Uzbekistan Targets BBB+ Investment Rating by 2030 and Major Privatization of State-Owned Enterprises

Tashkent, Uzbekistan (UzDaily.com) — Uzbekistan plans to raise its investment credit rating to BBB+ by 2030 and carry out a series of IPOs for its largest state-owned enterprises over the next three years. This was announced on October 23 at Investor Day in Tashkent by Deputy Prime Minister and Minister of Economy and Finance Jamshid Kuchkarov.

The event was organized by Franklin Templeton, the manager of the National Investment Fund of Uzbekistan (UzNIF).

According to Kuchkarov, President Shavkat Mirziyoyev has set the goal of achieving a BBB+ investment rating for the country, whereas currently Uzbekistan holds a BB+ rating from S&P, compared to BBB- for neighboring Kazakhstan.

In cooperation with the Asian Development Bank and the World Bank, a privatization strategy for state-owned enterprises and banks for 2026–2030 is being developed, with approval expected by the end of 2025.

Under this strategy, by 2028, 29 large enterprises are planned to be privatized, including UzAuto Motors, UMS, Uzmetkombinat, and NavoiAzot. Over the next three years, 12 of the largest companies will enter domestic and international stock exchanges through IPOs and secondary public offerings (SPOs).

The National Investment Fund is preparing a dual listing in Tashkent and London, with the possibility of offering up to 75% of shares, which will attract institutional investors and create a more liquid and diversified capital market.