US company to manage the assets of Uzbekistan's National Investment Fund

A trust management agreement has been signed between the National Investment Fund of Uzbekistan and Franklin Templeton Asset Management LLC to oversee investment assets, with the goal of fostering Uzbekistan’s economic development and attracting international investors, as stated by the Ministry of Economy and Finance.

Under the terms of the agreement, Franklin Templeton will manage an investment portfolio consisting of shares from 18 state-owned enterprises and commercial banks affiliated with the Fund. The company will implement transformation programs designed to enhance the investment attractiveness of these assets.

Once these transformation programs are completed, the Fund, along with the enterprises and banks under its management, will be listed on local and international stock exchanges.

To achieve this, Franklin Templeton will review and refine the strategies of the Fund’s state-owned enterprises and commercial banks. Transformation initiatives will be implemented to align corporate governance, financial efficiency, internal auditing, and risk management systems with global standards, while also enhancing employee qualifications.