Tashkent, Uzbekistan (UzDaily.com) — In 2025, several state-owned companies in Uzbekistan are planning to issue bonds, as announced by President Shavkat Mirziyoyev during a meeting on investment attraction and export expansion.

The President emphasized the importance of large enterprises independently accessing international financial markets. These companies have already begun securing loans from foreign financial institutions without the need for state guarantees.

According to instructions, the Almalyk Mining and Metallurgical Complex (AGMK) plans to issue its first eurobonds worth US$1 billion this year, while the Navoi Mining and Metallurgical Complex (NGMK) will issue an additional US$500 million worth of bonds. The companies "Navoiuran" and Uzmetkombinat are expected to raise US$300 million each through eurobond issuances.

Additionally, Uzbekistan Airways, Uzbekistan Airports, and the Road Committee are set to receive international credit ratings, after which they will be able to raise a total of US$700 million on foreign markets.

The goal is also to increase the amount of grant funds attracted to US$2 billion. The President noted that in 2024, several ministries and agencies did not meet their targets. For instance, the Ministry of Ecology and Agriculture, the State Committee for Property, the Pharmaceutical Agency, and the Forest Agency attracted less than 25% of the planned funds, while the Ministry of Transport, Ministry of Construction, and the Committee for Tourism each attracted less than $10 million.

In 2025, the goal is to attract US$5.2 billion from international financial institutions. As part of this plan, projects worth US$1.1 billion are set to be implemented with the EBRD, and US$1 billion with the Islamic Development Bank.

To coordinate work with financial organizations, the President has ordered the creation of an emergency headquarters under the leadership of the Prime Minister. The headquarters will monitor the implementation of projects financed by foreign funds and hold weekly progress discussions.

Special attention will be given to cooperation with the EBRD and the Islamic Development Bank. Officials are instructed to work with businesses on new projects without relying on state guarantees and provide support in attracting financing.

It is worth noting that in October 2024, NGMK issued two debut eurobond tranches worth US$500 million each, with maturities of 4 and 7 years. The total demand for these tranches reached US$5.5 billion, setting a record since the issuance of Uzbekistan’s sovereign bonds in 2019.