The Kursiv event "Capital Market in Uzbekistan: New Investment Tools" brought together representatives of the financial sector to explore the future of Uzbekistan’s capital market and discuss new mechanisms for raising capital by domestic companies.

Georgy Paresishvili, Chairman of the Board of the Tashkent Stock Exchange, highlighted the importance of the upcoming IPOs of NGMK and the National Investment Fund of Uzbekistan, managed by Franklin Templeton. These landmark offerings mark a significant step in the country’s privatization efforts and its broader drive toward economic transparency. He also noted the growing interest from banks and large companies in individual investment accounts (IIA) as a tool for engaging a wider population in capital markets, particularly through bond investments.

Special focus was placed on the increasing participation of banks and microfinance institutions in the issuance and acquisition of corporate bonds — a promising alternative to traditional bank lending and a growing channel for long-term business financing.

Vyacheslav Pak, First Deputy Director of the National Agency for Perspective Projects (NAPP), reported that the corporate bond market reached UZS 1.9 trillion in 2025. He presented NAPP’s current legislative and regulatory initiatives aimed at further strengthening the capital market.

The event also addressed the international dimension of market development, including ongoing efforts to prepare leading Uzbek companies for dual listings on both the Tashkent Stock Exchange and major international platforms.

The Tashkent Stock Exchange remains committed to digital transformation, expanding the range of financial instruments available to issuers and investors, advancing financial literacy, and fostering greater confidence in Uzbekistan’s capital market.