Tashkent, Uzbekistan (UzDaily.com) — Templeton Global Investments, a part of Franklin Templeton’s investment management division, has signed an agreement with the Ministry of Economy and Finance of Uzbekistan to manage investments.

According to the agreement, Franklin Templeton Asset Management’s subsidiary, located in Tashkent and wholly owned by Franklin Resources Inc., has been appointed the trustee manager of the National Investment Fund of the Republic of Uzbekistan (UzNIF).

Under the agreement, the fund will manage minority stakes in 18 state-owned enterprises, valued by Franklin Templeton at approximately US$1.5 billion. This partnership marks a significant milestone in Uzbekistan’s economic reforms aimed at improving the efficiency of key state-owned enterprises, attracting international investments, developing capital markets, and maximizing the value of companies to drive economic growth and prosperity.

Manraj Sekhon, Director of Investments at Templeton Global Investments, expressed confidence in the importance of collaborating with the Government of Uzbekistan. He noted that the appointment of the company as the trustee manager of the fund is designed to accelerate the transformation of the country’s large state-owned enterprises and support the development of the local capital market. He further mentioned that emerging markets are experiencing remarkable growth, and the creation of the National Investment Fund will demonstrate Uzbekistan’s potential on the global stage while opening up opportunities for major international investors interested in the dynamic modernization of the country’s economy.

Templeton Global Investments, with nearly 40 years of experience in investments in emerging markets, is confident that its extensive experience and global presence will effectively enhance the profitability and attractiveness of the companies in the fund for foreign investors in partnership with the government. The company believes that under professional management, the fund will bring long-term benefits to the people of Uzbekistan.

The National Investment Fund of the Republic of Uzbekistan was established in 2024 in accordance with the presidential decree of August 27 and is a joint-stock company that owns strategic stakes in Uzbekistan’s state-owned enterprises. Initially, the Government of Uzbekistan will be the fund’s shareholder. A key goal for the trustee manager is to facilitate the listing of the fund’s shares on both the Tashkent Stock Exchange and major international markets. Templeton Global Investments will also work with Uzbekistan on projects to increase the value of the companies in the fund and improve their efficiency.

Marius Dan, Director of Market Development Strategy at Templeton Global Investments, emphasized that the company aims to increase the recognition of Uzbekistan and the UzNIF among international institutional investors, as the fund offers attractive opportunities due to its diversified portfolio. The company plans to open an office in Tashkent later this year and form a local team with support from its global network.

The launch of the National Investment Fund is expected in April 2025. Templeton Global Investments has more than 15 years of experience in actively managing similar projects on international markets, including the Romanian investment fund Fondul Proprietatea, whose market capitalization at its peak reached US$3 billion and was listed on the London and Bucharest stock exchanges.