Uzbekistan's National Bank plans Hong Kong CNY, UZS bond offerings worth $250 mln

TASHKENT. Sept 14 (Interfax) - The National Bank for Foreign Economic Activity of the Republic of Uzbekistan (NBU) has signed an agreement with China International Capital Corporation (CICC) to issue and list international bonds denominated in Chinese yuan and Uzbek sum on the Hong Kong Stock Exchange, with a total equivalent value of $250 million, the NBU said in a statement.

"The agreement marks NBU's initial entry into the Asian debt capital market, opening new opportunities to expand the bank's international borrowing footprint. This move will diversify funding sources and currencies, broaden the international investor base, and attract capital from Asia to support key investment projects in Uzbekistan," the bank said.

The NBU has placed three bond issues on the London and Vienna stock exchanges for a total of $1.13 billion since 2000.

The agreement aligns with the goals of the state investment program for 2026, under with the NBU is due to raise $1.5 billion from international financial institutions for priority projects in Uzbekistan, the bank said. The agreement with CICC is a practical step to broaden financial and economic cooperation between Uzbekistan and China. Trade between the two countries approached $18 billion in 2025 and is targeted to reach $30 billion in the coming years.

The portfolio of existing joint investment projects between Uzbekistan and China is worth approximately $60 billion, with more than 6,000 joint ventures operating in the country.

The NBU also signed an agreement with China's Silk Road Fund to finance major infrastructure projects in Uzbekistan for up to $395 million.

The parties will jointly select, assess and structure promising infrastructure projects for subsequent financing using long-term Silk Road Fund credit facilities. Particular attention will be paid to transport infrastructure modernization projects, including the construction of toll highways.

Both documents were signed on the sidelines of the 11th Belt and Road Summit, which took place on September 9-10 in Hong Kong.

NBU was founded in 1991. Its assets exceeded $12 billion, the loan portfolio was $9 billion and its total capital exceeded $1.6 billion in 2025.

China International Capital Corporation was founded in 1995 and provides investment banking, capital markets and asset management services. The company has an international presence, including in Hong Kong, Singapore, London and New York.

The Silk Road Fund is China's sovereign wealth fund, established in 2014 to support investment projects as part of the Belt and Road Initiative.