The National Bank of Uzbekistan for Foreign Economic Activities (UzNatsBank) and China International Capital Corporation (CICC) have reached an agreement on cooperation in the Asian capital market. This cooperation includes the planned issuance and listing of international bonds worth the equivalent of 250 million US dollars on the Hong Kong Stock Exchange.
The agreement was concluded on September 9–10, 2026, during the visit of a delegation from Uzbekistan to Hong Kong, led by Prime Minister Abdullah Aripov. The signing took place on the sidelines of the XI Belt and Road Summit.
The planned issuance will be one of UzNatsBank's first initiatives in the Asian debt capital market, which will allow it to expand the geography of its international borrowing. Furthermore, this agreement provides for the diversification of the bank's funding sources and currency structure, contributing to attracting resources from Asian capital markets to support priority investment projects in Uzbekistan, as well as expanding the base of international investors.
The new issuance will continue UzNatsBank's activities in global financial markets. Since 2020, the bank has successfully conducted three bond issuances on the stock exchanges of London and Vienna, totaling 1.13 billion US dollars.
This agreement aligns with the goals of Uzbekistan's state investment program for 2026, which allows UzNatsBank to attract up to 1.5 billion US dollars from international financial institutions to implement key projects in the country.
Cooperation with CICC is also part of efforts to strengthen financial and economic interaction between Uzbekistan and China. Bilateral trade has approached 18 billion US dollars in 2025, with a goal set to increase this figure to 30 billion US dollars in the coming years.
The volume of active joint investment projects between Uzbekistan and China is estimated at approximately 60 billion US dollars, and there are over 6,000 joint ventures operating in Uzbekistan.
Against this backdrop, Uzbekistan is increasing its interaction with Chinese financial institutions and developing new mechanisms for attracting capital for investment projects.
UzNatsBank, established in 1991, had assets exceeding 12 billion US dollars as of the end of 2025, with a loan portfolio of 9 billion US dollars and total capital exceeding 1.6 billion US dollars.
China International Capital Corporation was founded in 1995 and provides services in investment banking, capital markets, and asset management. The company has an international presence, including offices in Hong Kong, Singapore, London, and New York.
