Financing Uzbekistan’s Green Transition

Capital Market Development and Opportunities for Green Bond Issuance

The scale of Uzbekistan’s green transition requires a marked increase in private financing to fill the existing spending gap. The outsized role of the state in Uzbekistan’s economy and its underdeveloped domestic capital market act as significant constraints and call for a diversification of sources to finance the green transition. Since 2021, Uzbekistan has made green bonds a central part of its strategy to fill the financing gap and mobilise new sources of capital for its domestic green infrastructure projects. This publication explores the current market and institutional set-up in Uzbekistan, the reforms that have led to recent issuances of both sovereign and corporate thematic bonds, and the remaining barriers to further uptake of the instrument. The report also provides policy recommendations related to the market's institutional set up, Uzbekistan's regulatory framework for debt capital markets and emerging opportunities for further green bond use aimed at key stakeholders, including policy makers and market participants.

Published on December 07, 2023Also available in: Russian

In series:Green Finance and Investmentview more titles


Abbreviations and acronyms
Executive summary
Assessment and recommendations
Uzbekistan’s net-zero challenge: Macroeconomic and environmental state of play
Financing the transition: Capital availability
Composition and regulatory set-up of Uzbekistan’s financial sector
State of play of green finance in Uzbekistan: Opportunities for and barriers to green bond issuance
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