Tashkent, Uzbekistan (UzDaily.com) — Uzbekistan plans to introduce mortgage bonds, and a draft presidential decree regulating this matter is currently being prepared.

A roundtable discussion on the topic of “Introducing Mortgage Securities in Uzbekistan: Legal Foundations” was held at the National Agency for Advanced Projects of the Republic of Uzbekistan (the Agency). The event was organized by the Agency in collaboration with the International Finance Corporation (IFC) and the rating agency Moody’s Rating.

The roundtable featured representatives from the Central Bank, the Republican Stock Exchange "Tashkent," the Central Depository, banks, major issuers, and capital market experts. The wide range of participants allowed for a multifaceted discussion on key aspects of introducing new financial instruments.

"Today’s meeting addresses a pressing issue—the introduction of mortgage securities in Uzbekistan. Ensuring housing for citizens is a priority, and to tackle this issue, it is essential to implement new financing mechanisms for mortgages and to create a resource base for commercial banks and the entire financial system to effectively carry out lending functions and fulfill state programs in this area," emphasized Vyacheslav Pak, the first deputy director of the Agency.

"The Agency has developed a draft Law on the ‘Capital Market,’ one chapter of which is dedicated to securitization and the introduction of mortgage bonds. In coordination with the Central Bank and the Ministry of Economy and Finance, a draft presidential decree is also being prepared under the coordination of the President’s Administration. This document will outline the priority steps for introducing mortgage bonds in the country," Pak highlighted.

The objective of the roundtable was to discuss the key aspects of mortgage-backed securities (RMBS) and to analyze the draft Law of the Republic of Uzbekistan on the "Capital Market." Participants noted the importance of creating a legal framework for issuing mortgage securities and secured bonds, which will not only promote the development of the financial sector but also improve housing conditions for citizens.

During the discussion, experts presented the Agency’s methodology for assessing risks associated with secured bonds and mortgage securities, as well as approaches to analyzing these financial instruments, which will enhance their reliability and attractiveness to investors.

Participants emphasized that the introduction of mortgage securities in Uzbekistan will create new opportunities for financing housing construction and represent a significant step toward integrating the country into international financial markets. Discussing the proposed legislative changes will help address existing gaps and prepare the market for the introduction of new instruments.

The roundtable concluded with recommendations for further steps to develop the capital market in Uzbekistan and improve the legal and regulatory environment for the introduction of mortgage securities.