12:01 / 15.04.2021
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Shavkat Mirziyoyev approves capital market development program

President of Uzbekistan Shavkat Mirziyoyev has signed a decree on measures for the further development of the capital market.

The document approved a program for the development of the capital market in 2021-2023, targets to be achieved by implementing the program, a roadmap, as well as a list of enterprises whose shares are subject to public offering through the stock exchange in 2021-2023.

Thus, it is planned to bring the total volume of securities in free float to at least 5% of GDP. On the recommendation of the underwriter, starting from January 1, 2023, domestic issuers can place their shares in foreign stock markets after a preliminary placement on the republican stock exchange. The results of IPO or SPO placement by public bidding are not subject to reconsideration.

The main directions of capital market development are defined by:

  • increasing competitiveness and bringing the capitalization of the capital market to 45 trillion soums by the end of 2023, the creation of an effective financing mechanism alternative to bank lending;
  • increasing the availability of the capital market to all categories of investors through active integration with international financial markets, extensive use of modern information and communication technologies and application of advanced approaches successfully tested abroad;
  • bringing up the share of projects financed by securities within republican and regional investment programs to 5% by the end of 2023, by ensuring the harmonious functioning and development of all segments of the capital market;
  • creation of the necessary conditions for active financing of investments aimed at developing the stock market, by introducing international best practices, eliminating unnecessary barriers and restrictions, etc.
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