The law will allow commercial banks of Uzbekistan in any organizational form to issue corporate bonds. Currently, only joint stock companies are allowed to emit corporate bonds in line with the law “On securities’ market”.

The law was developed in line with the presidential resolution from 28 July 2009 “On additional measures on stimulation of increasing of share of long-term loans of commercial banks, directed to financing of investment projects”.

The resolution envisages emission of corporate bonds by the commercial banks in 2009-2010, which will be placed among legal entities.

It is expected that the law will stimulate further development of financial-banking system of Uzbekistan.

MPs approved the concept of the draft law and passed it in the first reading.