News

The OPEC Fund for International Development has approved a $35 mln loan for Asaka Bank, one of Uzbekistan’s largest commercial banks, to expand financing for agriculture and climate-related projects. The agreement aims to improve food security and strengthen climate resilience by increasing financial support for small and medium-sized enterprises (SMEs) in the sector.

Support for agriculture and SMEs

Agriculture contributes 25% of Uzbekistan’s GDP and employs a significant portion of the workforce. However, the sector faces challenges such as water scarcity, extreme weather conditions, and limited access to finance. The funding will help small-scale farmers and agribusinesses secure financial resources to invest in modern technology, infrastructure, and market expansion.

Asaka Bank will on-lend the funds to SMEs...

SUEZ, a global leader in the water and waste management sectors, has signed two new agreements with Uzbekistan to support the country’s environmental initiatives. These agreements align with Uzbekistan’s long-term strategy to improve water infrastructure and develop human capital in the sector.

Public-Private Partnership for water supply in Surxondaryo

SUEZ and UzSuvtaminot have signed a term sheet for a two-year service and supply contract in preparation for a long-term Public-Private Partnership (PPP) in four districts of Surxondaryo: Sariyoso, Denov, Shorchi, and Kumqorgon. The project aims to improve water supply services for 1 mln residents.

The agreement covers network improvements, equipment maintenance, and customer service...

The National Bank of Uzbekistan has signed a $200 mln credit line agreement with France’s Natixis bank. The agreement was concluded during the Uzbek-French business forum in Paris.

Credit line to support key investment projects

As part of Uzbekistan’s 2025 state investment programme, the National Bank of Uzbekistan aims to attract $1.2 bn in credit lines from international financial institutions. The newly secured funds will be allocated to priority investment and infrastructure projects. These include transportation, housing construction, tourism, renewable energy, modern clinics, airport upgrades, and support for SMEs.

The credit line is provided with insurance coverage from European export credit agencies and does not...

Banks in Uzbekistan and Kazakhstan are likely to lead Eurobond issuance in the CIS+ region in 2025, driven by refinancing needs, strong economic growth, and favourable investor sentiment. Total Eurobond placements in the region could approach the record $3.5 bn issued in 2024, significantly higher than the previous peak of $1.3 bn in 2020. This announcement comes from Fitch Ratings.

Refinancing and market growth drive issuance

CIS+ banks are expected to issue new Eurobonds primarily to refinance existing debt, with $1.8 bn maturing in 2025–2026. Additionally, strong loan growth and stable economic conditions are likely to support bank...

Voltalia has signed a power sales agreement (PPA) with Uzenergosotish for its hybrid energy project in Uzbekistan. The agreement was finalised during Uzbek President Shavkat Mirziyoyev’s visit to France. The Uzbek Ministry of Energy and the Ministry of Investment and Foreign Trade facilitated the signing.

Artemisya project to expand Uzbekistan’s renewable capacity

The Artemisya project, located in the Bukhara region, will integrate 126 megawatts of solar energy, 300 megawatts of wind power, and a 100-megawatt/200-megawatt-hour battery storage system. The project is expected to strengthen Uzbekistan’s energy infrastructure and provide a reliable power supply.

Voltalia’s collaboration with Uzbek...

The exchange rate of the American dollar at the Uzbek Republican Currency Exchange (UzRVB) has decreased by 8.17 soums, now standing at 12,931.94 soums.

The Central Bank of Uzbekistan has maintained the US currency rate at this level.

Banks are currently buying dollars for between 12,880 and 12,920 soums and selling them for prices ranging from 12,950 to 13,000 soums.

Kursiv Uzbekistan also reported on the changes in the dollar exchange rate in Uzbekistan at the end of last week.

In January 2025, the volume of construction works in Uzbekistan reached 11.8 trillion soums, marking an annual growth of 17.9%, according to the National Statistics Committee.

The highest construction activity was observed in the capital city, Tashkent, which recorded 3.6 trillion soums. Tashkadarya and Tashkent regions followed with 1.4 trillion soums and 815.6 bn soums, respectively.

For comparison, in January 2023, the construction volume was 5 trillion soums, while in 2022, it was 6.9 trillion soums.

Kursiv Uzbekistan also reports that property developers in Uzbekistan will face fines for generating excessive dust.

Alexei Maximov has been appointed as the head of JSC National Interbank Processing Centre (Humo). This decision was made by the company’s Board of Directors on March 6.

Maximov will lead the company until March 2028. Previously, he served as the deputy chairman of the board at Octobank.

Humo was formerly led by Shukhrat Kurbanov. It’s worth noting that in January of this year, the payment system was acquired by Paynet for $65 mln.

Kursiv Uzbekistan also reports that Humo’s net profit for 2024 totaled 168.2 bn soums, reflecting an annual growth rate exceeding 47%.

European Commissioner for International Partnerships, Josef Sikela, will visit Central Asian countries, including Uzbekistan, from March 12 to 18, in preparation for the EU-Central Asia Summit taking place in Samarkand in April.

During his visit, he will be accompanied by representatives from European financial institutions and businesses. In Uzbekistan, Sikela plans to meet with members of the Uzbek government and business community, as well as representatives from the Almalyk Mining and Metallurgical Combine (AMMC).

He will also participate in a signing ceremony for regional projects focused on digital interconnectivity.

Sikela’s visit aims to expand the Global Gateway investment program to...

Nodirbek Yakubboyev. Photo: Prague International Chess

Uzbekistan’s Nodirbek Yakubboyev won the Challengers tournament held in the Czech Republic, as reported by UzChess.

He scored seven points over nine rounds, achieving five wins and four draws.

Denmark’s Jonas Byul Bjerre secured second place, while China’s Ma Kun finished third.

Yakubboyev’s victory at the tournament guarantees his participation in the Masters, which will take place in 2026.

Earlier this year, in late January, Kursiv Uzbekistan reported that Nodirbek Yakubboyev apologized to Indian chess player Rameshbabu Vaishali.

Uzbekistan Airways diverted several flights bound for Moscow after Russian air defences intercepted over 300 drones in what authorities described as the largest drone attack since the start of the conflict with Ukraine. The attack, which took place overnight on March 11, targeted multiple Russian regions, including Moscow and its surrounding areas.

Flights rerouted due to drone activity

An Uzbekistan Airways flight from Tashkent to Moscow diverted to St Petersburg after Vnukovo Airport activated its “Carpet” defence protocol in response to the drone attack. The airline redirected three additional flights:

In 2024, the Republican Specialised Scientific and Practical Medical Center of Traumatology and Orthopaedics conducted over 11,000 surgeries, as reported by the Ministry of Health of Uzbekistan.

Of these surgeries, 62% utilised advanced technology, and there were 30 unique surgical interventions performed.

One of these unique surgeries was successfully carried out in collaboration with Alexei Peleganchuk, the head of the neuroorthopaedics department at the Novosibirsk Research Institute of Traumatology and Orthopaedics named after Y.L. Tsivyan, who holds a candidate of medical sciences degree.

Following the procedure, the Russian specialist conducted a master class for Uzbek doctors.

Kursiv Uzbekistan also...

Uzbek company Chikako has delivered its first batch of baby hygiene products to Osh, Kyrgyzstan, according to a report from Dunyo News Agency.

Chikako has established a representative office in the Osh Regiont in collaboration with Datka Holding. The company has also begun advertising its products in Kyrgyzstan.

Chikako representatives met with officials from the Kyrgyz Chamber of Commerce and Industry to discuss increasing the export of Uzbek products.

Based in the Kokand Free Economic Zone (FEZ), Chikako specialises in the production of baby nappies.

Kursiv Uzbekistan also reports that the issuance of corporate bonds in Uzbekistan has...

According to the latest UEFA figures, Manchester City earned €76 mln from the sale of their merchandise during the 2023-2024 season, ranking 11th among European clubs. This revenue has increased 3.5 times since 2019. The club’s sports uniforms are produced by the Puma brand.

Roma ranks 20th in this category, generating €24 mln from merchandise sales.

The report highlights that Real Madrid (€196 mln), Bayern Munich, and Barcelona (€171 mln each) are the top clubs in terms of merchandising revenue.

“Clubs are benefiting from their global fan bases and commercial growth. The top 20 clubs...

The housing policy implemented by the government of Uzbekistan has received high praise from the United Nations, according to a report by the Dunyo news agency.

UN Special Rapporteur on the right to adequate housing, Balakrishnan Rajagopal, commended recent reforms in the country for strengthening housing rights, as noted in the updated Constitution.

Rajagopal encouraged Tashkent to continue its ongoing reforms and to enforce the newly adopted legal measures in this area.

Kursiv Uzbekistan also reports that prices for secondary housing in Uzbekistan increased by 4.6% in January of this year.

According to a report from the Central Bank of Uzbekistan, the country’s gold and foreign exchange reserves surpassed $44.9 bn on March 1. This represented an increase of 4.7% over the previous month.

Foreign currency reserves totaled $9.5 bn, up from $7.2 bn a month prior. The total value of gold reserves was $34.8 bn, down slightly from $35 bn in February. The volume of gold decreased from 12.6 mln to 12.2 mln troy ounces over the same period.

In January, the Central Bank of Uzbekistan emerged as the largest buyer of gold, acquiring 8 tonnes of the...

English football club Manchester City awarded its best player for February to defender Abdukodir Khusanov.

Following the award, Khusanov participated in a brief interview that was shared on the club’s Instagram account.

In the interview, the player was asked about his favorite English slang word that he has learned. Khusanov responded that it is “buzzing,” which means to be happy, energetic, or in anticipation.

He also mentioned that his favorite “chitmil” (a planned dietary break) consists of pilaf and kebab.

Khusanov’s favorite place in Manchester is the Etihad Stadium, and he named Vitor Reis as his best friend on...

Nottingham Forest defeated Manchester City in a home match during the 28th round of the English Premier League (EPL).

The only goal of the match was scored by Forest striker Callum Hudson-Odoi in the 83rd minute.

Manchester City defender Abdukodir Khusanov played the entire match, successfully deflecting several dangerous attempts from Forest. At one point, he caught up with Hudson-Odoi near the penalty area, impressing spectators and fans with his phenomenal speed.

In that moment, Khusanov caught up with and overtook Odoi. Video: X.

Sofascore rated Khusanov’s performance in this match at 7.3 points.

As a result of this game...

Turkmenistan is prepared to collaborate with European partners to supply Turkmen gas through the trans-Caspian route, according to Gurbanguly Berdimuhamedov, Chairman of the Khalk Maslahaty and national leader of the state, in an interview with Euronews TV channel.

Berdimuhamedov emphasised that Turkmenistan has always favored a comprehensive partnership in the Caspian energy sector, which includes support for the construction of underwater gas pipelines.

He mentioned that Ashgabat is ready to supply electricity to Europe and is open to cooperation in green and renewable energy initiatives.

As of the end of 2024, the primary gas suppliers to the EU...

Uzbek gymnast Oksana Chusovitina, aged 49, has won the World Cup stage competition in Baku, Azerbaijan, as reported by the RBC news agency.

Chusovitina secured first place in the vault, while gymnasts Teja Belak and Tjasa Kisselef from Slovenia took second and third places, respectively.

At 49 years old, Chusovitina has an impressive Olympic career, having competed in eight Games for the Soviet Union, Germany and Uzbekistan. She has won two medals: gold in 1992 and silver in 2008.

She plans to compete in the 2028 Olympics.

Kursiv Uzbekistan also reports that Chusovitina won a bronze medal at the World...

In 2024, the Uzbek government allocated 17 trillion soums to support employment and entrepreneurship among women, as announced by President Shavkat Mirziyoyev.

The state’s investments have yielded positive results. By the end of the year, women entrepreneurs in the country produced goods worth 81 trillion soums and exported products valued at $450 mln. This initiative has also contributed to the creation of new jobs, particularly for women from low-income families.

The President highlighted the project “I Am a Participant in the Process of Creation,” which aims to train women in mahallas (neighborhoods) in in-demand professions and crafts.

“I view...

President Shavkat Mirziyoyev of Uzbekistan delivered a statement at a ceremony honoring March 8, emphasising the country’s commitment to enhancing social protection for women. His remarks were reported by the press office of the head of state.

He noted that, following an assessment of the situation of women in each mahalla, 1 mln women in need of support have been documented in a “women’s notebook.” This year, targeted efforts will focus on assisting these women, including 162,000 women with disabilities who will receive medical care in sanatoria, clini, and their local mahallas.

Furthermore, Mirziyoyev announced that 130,000 Uzbek women...

The issuance of corporate bonds in Uzbekistan has surpassed two trillion soums, reaching 2.2 trillion soums as reported by the Central Securities Depository (CSD) on March 1, 2025.

Currently, 80.7% of these bonds are held by various organisations, while 17% are in the process of being placed. Foreign investors own 2.3% of the corporate debt securities.

The total volume of share issuances has exceeded 216 trillion soums, growing by 11.1% from March 2024. The depository manages shares from 688 issuers, with nearly 80% of these securities owned by the state. The remainder is held by investors, companies, organizations...

Being a woman means staying strong and responsible; it is not a sign of weakness, stated Uzbek Presidential Aide Saida Mirziyoyeva in a congratulatory message for International Women’s Day on March 8th.

«We have travelled a challenging path to transform ourselves and society, engaging with men as equals in politics, science and business. Today, we look forward with confidence to achieving our dreams,» Mirziyoyeva wrote on her Telegram channel.

She wished women resilience, recognition of their talents, health, happiness, as well as prosperity and peace in their families.

Mirziyoyeva concluded her message with the...