On February 18 and 20 of this year, it was announced in London that orders would be accepted for the placement of sovereign international bonds denominated in USD (7-year maturity), EUR (4-year maturity), and UZS (3-year maturity).

Total orders received for Uzbekistan’s international bonds amounted to $4.2 billion, including:

• $2 billion for USD-denominated (7-year) bonds;
• €1.6 billion for EUR-denominated (4-year) bonds;
• UZS 7.3 trillion for UZS-denominated (3-year) bonds.

The following interest rates were recorded for Uzbekistan’s international bonds:

• 7-year bonds worth $500 million – 6.95% (previously issued 7-year sovereign international bonds in May 2024 were placed at 7.125%);
• 4-year bonds worth €500 million ($525 million) – 5.1% (compared to 3-year bonds issued in 2024 at 5.375%);
• 3-year bonds worth UZS 6 trillion ($463 million) – 15.5% (compared to 3-year bonds issued in 2024 at 16.625%).

For reference: In the domestic financial market, the interest rate on 3-year government treasury bonds ranged between 15.6% and 16.1% in January-February of this year.

The funds raised from the placement of international bonds will be allocated in accordance with Uzbekistan’s Law No. O‘RQ-1011 “On the State Budget of the Republic of Uzbekistan for 2025,” adopted on December 24, 2024. These funds will be used to finance the 2025 state budget deficit and provide resources to commercial banks for mortgage program financing.

Notably:

• EUR-denominated sovereign international bonds were issued under Uzbekistan’s Sustainable Development Goals (SDG) financing program with a "Green" designation. The proceeds from these Green Bonds will be directed toward financing projects such as the introduction of water-saving technologies, waste management improvements, and similar initiatives. The allocation of these funds will be reported in accordance with international standards.

Between 2021 and 2024, Uzbekistan issued sovereign international bonds with a total value of $1.2 billion under the “Sustainable Development Goals” and “Green” categories. Reports on the utilization of funds from these bonds continue to be published following international standards. The project selection process involved the United Nations Development Programme (UNDP), and an independent assessment was provided by Sustainalytics.

• USD- and UZS-denominated sovereign international bonds will be directed toward financing housing programs for the population, as well as covering expenses related to the construction, repair, and reconstruction of public schools, preschools, and other social infrastructure projects.

Information Service

Ministry of Economy and Finance