Foreign investment and loans fund 70% of Uzbekistan’s capital spending

Nearly seven out of every ten dollars spent on fixed assets in Uzbekistan in January-September 2026 came from foreign investment and loans, according to the latest estimates by the National Statistics Committee.

Of that foreign funding, about a third was in the form of loans. The total included $22.48 billion classified as foreign investment, $8.40 billion in non-guaranteed foreign loans and $3.01 billion in state-guaranteed foreign loans. 

Foreign sources accounted for 69.8% of capital investment, up from 68.4% a year earlier.

While the figure cannot be read as foreign direct investment (FDI), it grasps how heavily Uzbekistan’s economic advancements rely on overseas financing. 

The committee reported investment growth of 20.1%, up from 12.7% in the same period of 2025. This represented a recovery in momentum, though growth remained below the 38.4% recorded in 2024. The metric includes spending on construction, machinery, equipment, and other fixed assets, rather than stock purchases or announced investment commitments.

Read more: Uzbekistan’s investment reached $28.4 billion in the first half of 2026

Factories attracted more than twice as much investment 

Centralised financing — comprising government-run budget funds, the Reconstruction and Development Fund and state-guaranteed foreign loans — grew 43.3% to approximately $5.45 billion. Its share increased from 9.4% to 11.2%, with guaranteed foreign borrowing supplying more than half the total.

Manufacturing was the largest destination for capital spending, receiving approximately $13.36 billion. Its share rose from 25.5% to 27.5%, according to the report’s sector breakdown.

Meanwhile, the mining attracted $2.81 billion, while electricity, gas, steam and air-conditioning supply received $3.24 billion. Altogether, they accounted for 12.5% of investment, down from 22.4% a year earlier.

Read more: Anadolu Isuzu-backed SamAuto plans to expand production in Uzbekistan

Agriculture gained weight alongside manufacturing

Agriculture, forestry and fishing received approximately $4.33 billion, increasing their share of total investment from 7% to 8.9%.

The construction industry also gained ground, attracting $4.25 billion and raising its share from 7% to 8.8%. This category is separate from housing investment, which totalled $7.24 billion.

Read more: How satellite monitoring could help Central Asia’s farmers manage water shortages

Manufacturing, agriculture and construction together absorbed 45.2% of capital investment, compared with 39.5% a year earlier.