National Investment Fund will be established

The Presidential Resolution ‘‘On the establishment of the National Investment Fund of the Republic of Uzbekistan’’ was adopted (dated 28/08/2024 No. PP-303), the press service of the Ministry of Justice reports.

According to the Resolution, the National Investment Fund of the Republic of Uzbekistan will be established.

The main objectives of the Fund are defined as:

• increasing the market value of the Fund’s net assets;
• placing the Fund’s shares on leading foreign stock exchanges;
• attracting leading international institutional investors to participate in the processes of attracting investment in the Fund’s assets and their privatization;
• implementation of corporate governance standards of the Organization for Economic Cooperation and Development, transition to international financial reporting standards, participation in the implementation of environmental, social and corporate governance (ESG) standards in the Fund’s investment assets.

A list of enterprises and commercial banks, the state share in which will be transferred to form the authorized capital of the Fund, has been approved.

The Fund will be created in the form of a joint-stock company, and its sole shareholder until the public offering of shares will be the Ministry of Economy and Finance.

At least 50 percent of the net profit of the Fund’s investment assets until 2030 will be used to pay dividends based on the results of the relevant year.