Investment Company JSC "UzAssets" is formed by the Decree of the Cabinet of Ministers
The Cabinet of Ministers adopted the Resolution “On additional measures to improve the privatization processes” No.381 dated 15 June 2020 (the “Resolution No.381”) to implement investment projects using advanced foreign experience. Within this framework, the Decree No.381 established an investment company JSC "UzAssets”, the founder of which is the State Assets Management Agency.
Asian Development Bank projects slowdown in economic growth of Uzbekistan in 2020
Asian Development Bank (the “ADB”) has reconsidered its economic growth projections for Uzbekistan in 2020 by decreasing the projection from 4,7% to 1,5%. ADB has adjusted and updated the economic growth forecasts due to the pandemic, which has decreased the volume of foreign trade and money transfers. Forecasts of the World Bank and European Bank for Reconstruction and Development regarding Uzbekistan's economic growth for 2020 coincide, amounting to a GDP growth of 1,5%.
Uzbekistan ranked 87th in the United Nations e-Government Development Index
According to the UN e-Government Development Index (the “EGD Index”), Uzbekistan ranked 87th among 193 UN member countries. Compared with the previous year's EGD Index, Uzbekistan's position has been lowered by 6 points. However, Uzbekistan still holds 2nd position in EGD Index among the Central Asian countries.
Uzbekistan is included in the rating of the Competitive Industrial Performance Index for the first time
For the first time, Uzbekistan has been included in the rating of the Competitive Industrial Performance Index (the “CIP Index”) calculated by the United Nations Industrial Development Organization. CIP Index ranks and evaluates the country's ability to produce and export manufacturing goods at a competitive level. Uzbekistan ranked 92nd out of 152 countries listed in CIP Index.
Uzbekistan plans to issue Eurobonds worth USD 500 million
Uzbekistan plans to issue Eurobonds in national currency equivalent to USD 500 million in the domestic market. Based on the budget requirements, Eurobonds denominated in UZ equivalent to USD 500 million, can be placed this year and the same amount next year.
Limited liability companies were allowed to issue corporate bonds
Uzbek Parliament has passed a law granting limited liability companies (the “LLCs”) the right to issue corporate bonds (the “Draft Law”). The draft is now due for parliamentary approval by the Senate and by the president.