Uzmilliybank signs CICC deal for $250 mln Hong Kong bond listing

September 12, 2026 at 05:00 PM2 min

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Uzbekistan's National Bank for Foreign Economic Activity (Uzmilliybank) signed an agreement with China International Capital Corporation (CICC) on September 10 to issue international bonds worth $250 million equivalent on the Hong Kong Stock Exchange. The deal, signed during Prime Minister Abdulla Aripov's visit to Hong Kong, marks the bank's first entry into the Asian capital market. It aims to diversify funding sources and attract Asian investors for priority projects in Uzbekistan.

Key Facts

Uzmilliybank and CICC signed an agreement on September 10 to issue bonds worth $250 million equivalent on the Hong Kong Stock Exchange.
The bonds will be denominated in Chinese yuan and Uzbek soum, with a combined value equivalent to $250 million.
Since 2020, Uzmilliybank has issued three bond tranches on the London and Vienna stock exchanges totaling $1.13 billion.
The agreement was signed during the 11th Belt and Road Initiative summit in Hong Kong, attended by Prime Minister Abdulla Aripov.
Uzbekistan and China's trade turnover reached nearly $18 billion last year, with a target of $30 billion in the coming years.

The Agreement

Uzmilliybank and China International Capital Corporation (CICC) signed a cooperation agreement on the Asian capital market during Prime Minister Abdulla Aripov's visit to Hong Kong on September 9-10. The agreement was signed on the sidelines of the 11th Belt and Road Initiative summit and provides for the issuance and listing of international bonds on the Hong Kong Stock Exchange. The bonds will be issued in Chinese yuan and Uzbek soum with a total value equivalent to $250 million. This will be Uzmilliybank's first entry into the Asian debt capital market, expanding the geography of its international borrowings.

Bank's Track Record

Since 2020, Uzmilliybank has carried out three bond issuances on the London and Vienna stock exchanges totaling $1.13 billion. The planned Hong Kong issuance is a continuation of the bank's consistent activity in international capital markets. The agreement was signed as part of the 2026 state investment program, under which Uzmilliybank is tasked with attracting $1.5 billion equivalent from leading international financial institutions for priority projects in Uzbekistan.

Uzbek-Chinese Economic Ties

The agreement is a practical result of expanding financial and economic cooperation between Uzbekistan and China. Trade turnover between Uzbekistan and China reached nearly $18 billion last year, with a target of $30 billion in the coming years. The current portfolio of joint investment projects is about $60 billion, and more than 6,000 joint ventures operate in Uzbekistan.