Why is this important
This is a step towards diversifying the structure of public debt, attracting green and international investors, and increasing transparency through regular ESG reports.
What happened
- Advisor to the Minister of Economy and Finance Jasur Karshibayev reported on the preparation of regular ESG reports and the expansion of sustainable financing volumes.
- Legislation is being developed that will facilitate the attraction of funds, including through Islamic financial instruments.
- In 2024, Uzbekistan placed stable bonds worth 600 million euros and another 500 million euros; previously, it issued “green” bonds in soums.
- The country’s dollar bonds have brought almost 14% returns since the beginning of the year — higher than the average for developing markets.
- Internal debt distribution: ~65% — in dollars, more than 10% — in sums; the rest — in euros, yen, and yuan.
- The economy is growing: in the first half of 2025, GDP grew by 7.2%.
- Considering the current plans, the state is preparing to more actively involve non-residents in the purchase of local bonds.
Context
According to the OECD, the issuance of thematic bonds (green, ESG) is one of the key financing strategies for Uzbekistan’s green transition. Uzbekistan already has experience in issuing SDG/stable bonds and publishes framework documents on their management and reporting. International rating agencies positively assess Uzbekistan’s efforts in the field of sustainable development and financial discipline.
