Uzbekistan Investment Fund Assets Rise 9.2% in First Half

Tashkent, Uzbekistan (UzDaily.uz) — The net asset value (NAV) of the National Investment Fund of Uzbekistan (UzNIF) reached US$2.66 billion, or 32 trillion soums, as of 30 June 2026. The figure was up 9.2% compared with the end of 2025, according to the fund's published report.

The biggest contribution to the increase in asset value came from National Electric Grids of Uzbekistan, whose valuation rose by 5.2%, followed by Uzbektelecom at 4.5% and Thermal Power Plants at 3.5%.

The fund also revised the valuation of several publicly listed companies in its portfolio. The value of one Uzbektelecom share was increased to 22,724 soums from 17,534 soums based on its market capitalisation at the end of 2025. The valuation of Uzpromstroybank shares was raised from 40 to 44 soums, while the valuation of shares in the Uzbekistan Republican Commodity Exchange increased from 6,869 to 7,126 soums.

According to the report, the higher valuation of Uzpromstroybank reflects a lower country risk premium and improved macroeconomic expectations. The fund said this effect was partly offset by a lower net interest margin and new Central Bank capital adequacy requirements.

The report said the increase in Uzbektelecom's valuation was driven by stronger-than-expected revenue growth, higher EBITDA profitability and an improved macroeconomic outlook.