Like in many countries, the scale of Uzbekistan’s green transition requires a marked increase in private financing to fill the existing spending gap. However, compared to other countries, the outsized role of the state in Uzbekistan’s economy and its underdeveloped domestic capital market are particularly significant constraints to the mobilisation of private finance. Since 2021, Uzbekistan has made green bonds a central part of its strategy to fill the financing gap and mobilise new sources of capital for its domestic green infrastructure projects. This report provides a stock-take of the market and institutional set-up in Uzbekistan, the reforms that have led to recent issuances of both sovereign and corporate thematic bonds, and the remaining barriers to further uptake of the instrument. The report covers information available as of October 2023, although given the rapidly evolving situation in Uzbekistan some changes to market conditions and additional bond issuances may not be included. The report also provides policy recommendations related to the market's institutional set up, Uzbekistan's regulatory framework for debt capital markets and emerging opportunities for further green bond use aimed at key stakeholders, including policy makers and market participants. It contributes to the growing body of OECD work on thematic bonds in the emerging markets of Eastern Europe, the Caucasus and Central Asia (EECCA).

The lead author of the report is Mr. Douglas Herrick under the guidance of Ms. Virginie Marchal and Ms. Nelly Petkova (all OECD Environment Directorate) with background research carried out by Mr. Stanislav Dubko (external consultant). Ms. Natalia Ciumacenco translated the report into Russian. Mr. Jonathan Wright and Ms. Soojin Jeong (both OECD Environment Directorate) provided logistical support during the report’s fact-finding missions, and Ms. Ria Sandilands (OECD Environment Directorate) prepared the report for publication.

The report benefited from consultations with representatives of government bodies in Uzbekistan during OECD fact-finding missions in April 2023 and July 2022. The report’s authors would like to thank Mr. Farrukh Hamdanov, Mr. Shakhzod Islamov, Mr. Abbos Jurabaev, Mr. Javlon Khakimov, Mr. Sherzod Mukhamedov, of the Ministry of Economy and Finance; Mr. Tengiz Asanov, Mr. Elyorbek Buribaev and Mr. Aziz Khamidov of the Ministry of Investments, Industry and Trade; Mr Salimjon Buriev, Mr Azizjon Kalimbetov, Ms Gulnara Khodjabekova and Mr Anvar Tursunaliyev of the Ministry of Ecology, Environmental Protection and Climate Change; Mr Bekzod Asadov, Mr Sardor Khujakulov, Mr Umidjon Narzullaev and Mr. Bahrom Umarbekov of the Ministry of Energy; Mr. Alautdin Arifkhanov, Mr. Mirsaid Nasirov and Mr. Shakhzodbek Makhmudov of the Central Bank of Uzbekistan; Mr. Aziz Gafurov and Mr Jahongir Ubaydullayev of the Agency for Strategic Reforms; and Mr. Bakhtiyar Abidov of the Khokimiyat (City Administration) of the City of Tashkent. The report also drew on the valuable insights of non-governmental stakeholders who were also consulted during the OECD fact-finding missions, including the Republican Stock Exchange “Toshkent” (Mr. Abdujabborov Abduazimkhoja, Mr George Paresishvili) and Sanoat Qurilish Bank (SQB; Mr. Azim Abdushukurov, Mr. Bakhtiyor Akhmanov, Mr. Afzal Musakhanov, Mr. Bobir Sultonmurodov and Mr Dilshod Turgunov). The authors would also like to thank the representatives of bilateral and multilateral development partners that provided their input during in-person and online consultations including Mr. Begzod Djalilov, Mr. Abhishek Hegde and Mr. Adham Kuchkarov of the Asian Development Bank (ADB); Mr. Anvar Nasritdinov of the European Bank for Reconstruction and Development (EBRD); Dr. Caroline Milow of the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ); Mr. Khusan Khasanov of the Islamic Bank of Development (IsDB); Mr. Hiroo Awazaki of the Japan International Cooperation Agency (JICA); Mr. Kamol Islamov, Ms. Diyora Kabulova and Mr. Fayzulla Salakhuddinov of the United Nations Development Programme (UNDP); and Mr. Davit Babasyan and Mr. Sébastien Boitreaud of the World Bank.

The authors are also grateful to OECD experts Valentina Bellesi, Jane Ellis and Robert Youngman (Environment Directorate); Alissa Krüger (Development Co-operation Directorate) and Peline Atamer (Global Relations and Co-operation Directorate) for their comments on the draft report. The report also benefitted from comments from Alexander Wiese (UNDP) as well as IsDB, SQB and the Ministry of Economy and Finance of Uzbekistan. The report’s findings were presented at the OECD’s first meeting of the Working Party on Finance and Investment for Environmental Goals (WPFIEG) in September 2023 and has been declassified following review by WPFIEG and the OECD Environment Policy Committee (EPOC).

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