The JSC 'National Bank for Foreign Economic Activities of the Republic of Uzbekistan' (Uznabank) intends to become the first issuer from Uzbekistan to enter the Chinese capital market. This initiative resulted from agreements reached during the visit of the Uzbek delegation on September 9–10 to the Special Administrative Region of Hong Kong, People's Republic of China.
The Uzbek delegation, led by Prime Minister Abdullah Aripov, held negotiations with China International Capital Corporation (CICC). The parties agreed on cooperation in the Asian capital market.
Bond Issuance Agreement
An agreement was signed during the sidelines of the 11th Belt and Road Forum. It provides for the organization of the issuance and subsequent listing of international bonds on the Hong Kong Stock Exchange. These bonds will be issued in Chinese yuan and Uzbek soums for a total amount equivalent to 250 million US dollars.
This deal marks Uznabank's first entry into the Asian debt capital market, which will open up new opportunities for expanding the geographical scope of the bank's international loans. The implementation of this agreement will help diversify the currency structure and funding sources, as well as attract resources from the Asian capital market to support priority investment projects in Uzbekistan.
The planned issuance continues Uznabank's course of operating in global capital markets. Previously, starting in 2020, the bank has already carried out three bond issuances on the London and Vienna Stock Exchanges totaling $1.13 billion.
The reached agreements align with the goals of the State Investment Program for 2026. This program involves attracting funds from leading international financial institutions by Uznabank amounting to up to $1.5 billion for the implementation of crucial projects in the country.
The signing of this agreement is a practical reflection of the deepening financial and economic interaction between Uzbekistan and China, which has reached a new level in recent years thanks to the strategic vision of the leaders of both countries. Special attention in bilateral relations is paid to trade and economic and investment cooperation. Trade between Uzbekistan and China reached almost $18 billion last year, and a new goal for the coming years is to increase this figure to $30 billion. Furthermore, the portfolio of joint investment projects is estimated at approximately $60 billion, and there are over 6 thousand joint enterprises operating in Uzbekistan.
In the context of expanding cooperation with major Chinese financial institutions and implementing new methods of attracting capital, the agreement between Uznabank and CICC is considered an important step. It contributes to increasing Uzbekistan's presence in Asian capital markets, diversifying funding sources, and attracting long-term resources to the country's economy.
Information for Reference
JSC 'National Bank for Foreign Economic Activities of the Republic of Uzbekistan' was established in 1991 and serves as the country's largest systemically important bank. As of 2025, the bank's assets exceeded $12 billion, its loan portfolio amounted to $9 billion, and its total capital reached over $1.6 billion.
China International Capital Corporation (CICC) was founded in 1995 and is one of China's leading investment banks. The company provides services in asset management, capital markets, and investment banking, with international representation in Hong Kong, Singapore, London, and New York.