The National agency of perspective projects of the Republic of Uzbekistan -
is a state institution responsible for regulation, licensing, and permitting procedures in the sphere of crypto-assets turnover, capital market, insurance, e-commerce, lotteries and gambling activities.
The Ministry of Justice has registered the Regulations on the Issue and State Registration of Bonds of International Financial Institutions (IFIs) Denominated in National Currency (Reg. No.3660, dated 11.08.2025y), approved by the National Agency of Perspective Projects of the Republic of Uzbekistan.
The document was developed in accordance with the Decree of the President of the Republic of Uzbekistan No. DP-26 dated February 21, 2025, taking into account international experience and recommendations from IFIs, in particular the Asian Development Bank (ADB), the European Bank for Reconstruction and Development (EBRD), the International Finance Corporation (IFC) and others. The regulation will allow IFIs to raise funds by issuing bonds and placing them on the local stock exchange to finance their projects in Uzbekistan, as well as allowing local investors to diversify their investment portfolios with this new and highly rated instrument.
For reference: for example, about one-third of ADB loans (with an “AAA” credit rating) to the private sector are currently provided in local currencies, among which the Thai baht, Indian rupee, Chinese yuan, Kazakh tenge and Georgian lari holding a special place among them. The ADB's total portfolio in national currency reached the equivalent of more than US$5 billion (as of 30 April 2025) in more than 15 local currencies. In June 2016, the EBRD placed its first bonds in Georgian lari worth 107 million Georgian lari (equivalent to 43.9 million euros) on the Georgian Stock Exchange. And in August 2018, the IFC issued its first bonds in Kazakh tenge in the amount of 8.6 billion tenge (equivalent to 25 million US dollars) on the Kazakhstan Stock Exchange.
The Regulation establishes a simplified procedure for the state registration of IFI bond issues in national currency, providing, in particular, for:
- the absence of a requirement for preliminary approval of the issuer’s documents by the authorized body;
- state registration of issues based on the issuer’s questionnaire containing information on bond issues (bond programs);
- a review and state registration period for issues reduced by half compared to the current term;
- the possibility of submitting documents in paper form, electronically, as well as by e-mail;
- the option to issue IFI bonds in the form of exchange-traded bonds.
The document aims to expand the range of financial instruments on the domestic securities market, promote its liquidity, and strengthen institutional investors' confidence in the country's financial system, and strengthening the position of the Republic of Uzbekistan as a reliable jurisdiction for the placement of debt instruments in the national currency.
Subordinate structures
