UK offers help with Tashkent English-law financial centre

Britain has offered to help Uzbekistan set up its international financial centre in Tashkent, where businesses will operate under principles of English law.

The offer came during a meeting between President Shavkat Mirziyoyev and British trade minister Lord Anas Sarwar this Friday, according to the Uzbek president’s office. The statement did not specify what assistance Britain would provide or announce a funding commitment.

Uzbekistan established the centre’s legal framework in July, which included provisions for an independent commercial court. The aim is to give international investors a familiar system for doing business and settling disputes.

Financing new projects

The talks also covered potential projects involving UK Export Finance, Britain’s export credit agency, in infrastructure, energy, transport, healthcare and education. No individual deals or financing amounts were announced.

UKEF helps overseas buyers finance purchases from British suppliers, using tools such as loan guarantees and insurance. Its involvement could help Uzbek projects secure financing for British equipment and services.

Further read: Tashkent financial centre to offer multi-currency trading and zero tax

The meeting follows Uzbekistan’s National Investment Fund listing in London earlier this year. Its IPO raised approximately $603.6 million for the government through the sale of a 31% stake, the fund previously told Kursiv Uzbekistan.

The president’s office said 260 Uzbek-British joint ventures operate in Uzbekistan. Both sides agreed to draw up a joint plan for further cooperation.