Shavkat Mirziyoyev: Uzbekistan plans to issue Islamic sukuk bonds

Uzbekistan will begin implementing a program for the issuance of sovereign Islamic sukuk bonds, Uzbekistan's President Shavkat Mirziyoyev said at the opening of the Tashkent Investment Forum, according to Report's correspondent in Tashkent.

He said over recent years the country has placed more than $16 billion worth of bonds on international markets and has also begun issuing corporate Eurobonds denominated in the national currency.

The president noted that 30% of the shares of the National Investment Fund, which owns assets in 13 strategic enterprises, were listed on the Tashkent and London stock exchanges: "This placement became the largest IPO on the London Stock Exchange over the past five years. Preparations are currently underway for the IPOs of a number of major companies."

According to him, in order to further develop the capital market, the country plans to adopt the laws "On the Capital Market" and "On Alternative Investment Funds," as well as create conditions for the operation of international clearing companies.

"To diversify investment flows, we are launching a program for the placement of sovereign Islamic bonds – sukuk," Mirziyoyev said.

According to him, these measures will enable domestic enterprises to attract at least $10 billion in additional capital in the future.

In addition, the head of state announced that, as part of the privatization program, real estate assets, state stakes in enterprises, and land plots with a total value of $6 billion will be put up for auction this year.