Britain to help Uzbekistan develop concept of an international financial center

The UK government has approved technical assistance to begin the second phase of exploring the concept of creating the Tashkent International Financial Center (TIFC), the Capital Market Development Agency of Uzbekistan reported.

Photo: Suzanne Plunkett / Reuters

The concept of the project will be prepared by an interagency working group with the participation of TheCityUK (a British organization that brings together leading companies providing financial and legal services).

“The essence of the project is to determine the optimal model for the formation of a unique financial and legal ecosystem, as well as the necessary infrastructure for its full functioning. International rules and standards used in many financial centers around the world (for example, New York, London, Hong Kong, Singapore, Dubai, as well as the Astana city center (AIFC) are based on the principles of common law (English law),” the agency noted.

A preliminary feasibility study for this project, prepared with the support of the British Embassy in Tashkent, was completed and made available for review this summer.