News

Fitch has withdrawn the rating of UzAgrosugurta Joint-Stock Company due to its inability to assess its credit portfolio, according to a statement from the rating agency.

Fitch explained that it did not receive the company’s financial documents on time. As a result, the agency will no longer monitor the company’s stability rating or provide analysis.

Experts from the agency highlighted the reduced transparency of UzAgrosugurta and placed its BB- rating on Rating Watch Negative, indicating potential negative changes.

UzAgrosugurta offers over 100 types of insurance services for individuals and businesses. Its main focus is on providing insurance products for...

TBC Bank Uzbekistan has announced the placement of its debut bonds, denominated in Uzbek soum. The bank’s press service informed Kursiv Uzbekistan about this development.

The total value of the issued securities amounts to 40 bn soum (approximately $3.11 mn), with a yield of 24%. The funds raised will be used to further expand TBC’s operations in Uzbekistan.

Since the beginning of this year, TBC Bank Uzbekistan has secured financing of $105 mn, including a $40 mn loan.

Uzbekistan’s Ministry of Health will establish a centralised centre for purchasing medicines and medical equipment, as outlined in a decree by President Shavkat Mirziyoyev.

Starting in 2025, the centre will be authorised to procure products directly from manufacturers or their official representatives.

Through direct contracts, the centre will also purchase reagents, consumables for laboratory equipment, and medications for emergency and urgent care.

The centre will be based on the state enterprise Uzmedimpex and the training and production centre for medical equipment servicing. In addition to its headquarters in the capital, the organisation will have 13 regional branches.

The Department...

The International Olympic Committee (IOC) will distribute $6.8 bn to sports federations and organisations from 2025 to 2028, according to Forbes.

IOC Communications Director Mark Adams announced the figure at a conference in Lausanne, Switzerland. The committee plans to allocate $4.7 mn per day, a 20% increase from the previous cycle.

The IOC will also boost stakeholder support and raise payouts under the Olympic Solidarity Programme by 10%.

By October 2024, Uzbekistan’s rooster and hen population reached 101.9 mn, an increase of 10.4% compared to the previous year, according to the State Statistics Committee.

This means that, on average, every resident of the country owns three chickens.

As of early October 2024, Uzbekistan’s population was 37 mn.

Uzbek companies secured export contracts worth $210 mn for building materials during the first US-Uzbekistan business forum, Dunyo news agency reports.

The event in Washington marked the first platform dedicated to discussing the export of Uzbek building materials to the US market. Major producers, including Basalt Uzbekistan, Sanfa Engineering, and Geobasalt Products, showcased their products.

Representatives of leading US construction firms and building material retailers explored over 50 types of materials, such as porcelain stoneware, insulation, aluminium profiles, and sanitary ware.

American investors agreed to fund a project for mining and processing kaolin clay in Uzbekistan. Discussions also focused on...

Uzbekistan will soon launch Kasana.uz, an online platform promoting products made by women entrepreneurs. Nasiba Mirodilova, Chair of the Association of Women and Girls of Uzbekistan, announced this during Civil Society Week in Uzbekistan’s Tashkent.

The platform will help showcase goods on both local and international markets. Mirodilova described the initiative as a vital step in advancing women’s entrepreneurship in the country.

In the first half of this year, Uzbek banks gave women entrepreneurs loans amounting to UZS 1.2 trillion.

Kursiv Uzbekistan also reports that the BBC named an Uzbek woman among the world’s 100 most influential women.

The National Agency for Perspective Projects of Uzbekistan (NAPP) has suspended the licence of brokerage firm Toshkent Investitsiya Majmui (Tashkent Investment Complex) for ten days, the regulator’s press service reported.

The company’s work on the securities market will be restricted until December 11. During this time, the broker must correct the violations identified by the ANPP.

At the same time, the agency does not specify the specific reasons for the suspension of the licence.

The law allows the regulator to suspend licences for a period not exceeding ten days. If the violations are not corrected, the ANPP can apply...

Japan International Cooperation Agency (JICA) plans to introduce a system of energy efficiency audits in Uzbekistan, JICA’s chief representative in Uzbekistan Bito Yoshibumi told Trend journalists.

According to him, this system has proven itself in Japan. The audits help promote energy efficiency in different sectors of the economy.

JICA has been involved in developing Uzbekistan’s energy sector for many years. Currently, 23% of the country’s electricity is generated through projects supported by the agency. Its staff promotes the rational use of energy by government agencies and private organisations.

A critical area of cooperation between JICA and the country’s...

The Legislative Chamber of the Oliy Majlis of Uzbekistan has approved the draft state budget for 2025, the press service of the lower house of parliament reported.

According to the draft law, the republic’s budget expenditures will amount to 345 trillion soums next year. Of these, 178 trillion soums will be spent on social policy. This includes poverty reduction, employment promotion and support for people in need.

During the discussion of the draft law, MPs considered more than 100 questions and made ten conceptual proposals.

Thus, 40 bn soums will be allocated to produce documentaries on...

In Bukhara, motorbikes, scooters, bicycles and mopeds have been banned from using near historical monuments, the Road Traffic Safety Service (RTS) reported.

As explained by the agency, such transport may threaten cultural heritage objects. Its use near historical monuments poses a danger to tourists and residents of the city.

Road signs informing about the restrictions are currently being installed near historical sites.

Kursiv Uzbekistan also reports that Uzbekistan is discussing the introduction of fines for those who violate the rules of using scooters and electric scooters.

The boxing bout between boxers Dmitry Bivol and Arthur Beterbiev will take place on 22 February next year in Riyadh, said the chairman of the General Entertainment Authority of Saudi Arabia Turki Al al-Sheikh.

Recall that Bivol lost to Beterbiev on 13 October due to a decision made by the judges. Then, many spectators considered the victory of the champion unconvincing, and Bivol immediately started talking about a possible rematch on the team.

Analysts predict that boxers have equal chances to win. Despite the October defeat, Bivol is six years younger than his opponent. For him...

The Jogorku Kenesh Committee has approved a draft law on naming an unnamed mountain peak as UN Peak, as reported by the Kyrgyz Parliament’s press office.

The 5,500-metre-high mountain peak is located in the area of the South Inilchek glacier in Kyrgyzstan. The area of the glacier is 567 square kilometres. The ice thickness is estimated at 150-220 metres.

The parliamentary committee also approved a draft law on renaming settlements in several districts of Kyrgyzstan.

Kursiv Uzbekistan also reports that the Turkish authorities will rename Central Asia as Turkestan.

Following the parliamentary elections, Uzbekistan’s Legislative Chamber has retained the first place in Central Asia in terms of the number of female MPs, Uzbek President Shavkat Mirziyoyev said during a speech in the lower house of parliament.

The proportion of women increased to 38%. Fifty-seven women have received parliamentary mandates, up from 48 in the last convocation of the Parlament. Uzbekistan has thus consolidated its leadership in Central Asia in terms of gender equality in the legislature.

In Kazakhstan, women hold only 27% of seats in the lower house of parliament. In Tajikistan and Turkmenistan, 26.6% and...

The British BBC has included Uzbekistani woman Dilorom Yuldosheva in its ranking of 100 women worldwide for 2024.

The Uzbek woman lost her legs in a harvesting accident two years ago.

After the accident, she decided to learn the basics of entrepreneurship and resource management. With this knowledge, she trained 40 women in sewing.

The company she founded was awarded contracts to sew uniforms for labourers and schoolchildren.

The BBC ranking also includes American actress Sharon Stone, Nobel Peace Prize winner Nadia Murad, singer Ray and others.

Kursiv Uzbekistan also reports that Uzbekistan retained its leadership...

The International Union for Conservation of Nature (IUCN) opens an official representative office in Uzbekistan, the Uzbek Ministry of Ecology, as reported by th Environmental Protection and Climate Change.

The agreement was signed by Minister of Ecology Aziz Abdukhakimov and IUCN Director General Gretel Aguilar on the margins of the UN conference on combating desertification in Riyadh.

Opening an IUCN office in Tashkent will create new opportunities for the Union to cooperate with Central Asian countries.

IUCN works to protect nature, restore ecosystems and mitigate the effects of climate change. It maintains an international list of endangered animals and plants...

Uzbekistan will no longer host the 2025 Asian Youth Games, the Olympic Council of Asia (OCA) announced. The National Olympic Committee of Uzbekistan informed the OCA that construction of the Olympic Village in Tashkent will not be completed in time for the Games, which were scheduled for September 2025.

As a result, Bahrain will now host the Games next year, despite Uzbekistan being the original host.

In November, Uzbekistan’s National Olympic Committee reported completing the finishing works on the Olympic Village in Tashkent. The next step was to install equipment in the sports complex.

Construction of the complex began...

The Olympic Council of Asia cancelled the Youth Asian Games, originally planned for Uzbekistan in 2025. The announcement appeared on the organisation’s official page on X (formerly Twitter).

Bahrain will now host the Games in 2024, according to the council.

Uzbekistan’s National Olympic Committee recently reported completing finishing works at Tashkent’s Olympic Village. The next step involved installing equipment in the sports complex.

The construction of the facility cost nearly $290 mn.

The number of Uzbek-Turkish enterprises has tripled over the past five years, and the Chamber of Commerce and Industry of Uzbekistan (CCI) approved it during a meeting with investors from Turkey.

Since the beginning of this year, more than 300 firms with Turkish capital have opened in Uzbekistan, and the total number has grown to 1.9 thousand. By the end of 2023, Uzbekistan had absorbed $1.2 bn of Turkish investments.

The meeting with investors gathered the representatives of the Chamber of Commerce, Uzbek Industry and the Ministry of Economy and Finance of Uzbekistan.

Kursiv Uzbekistan also reports that...

Uzbekistan has completed negotiations with the Philippines for joining the World Trade Organization (WTO), as reported by Azizbek Urunov, the President’s special representative, on his LinkedIn page.

The two sides signed the protocol in Geneva in early December. The ceremony was attended by Zhang Xiangchen, WTO Deputy Director-General.

In the past two months, Tashkent also concluded membership talks with China, El Salvador, and the United States. In early November, Tiago Klaar, the European Union’s Ambassador to Uzbekistan, confirmed that Brussels would support Uzbekistan’s WTO accession.

Uzbekistan aims to complete the WTO membership process by the bloc’s summit in...

Smoking prevalence in Uzbekistan will decrease by 4.6% over the next five years. Despite this, tobacco-related mortality will continue to be a major issue, according to an international research team. Kursiv Uzbekistan has obtained the report.

In 2021, 18.8% of men and 0.5% of women in the country smoked. Projections suggest that between 2020 and 2025, the total number of smokers will fall by 4.6%.

However, smoking will still pose a significant threat to public health. It leads to deaths from conditions like oral and lung cancer, as well as heart disease. In Uzbekistan, cardiovascular diseases are the leading cause of death.

The Central Bank of Uzbekistan reported incidents of phone scammers claiming to be its staff, the regulator’s press service announced.

Scammers also created a fake Telegram channel to steal money from the bank cards of Uzbek citizens.

The Central Bank reminded the public that it does not issue loans or provide financial services to individuals.

Officials urged citizens to protect their bank card details and avoid clicking on suspicious links.

Minister of Justice Akbar Tashkulov announced during a forum for Civil Society Week that by December 2024, Uzbekistan would have over 10,000 non-governmental non-profit organisations (NGOs).

Tashkulov stated that these organisations employ more than 70,000 people across the country.

“NGOs are actively providing social support at the local level. They serve as a vital link between citizens and the government,” he highlighted.

Civil Society Week will continue until December 6, bringing together 40,000 international organisations.

Swiss prosecutors have accused Lombard Odier Bank of money laundering with aggravating circumstances, according to the Financial Times.

The Swiss government states that the bank played a crucial role in concealing the criminal activities of Gulnara Karimova, the daughter of Islam Karimov, Uzbekistan’s first president, over several years.

In September 2023, prosecutors charged Karimova with embezzling a large sum of money and laundering it through a Swiss organisation known as the Office.

Karimova has denied the allegations made by Swiss authorities.

The prosecutors have also charged a former Lombard Odier employee. They have been investigating the case since 2016.