News

Navoi Mining and Metallurgical Company (NMMC) plays a key role in Uzbekistan’s efforts to expand its green spaces as part of the national Yashil Makon initiative. This project aims to increase urban greenery by planting 200 mln trees annually, boosting green coverage from 8% to 30%. NMMC’s involvement in this significant environmental initiative helps support the government’s push toward a greener and more sustainable future.

NMMC’s contributions to tree planting and environmental rehabilitation

In 2024, NMMC successfully planted 460,000 seedlings, contributing to the broader goal of improving Uzbekistan’s environmental landscape. One of the key achievements includes the planting...

Kazakhstan’s oil production has reached a new peak, with daily output surpassing 2.12 mln barrels per day as of February 19. Despite facing significant challenges due to disruptions in its primary export route, the Caspian Pipeline Consortium (CPC), the country has managed to maintain and even increase production levels. This growth in output is attributed to enhanced production at key oilfields, notably the Tengiz oilfield, operated by Tengizchevroil, a joint venture led by Chevron Corp.

Kazakhstan relies heavily on the CPC, which accounts for over 80% of its oil exports. However, Russia recently reported a 30-40% reduction in the...

Uzbekistan will provide each World War II veteran, including those with disabilities, $10,000 (approximately UZS 118 mln) as part of the Victory Day celebrations on May 9, also known as the Day of Remembrance and Honor. The announcement was made in a decree signed by President Shavkat Mirziyoyev.

In addition to veterans, citizens recognized as equivalent to WWII veterans will receive UZS 25 mln (around $1,930). Wartime workers from 1941-1945 will be given UZS 3 mln (roughly $230) by May 9. These payments will be fully funded by the national budget.

Uzbekistan has a long-standing tradition of honoring its...

Qanot Sharq, Uzbekistan’s first privately-operated airline, secured a long-term lease for five new Airbus A321neo aircraft from U.S.-based Air Lease Corporation. The deliveries are scheduled for 2026 and 2027.

The order includes two A321-200neo LRs with extended range and three A321-200neo XLRs, the ultra-long-range version. With a range of 8,700 km, the A321neo XLR offers 2,300 km more than the standard model. As the first airline in Central Asia to acquire this variant, Qanot Sharq takes a significant step in fleet modernization, with the XLR certified in summer 2024.

These aircraft will support Qanot Sharq’s expansion into new routes across...

Uzbekistan’s Ministry of Foreign Affairs announced that Ismatulla Irgashev, Special Representative of Uzbekistan’s President for Afghanistan, met with Jonathan Henick, the US Ambassador to Uzbekistan. They discussed Afghanistan’s future and the importance of regular talks to resolve its challenges. Both sides emphasized their shared interest in supporting international efforts to improve Afghanistan’s situation.

Both countries agreed on the need for continued cooperation to address Afghanistan’s issues. Political analysts, such as Jannat Fahim Chakari, highlighted the importance of strong regional partners like Uzbekistan and China advocating for Afghanistan.

He noted, «The more influential the lobby...

Uzbekistan completed its first digital substation, the Zafarabad 220kV Digital Substation, located in Jizzakh Province. Built by Shanghai Electric, the substation covers 75,000 square meters and is designed to improve power supply in eastern Uzbekistan. With a capacity of 400 MW, it will double the power supply to the Jizzakh region, ensuring more stable electricity delivery to both industrial and residential areas.

For years, Uzbekistan faced challenges with natural gas and electricity shortages. The Zafarabad substation is set to address these issues, supporting the region’s growing energy demand. The substation includes 250 MVA auto-transformers made by Shanghai Electric, which...

Uzbekistan ranks 34th out of 164 countries in the world regarding water scarcity, according to data from the World Resources Institute (WRI). This situation poses significant water management challenges, especially in rural and remote areas with limited access to clean drinking water.

The high level of water stress necessitates innovative solutions to manage and improve the efficiency of this vital resource to prevent depletion and pollution. In this context, projects to enhance water supply are crucial for the country’s socio-economic development and adaptation to climate change.

Coca-Cola, the largest beverage producer globally, is actively working to reduce water consumption at...

Kazakhstan is set to open its first external sea terminal in Poti, Georgia, in April 2025. The $30 mln project has been in development for two years and aims to handle 120,000 containers annually. This terminal will strengthen Kazakhstan’s role as a transit hub in Central Asia.

The terminal is located at the Poti port, which has over 20 berthing cranes and 17 kilometers of railway tracks. This infrastructure will improve Kazakhstan’s position in logistics and trade, facilitating smoother cargo movements across borders. The terminal will also support the transport corridor linking Kazakhstan, Azerbaijan, Georgia, and the Black Sea...

Pakistan confirmed its decision to expel Afghan refugees across the country, including in major cities such as Islamabad and Rawalpindi, TOLO News reports. The announcement, made by the Embassy of the Islamic Emirate in Pakistan, reveals that all Afghan refugees, including those holding Afghan Citizen Cards (ACC) and Proof of Registration (PoR) cards, will be subject to deportation in the near future.

Sardar Ahmad Shakeeb, the chargé d’affaires at the Embassy of the Islamic Emirate in Islamabad, stated that Pakistan’s Ministry of Foreign Affairs had informed Afghan officials that Afghans could only remain in Pakistan with a valid visa...

The Asian Development Bank (ADB) approved a $125 mln loan to support the modernization of Uzbekistan’s water sector. This project aims to improve water security, enhance management, and provide reliable water to citizens through digital solutions.

The loan will fund the installation of a nationwide bulk flow metering and telemetry system, covering major water resources. It will also create an asset inventory and geographic mapping for Uzbekistan’s water and wastewater infrastructure, including 4 mln customer connections.

The project will implement climate-smart water management systems, focusing on reducing energy consumption and improving operational efficiency. Meanwhile, the introduction of IT-based utility management systems will help lower operational...

Over 1.7 mln people in 21 municipalities across Tajikistan now have better access to clean and safe drinking water. This is the result of 8 major infrastructure projects completed between 2004 and 2022. The announcement was made by Huseyin Ozhan, EBRD’s Managing Director for Central Asia and Mongolia.

The European Bank for Reconstruction and Development (EBRD) invested over $100 mln in these projects, with more than $50 mln provided by the European Union, SECO Wirtschaftliche Zusammenarbeit und Entwicklung, and the Global Environment Facility. It is worth noting that the efforts replaced over 700,000 meters of water pipes, rehabilitated 44 water intakes, and installed 25,000 water meters. The projects also included the procurement of specialized...

Kazakhstan and China agreed to implement transport infrastructure projects to increase cargo traffic by 2027. Key projects include the development of a transport and logistics hub in Almaty (2025-2026), the expansion of the Dostyk-Alashankou border crossing, and the construction of the Bakhty-Ayagoz railway line.

Rail traffic between Kazakhstan and China is expected to reach 32 mln tons by the end of 2024. The XUAR government has committed CNY 1 bn (approximately $137.3 mln) to the development of the logistics hub.

These initiatives align with the Belt and Road Initiative (BRI) and aim to improve logistics efficiency and trade connectivity...

Starting in 2025, Tajikistan will begin replacing Kazakh liquefied petroleum gas (LPG) with Russian supplies. This decision follows a series of shifts in the regional energy market. The move is set to be implemented as Tajik importers plan to boost rail deliveries from Russia, especially after the European Union’s embargo on Russian LPG imports, which took effect on December 20, 2024.

As a result of the EU embargo, Kazakhstan has redirected more of its LPG exports to Europe, creating a more competitive pricing environment for Russian LPG in Central Asia. This shift has prompted Tajikistan to explore long-term contracts for...

Kyrgyzstan is set to be removed from the European Union’s Air Safety List (blacklist) in 2025. Daniyar Bostonov, Director of the State Civil Aviation Agency, confirmed this during a briefing on February 19. He stated that the country is prepared for the removal, though the final decision rests with the European Union (EU). Over the past two years, Kyrgyzstan focused on meeting international safety standards.

Kyrgyzstan’s efforts gained momentum after a visit to the EU Directorate for Mobility and Transport in Brussels. This visit helped form a roadmap for removing the country from the blacklist. Later, the country successfully...

Samarkand International Airport earned recognition as the fastest-growing airport in Europe and Central Asia for 2024. The airport saw 1.38 mln passengers pass through its terminal, marking a 36.6% increase from the previous year. This growth rate outpaced Olbia Airport in Italy, which recorded an 18.4% rise in traffic.

The significant increase in passenger numbers is attributed to the expansion of Samarkand’s network and the launch of its modern terminal. By the end of 2024, the airport had added three domestic and 23 international destinations. These additions helped enhance connectivity, positioning the airport as a vital hub for regional and international travel.

The terminal, which opened in early...

Uzbekistan’s President Shavkat Mirziyoyev was briefed on a new energy efficiency plan on February. The plan aims to save 1.6 bn cubic meters of natural gas and 3.5 bn kilowatt-hours of electricity in 2025. Energy consumption is expected to rise 1.7 times by 2035, highlighting the need for efficient energy use.

The plan proposes replacing outdated pumps in the water management system. This will save 1 bn kilowatt-hours of electricity annually. Additionally, upgrading boilers and using renewable energy in social institutions will further reduce energy consumption and costs.

The plan also targets the industrial sector. Enterprises will receive recommendations to meet energy-saving goals. Large industrial companies will...

Uzbekistan received a sovereign loan of up to $250 mln from the European Bank for Reconstruction and Development (EBRD) to modernize irrigation water conveyance (IWC) systems across 10 regions. The project will build on the ongoing Phase I, which focuses on modernizing 118 pumping stations in the Fergana Valley.

The goal of the project is to improve energy and water efficiency, enhance resilience to climate change, and expand access to reliable water for irrigation. It is expected to boost economic opportunities for farmers and contribute to climate change mitigation through energy savings and reduced GHG emissions.

The total cost of the project...

Uzbekistan’s GDP grew by 6.5% in 2024, as reported by the Presidential Statistical Agency. However, more than one-third of the country’s economic activity remains unobservable in official statistics. This portion of the economy, driven by informal and shadow sectors, significantly impacts the national output.

Preliminary estimates place Uzbekistan’s total GDP for 2024 at UZS 1.45 quadrillion (around $115 bn). This includes both the recorded and unobserved parts of the economy. The report provides a breakdown of GDP contributions from key sectors like industry, trade, and services. Additionally, it highlights the significant role of unobservable economic activities.

The shadow economy...

As of December 31, 2024, Islamic financing in Kyrgyzstan reached KGS 9 bn (approximately $103 mln), reflecting a 49.3% increase since the start of the year. This growth shows a clear trend toward the adoption of Islamic finance principles across the country. The information comes from the National bank of the Kyrgyz Republic.

The mortgage sector received the largest share of Islamic financing. It amounted to KGS 3.2 bn (around $36.5 mln), representing a significant 213.9% increase. Following mortgages, consumer financing reached KGS 1.6 bn (approximately $18.2 mln), which marked a 37% decrease from the previous period. On the...

A recent report by the Center for Global Development (CGD) reveals that the suspension of US aid will have substantial economic repercussions for Afghanistan, predicting a 7% decrease in the country’s growth rate. Afghanistan is one of eight nations heavily reliant on foreign assistance, with the United States being a key contributor.

According to CGD, the country has long depended on the US, which accounts for 35% of all foreign aid delivered through the US Agency for International Development (USAID). The reduction in this aid is projected to severely impact Afghanistan’s overall economic performance, especially in sectors reliant on external financial support.

Kazakhstan is advancing its aviation infrastructure by focusing on the modernization of six key airports, with an anticipated $2.1 bn in private investments allocated for these projects. These airports are expected to play a pivotal role in enhancing Kazakhstan’s logistics and cargo capabilities.

The investment will target several critical areas:

Kazakhstan’s strategic location in Central Asia offers significant advantages for...

Uzbekistan’s microfinance institutions (MFIs) and pawnshops showed significant growth in 2024. The number of MFIs increased to 192, up by 7% compared to last year. The number of pawnshops also grew to 92, an increase of 4%. This announcement was made by the Central Bank of Uzbekistan.

This expansion means that more people and businesses across Uzbekistan have access to financial services. These services are especially important for individuals and businesses that may not have access to traditional bank loans.

Expansion in financial services

The microfinance sector saw an increase in the amount of loans provided. In 2024, the total loan amount reached UZS...

On February 19, the price of gold bars in Uzbekistan set a new record, marking the 11th increase this year. The price of one gram of gold rose to UZS 1,258,290 (approximately $111), up by 0.8% from the previous day. A 5-gram gold bar is priced at UZS 6.291 mln (around $557). This announcement was made by the Central Bank of Uzbekistan.

Globally, the price of gold is also rising. The spot price for a troy ounce reached $2,928, or $94.16 per gram, with prices peaking at around $2,940. This increase follows a brief decline, driven by global market...

According to S&P Global Ratings, the banking sector in Uzbekistan is experiencing significant growth in consumer credit and microloans, which is reshaping the structure of credit portfolios. This aggressive lending growth, coupled with increasing competition, including the entry of foreign players, is exerting pressure on the quality of banking assets.

In response to this surge, the regulator took action in 2023 to curb the excessive expansion of retail lending. As a result, the share of retail loans decreased from 50% to approximately 20% in 2024. Despite these regulatory steps, the overall trend of expanding unsecured consumer and small business...