditions.

However, several provisions are particularly relevant to international investors.

Manufacturing projects involving foreign direct investment are specifically referenced in relation to state-funded infrastructure.

Tourism and hospitality investors can assess a combination of hotel loans, credit guarantees, interest compensation, land auctions and support for converting or expanding existing properties.

Companies working with Uzbek SMEs may also benefit from a market environment in which substantially more commercial-bank financing is being directed toward small and medium-sized businesses.

For foreign companies considering Uzbekistan, the key question is therefore not only how large the support package is.

The more practical question is whether a particular investment or business model qualifies for one or more of the mechanisms provided by the decree.

WHAT BUSINESSES SHOULD CHECK

Companies assessing these opportunities should look closely at:

the legal structure of the business applying for support;
the sector and type of project;
the location of the investment;
the applicable financing limits;
commercial-bank lending requirements;
guarantee and interest-compensation eligibility;
tax status and transition rules;
implementation dates for each measure.

The detailed conditions matter.

A UZS 270 trillion support package creates a significant framework, but the value for an individual company depends on how its project fits within the specific mechanisms established under the decree.

FROM POLICY TO BUSINESS OPPORTUNITY

Uzbekistan’s business-support measures combine financing with infrastructure, regional development, tourism investment, tax incentives and changes to business administration.

For investors and companies assessing the market, the opportunity is not simply that more capital is being made available.

It is about understanding where that support is directed and how individual projects can potentially fit into the new framework.

For Georgian companies exploring Uzbekistan, manufacturing, industrial investment, tourism, hospitality, SME partnerships and cross-border trade are among the areas worth following as the measures continue to take effect.

Source: Official Website of the President of the Republic of Uzbekistan. Presidential Decree No. PF-138, dated 19 August 2025, on measures to implement the tasks identified during the Fifth Open Dialogue between the President of the Republic of Uzbekistan and entrepreneurs. The decree was published on the President’s official website on 20 August 2025.