Tashkent, Uzbekistan (UzDaily.com) -- "I want to emphasize that the importance of SDG sovereign bonds will only grow for developing countries," Obid Khakimov, director of the CERR, said during a high-level international forum.

In a virtual format, the International Conference "Innovative financial methods and action programs for unlocking human potential" was held, organized by the Sustainable Development Solutions Network (SDSN).

The Sustainable Development Solutions Network (SDSN) was launched in 2012 in order to mobilize global scientific and technical knowledge for the practical solution and implementation of the Sustainable Development Goals (SDGs).

The event featured the 2022 Developing Countries Sustainable Development Reports. including a presentation of Uzbekistan’s progress in achieving the SDGs. Uzbekistan was presented at the event by the director of the Center for Economic Research and Reforms (CEIR) Obid Khakimov.

About 100 participants from more than 50 countries of the world took part in the international conference.

Simona Marinescu, UN Senior Adviser on Financing and Development of Small Island Developing States (SIDS), United Nations Office for Project Services (UNOPS) moderated the webinar. She noted the progress that Uzbekistan is demonstrating in achieving the SDGs thanks to Eurobonds.

“Uzbekistan is another example of a country where developing countries can learn from and learn how to implement SDG bonds. In 2021, Uzbekistan became the first country in its region to issue US$235 million SDG sovereign bonds (denominated in Uzbek soum) with a coupon rate of 14% for a period of 3 years to raise funds from investors and institutional buyers to finance projects designed to help achieve national SDG targets and indicators in your country.”

Uzbekistan shared its experience in issuing SDG bonds.

Uzbekistan became one of the first countries in the world to issue sovereign bonds for the Sustainable Development Goals. CERR Director Obid Khakimov shared the experience of Uzbekistan by talking about how SDG bonds issued by our country help finance projects that promote sustainable development.

It was noted that funds in the amount of 2 trillion soums, raised as a result of the issuance of the first international bonds of Uzbekistan in the national currency on 19 November, 2020, were spent on the implementation of the SDGs. In particular, projects to fight poverty, promote healthy lifestyles and quality education, accelerate gender equality, create decent working conditions and opportunities for clean drinking water, as well as support economic growth and improve the stability of infrastructure.

“Uzbekistan has become the first country in the Central Asian region and the second in the world to issue US$235 million worth of SDG sovereign bonds in 2021,” said Obid Khakimov. “It is important to note here that over the past 5 years our country has not only reached the level of issuing SDG bonds, but also, in principle, has become part of the global financial market.”

According to him, estimates show that the issuance of these bonds in the amount of US$235 million directly and indirectly contributed to the achievement of 11 SDGs. “If you look at the distribution of funds from the sale of these bonds, then 54% went to the development of public transport, 22% to healthcare, 17% to education and 7% to water supply. Speaking about the geographical distribution, most of them are concentrated in Tashkent and Tashkent region, as well as in Namangan, Andijan and Fergana regions, where most of the population is concentrated,” Khakimov emphasized.

In conclusion, O. Khakimov noted the importance of sovereign bonds, which contribute to the mobilization of resources to achieve sustainability and prosperity in Uzbekistan. “I want to emphasize that the importance of SDG sovereign bonds will only grow for developing countries,” he added.

The event hosted an open dialogue with representatives of international organizations and departments and government agencies actively involved in the implementation of the SDGs.