Investor guide

How to Invest in Uzbekistan

Routes for international investors: what is open, at what size, with what exit.

Nazar Advisory · Tashkent · October 2026

Key conclusions

Uzbekistan is investable today, but not through every route and not at every size. The market that international investors can reach with real liquidity is narrow: sovereign and quasi-sovereign debt, a handful of Eurobond issuers, and equity stakes in a small set of listed companies. Everything else, from private equity to private credit, is still built deal by deal.

The routes divide into two groups. Large, well-documented tickets exist in sovereign debt (a $1 billion equivalent soum bond in April 2026), in privatizations (UzNIF raised $692 million) and in growth transactions of $70 to $176 million led by Gulf and Kazakh investors. Below that level, capital is supplied mostly by development finance institutions, and the ecosystem remains nascent. Our view is that this scarcity of institutional private capital is an opportunity for patient first movers, provided exits are planned from day one.

The headline foreign investment figure should be read with caution. The government reports $43.1 billion in 2025, but these are commitments and announced projects, not balance-of-payments flows, and implementation is uneven. Before committing capital, we recommend validating five points locally: counterparty quality, repatriation in practice, the exit route, currency exposure and the state's role in the asset.

1. Where the market stands

Growth reached 7.7% in 2025 and 8.5% in the first half of 2026, led by services and construction. The IMF projects a moderation to 6.8% in 2026 and about 6% in 2027. ¹² The fiscal position is sound (a deficit of 2.1% of GDP in 2025) and reserves cover about 13 months of imports, but the current account deficit stood at 3.9% of GDP and the policy rate has been held at 14%. ¹

In June 2026 Moody's raised the sovereign rating from Ba3 to Ba2 with a stable outlook, citing fiscal discipline, energy subsidy reform and the UzNIF listing; Fitch has the country at BB with a positive outlook. ³² The country remains sub-investment grade, which matters for institutions with rating constraints.

On inflows, the Ministry of Investment reports $43.1 billion of foreign investment in 2025, of which $38.2 billion is direct investment. ⁴ These figures capture agreed projects and commitments. The EBRD's measure of net FDI is of a different order, at roughly 2 to 3% of GDP a year over 2021 to 2024, and observers note that converting investment agreements into output remains uneven. ⁵² For an investor, the relevant question is not the headline, but which of these projects have identifiable counterparties and a path to exit.

2. The six routes

Listed equities: Tashkent and London

Market capitalization on the Tashkent exchange reached about $35.5 billion in June 2026, up 50% since the start of the year, with 95 issuers and 154 instruments listed. ⁶⁷ Behind this performance lies a thin market: trading volume fell 42% year on year in the first half to about $579 million, and the average transaction is only about $1,200, which points to a retail-dominated market. ⁷⁶ One fund manager estimates trailing earnings multiples around 5x and price-to-book below 1x at the end of January 2026, though this is marketing material and the market has since re-rated. ⁸

The UzNIF dual listing in London and Tashkent, raising $692 million including the greenshoe, created the first sizeable instrument accessible through an international venue. ⁹

Privatisations and block sales

The 2025 to 2028 program foresees selling the state's stakes in 29 state-owned enterprises through public auctions and listing 12 others. ⁵ The IMF is pressing for faster, competitive privatization of the state commercial banks, and for restructuring or resolving non-viable ones. ¹ Observed transaction sizes range widely, from a $10 million sale of Poytaxtbank to a UAE buyer in 2024 to the UzNIF flotation. ¹⁰⁹

Private equity and venture capital

Venture capital is the only segment with reliable data. Startup investment reached $329 million in 2025, 5.2 times the 2024 level, across 140 deals against 38 the year before; 91% of the total was seed or pre-seed, and foreign investors supplied $293.7 million of it. ¹¹ The gap between average foreign tickets ($18 million) and local ones ($285,000) shows how much the headline is driven by a few large rounds.

In growth equity, three 2025 transactions set the reference points: Halyk Bank took 49% of Click for $176 million (implying a $360 million valuation), investors from Abu Dhabi and Oman put $110 million into Korzinka, and Uzum raised about $70 million. ¹² Dedicated funds are small: Highland Central Asia Fund II targets $75 million across Uzbekistan and Kyrgyzstan, with an IFC anchor commitment of up to $10 million, and the IFC itself describes the private equity ecosystem as nascent. ¹³

Private debt and bank financing

Long-term financing is dominated by development finance institutions: the EBRD alone has invested more than $6.5 billion in 193 projects in Uzbekistan, including a facility of up to $70 million to Hamkorbank in synthetic local currency in 2025. ¹⁴ The IMF flags weak state-owned banks, foreign-currency lending to unhedged borrowers, and about 15% of loans exempt from prudential limits. ¹

Projects: energy, mining, agribusiness and real estate

Direct investment is possible in almost all sectors with up to 100% foreign ownership, with the exceptions of media (30%), hydropower plants above 5 MW (75%) and banks (50% for non-bank foreign investors). ¹⁵ Investment agreements with the government and PPP structures typically apply to larger infrastructure projects, from roughly $150 to $200 million. ¹⁵

Sovereign and quasi-sovereign debt

Uzbekistan issued a record $4 billion of Eurobonds in 2024 across government and corporate issuers, about 19% of it in soums. ¹⁶ In April 2026 the government placed the equivalent of $1 billion in soum-denominated international bonds at 12.25%, against 15.5% in 2025, with an order book of 24.3 trillion soums, four times the offering. ¹⁷ Non-residents have been allowed to buy local government securities since February 2022. ¹⁸

3. Comparison of routes

Six routes compared (observed market evidence)

4. Frictions to price in

Repatriation. The law allows repatriation without additional taxes, and conversion carries no duty; outbound investments above $10,000 need approval. ¹⁵ Actual timelines depend on bank liquidity and are the first thing we test.

Dispute resolution. Uzbekistan has signed more than 50 bilateral investment treaties and is a party to the New York Convention without reservations. Disputes on state property and local real estate go to Uzbek courts, so most contracts use hybrid clauses. ¹⁵

State presence. State-owned banks hold most of the banking system's assets, and the IMF warns of contingent liabilities from state enterprises. ⁵¹ Establishing who actually controls a counterparty is a standard part of our diligence.

Data reliability. Several of the figures above come from government agencies or from managers' own marketing material. Where a number matters to a decision, it should be cross-checked locally.

5. Where to start, by investor profile

Private debt fund. Start with senior secured lending to exporters or banks with DFI co-lending, so as to benefit from the DFIs' standards and credit enhancement. Move to direct corporate credit once enforcement is tested.

Private equity fund. Target minority growth stakes in consumer, services and logistics companies in the $10 to $50 million range, alongside a regional co-investor. Underwrite the exit to a strategic buyer.

Family office. Begin with sovereign soum or Eurobond exposure and London GDRs, then add one or two direct positions where a trusted local partner is identified.

Corporate. Use the investment agreement or PPP route for projects, and validate local content, tariff and currency terms before any commitment.

For a conversation, contact Guillaume Moinet (guillaume.moinet@nazaradvisory.com) or Zulfiya Zakirova (zulfiya.zakirova@nazaradvisory.com), co-founders of Nazar Advisory.

References

1. [1]IMF, Uzbekistan: Staff Concluding Statement of the 2026 Article IV Mission, 13 April 2026. https://www.imf.org/en/news/articles/2026/04/13/mcs041326-uzbekistan
2. [2]Euronews, Uzbek economy grows 8.5% as services and investment expand, 24 July 2026. https://www.euronews.com/2026/07/24/uzbek-economy-grows-85-as-services-and-investment-expand
3. [3]Kun.uz, Moody's upgrades Uzbekistan's credit rating to Ba2 citing structural economic reforms, 25 June 2026. https://kun.uz/en/news/2026/06/25/moodys-upgrades-uzbekistans-credit-rating-to-ba2-citing-structural-economic-reforms-6ea43c
4. [4]Kun.uz, Foreign investment in Uzbekistan tops $43 billion in 2025, 7 January 2026 (Ministry of Investment, Industry and Trade data). https://kun.uz/en/news/2026/01/07/foreign-investment-in-uzbekistan-tops-43-billion-in-2025
5. [5]EBRD, Transition Report 2025-26, Uzbekistan country assessment. https://www.ebrd.com/content/dam/ebrd_dxp/assets/pdfs/office-of-the-chief-economist/transition-report-archive/transition-report-2025/country-assessments/Central-Asia/transition-report-2025-26-CA-Uzbekistan.pdf
6. [6]Trend, Uzbekistan's stock market capitalization jumps 50% in 1H 2026. https://trend.az/casia/uzbekistan/4215430.html
7. [7]Interfax, Tashkent Republican Stock Exchange, first-half 2026 results, 4 August 2026. https://interfax.com/newsroom/top-stories/118598/
8. [8]Asia Frontier Capital, AFC Uzbekistan Newsletter, January 2026 (fund manager marketing material). https://www.asiafrontiercapital.com/images/content/blogs/uzbekistan/pdf/AFC-Uzbekistan-Newsletter-2026-01.pdf
9. [9]bne IntelliNews, Uzbekistan national investment fund lists in London after $604m IPO. https://www.intellinews.com/uzbekistan-national-investment-fund-lists-in-london-after-604m-ipo-442698/
10. [10]Kun.uz, UAE company buys Uzbekistan's Poytaxtbank for $10M, 25 June 2024. https://kun.uz/en/news/2024/06/25/uae-company-buys-uzbekistans-poytaxtbank-for-10m
11. [11]UzDaily, Investments in Uzbek Startups Quintupled in 2025, Reaching US$329 Million, 3 March 2026 (IT Park data). https://www.uzdaily.uz/en/investments-in-uzbek-startups-quintupled-in-2025-reaching-us329-million/
12. [12]Kun.uz, Uzbekistan sees surge in major business deals: Korzinka, Click, TBC and Uzum secure new investments. https://kun.uz/en/79529027
13. [13]IFC, IFC anchors Highland Central Asia Fund II, 3 June 2026. https://www.ifc.org/en/pressroom/2026/ifc-anchors-highland-central-asia-fund-ii-to-boost-private-equity-and-sme-financin
14. [14]EBRD, EBRD lends up to US$70 million to Hamkorbank in Uzbekistan, 2025. https://www.ebrd.com/home/news-and-events/news/2025/ebrd-lends-up-to-us-70-million-to-hamkorbank-in-uzbekistan.html
15. [15]Legal 500, Uzbekistan: Investing In (comparative guide). https://www.legal500.com/guides/chapter/uzbekistan-investing-in/?export-pdf
16. [16]Fergana, Uzbekistan sets record in 2024 with $4 billion in Eurobond issuance (Avesta Investment Group data). https://en.fergana.agency/news/136463/
17. [17]Dunyo, Uzbekistan raised a billion dollars through placement of Eurobonds, 13 April 2026. https://dunyo.info/en/news/uzbekistan-privlek-milliard-dollarov-cherez-razmeshchenie-evrobondov
18. [18]Kun.uz, Non-residents and individuals allowed to buy government bonds, 25 February 2022. https://kun.uz/en/news/2022/02/24/non-residents-and-individuals-allowed-to-buy-government-bonds

This guide draws on official releases, multilateral publications and independent press coverage current as of October 2026. Figures from government agencies and fund managers are flagged as such in the text and should be cross-checked locally before any decision.