Uzbekistan’s National Investment Fund Acquires Additional Stakes in “Uzbektelecom,” “Uzbekinvest,” and “Uzpromstroybank”

Tashkent, Uzbekistan (UzDaily.com) — The National Investment Fund of Uzbekistan (NIF) has acquired additional shareholdings in several major state-owned companies as part of the latest reorganization of the country’s public asset management system.

This follows the presidential decree “On Measures to Improve the Efficiency of State-Owned Enterprises and Commercial Banks,” signed on 25 February 2026.

The decree updated the list of enterprises and banks whose state shares form the charter capital of the National Investment Fund. Originally, the fund’s portfolio included stakes in 18 state-owned companies.

On 19 September 2025, the fund’s portfolio was revised: Uzbekistan Airports, Microcreditbank, Bank for Business Development, and Uzbekistan Post were removed, while the fund received a stake in Uzpromstroybank and increased its participation in Uzbekhydroenergo, Uzbekinvest, and Temiryulinfratuzilma.

Under the new decree, 25% of shares in Navoi Azot and 30% of shares in the People’s Bank are being transferred from the NIF portfolio to the state, represented by the Ministry of Economy and Finance of Uzbekistan.

At the same time, the fund acquires new assets: a 5% state stake in Uzbektelecom and a 10% stake in Uzbekinvest are added to its portfolio. Additionally, another 10% stake in Uzpromstroybank is transferred from the Uzbekistan Reconstruction and Development Fund to the NIF.

As a result of these structural changes, the National Investment Fund consolidates a portfolio of 13 companies, compared to the original 18.

The fund plans to list its shares on the stock market through an IPO by the end of 2026. Legal advisory for the transaction is being provided by Kosta Legal and Cleary Gottlieb Steen & Hamilton.