Ministry of Investment, Industry and Trade of the Republic of Uzbekistan

As part of the Tashkent International Investment Forum programme, a panel session titled “Political Risk and Blended Finance: Mobilising Capital for Frontier Markets” was held.

The event, moderated by Pedro Vargas David, Chairman of Euronews, brought together leading representatives of international financial institutions and the private sector to discuss ways of stimulating global capital flows.

During the session, participants extensively discussed the role and strategic importance of multilateral guarantees, blended finance instruments, and export credit agencies in attracting private capital to emerging markets.

The discussions were particularly notable for being based on successful international transactions and extensive practical experience from global markets.

Speakers of the session:

Pedro Vargas David — Chairman, Euronews (Moderator)

Jasur Karshibayev — Adviser to the Minister of Economy and Finance

Irakli Elashvili — Deputy CEO, Ipoteka Bank OTP Group

Marck Wengrzik — Chief Executive Officer, AKA Bank

Cristiana Portale — Head of International Network for Central and Southern Europe and Ukraine, SACE

H.E. Sheikh Mansour bin Khalifa Al-Thani — Founder and Chairman, MBK Holding

Marius Dan — Chief Executive Officer for Central Asia, Franklin Templeton Global Investments

Francis Malige — Managing Director and Head of the Financial Institutions Business Group, European Bank for Reconstruction and Development (EBRD)

The panel discussion was moderated by Pedro Vargas David, Chairman of Euronews. He noted that Uzbekistan has attracted a substantial volume of investment as a result of the reforms implemented in recent years. He also emphasised that, going forward, the priority should not only be attracting investment, but also directing long-term capital towards strategically important sectors such as infrastructure, industry, energy, logistics, and the digital economy.

The opening remarks were delivered by Jasur Karshibayev, Adviser to the Minister of Economy and Finance. In his presentation, he stated that the Government of Uzbekistan aims to increase the size of the country's economy to USD 240 billion by 2030 and thereby join the ranks of upper-middle-income countries.

To achieve this goal, the government plans to continue economic and social reforms while further improving the business environment.

In addition, it was noted that Uzbekistan’s sovereign credit ratings have been consistently improving in recent years, which is expected to reduce the cost of raising capital in international markets.

Francis Malige, representative of the European Bank for Reconstruction and Development, discussed differing perceptions of risk in emerging markets. According to him, many investors tend to view emerging markets as highly risky from afar. However, once they visit these markets and gain a deeper understanding of local conditions, they realise that significant opportunities exist.

Marius Dan, Chief Executive Officer for Central Asia at Franklin Templeton, presented the results of the recently completed National Investment Fund IPO. The fund comprises 13 strategically important state-owned enterprises, and the IPO was successfully conducted through dual listings in London and Tashkent.

The transaction marked Uzbekistan’s first-ever international equity offering and raised close to USD 700 million. Investors included major international financial institutions such as BlackRock, Franklin Resources, and Redwheel.

Participants in the discussion noted that Uzbekistan’s position in the international investment landscape continues to strengthen and that the country is currently regarded as one of the most attractive markets among emerging economies.

“Uzbekistan is currently one of the most attractive countries in the world in terms of risk-reward balance for investors,” said Irakli Elashvili, Deputy Chairman of the Management Board of Ipoteka Bank OTP Group.

Experts also emphasised the strategic importance of investing in talented young people in Uzbekistan, supporting their education at leading international institutions, and continuously enhancing their skills and expertise in line with global best practices and modern standards.

The ideas and recommendations put forward during the session contributed to shaping practical approaches aimed at expanding private capital flows to emerging markets, reducing investment risks, and strengthening cooperation between the public and private sectors.