Uzbekistan to continue issuing sovereign Eurobonds in 2025 - Economy Ministry

TASHKENT. Feb 13 (Interfax) - Uzbekistan plans to issue sovereign Eurobonds in 2025, but the amount has not yet been determined and will depend on global market conditions.

"This year, we plan to enter [the international debt market]. The size of the issuance or issuances will be determined based on conditions in the international financial market," Deputy Director of the Economy and Finance Ministry's Public Debt Department Behruz Karimov told journalists.

Uzbekistan issued sovereign bonds for the first time in spring 2024, in three currencies - euros, U.S. dollars and Uzbek soms - totaling $1.5 billion.

The Uzbek government, companies and financial institutions issued Eurobonds worth $4.1 billion by the end of 2024. This included debut Eurobonds worth $1 billion from the Navoi Mining and Metallurgical Combine (NMMC), with the remaining amount issued by banks such as Uzpromstroybank, Agrobank, Uznatsbank and Ipoteka-Bank.

The Almalyk Mining and Metallurgical Combine has been tasked with issuing debut Eurobonds worth $1 billion in 2025, while the NMMC is expected to issue an additional $500 million, President Shavkat Mirziyoyev said at a meeting in January. In addition, the Navoiuran enterprise and Uzmetkombinat will each raise $300 million through Eurobonds.