"NBU" plans to enter the Chinese capital market by issuing $250 million worth of bonds

"NBU" Plans to Enter the Chinese Capital Market with $250 Million in Bonds

On September 9–10, 2026, as part of the visit of the delegation led by the Prime Minister of Uzbekistan Abdulla Aripov to the Hong Kong Special Administrative Region of China, JSC "National Bank for Foreign Economic Activity of the Republic of Uzbekistan" ("NBU") and China International Capital Corporation (CICC) reached an agreement on cooperation in the Asian capital market.

Within the framework of the 11th Belt and Road Summit, the parties signed an agreement providing for the issuance of international bonds on the Hong Kong Stock Exchange in Chinese yuan and Uzbek soums for a total equivalent value of $250 million, and their listing on the Hong Kong Stock Exchange.

The reached agreement marks the first entry of JSC "NBU" into the Asian capital market and creates additional opportunities for expanding the bank's geography of international borrowing. If implemented, this agreement will allow the bank to diversify its funding sources and currency structure, expand the circle of international investors, and attract resources from the Asian capital market to finance priority investment projects in Uzbekistan.

This planned issuance is the next stage of JSC "NBU's" consistent activity in international capital markets. Since 2020, the bank has carried out three bond issuances on the London and Vienna stock exchanges with a total value of $1.13 billion.

This agreement was signed within the framework of implementing the state investment program for 2026. In accordance with this program, JSC "NBU" is tasked with attracting a total equivalent of $1.5 billion from leading international financial institutions to implement priority projects in Uzbekistan.

The signed agreement is one of the practical results of the consistent expansion of financial and economic cooperation between Uzbekistan and China, which in recent years has risen to a new level thanks to the far-sighted policy and strategic vision of the leaders of the two countries.

In bilateral relations, special attention is paid to trade, economic, and investment cooperation. According to the results of last year, the trade turnover between Uzbekistan and China approached $18 billion. The goal has been set to bring this figure to $30 billion in the coming years. The portfolio of active joint investment projects amounts to nearly $60 billion, and more than 6,000 joint ventures operate in Uzbekistan.

From this perspective, cooperation with leading Chinese financial institutions is expanding, and new mechanisms for attracting capital to implement investment projects are being introduced. The agreement reached by JSC "NBU" with CICC is one of the practical steps in this direction, serving to expand Uzbekistan's participation in Asian capital markets, diversify funding sources, and attract long-term resources to the country's economy.

JSC "National Bank for Foreign Economic Activity of the Republic of Uzbekistan" was established in 1991 and is the largest systematically important bank in the country. According to the results of 2025, the bank's assets exceeded $12 billion, its loan portfolio exceeded $9 billion, and its total capital exceeded $1.6 billion.

China International Capital Corporation (CICC) was established in 1995 and is one of China's leading investment banks. The company provides services in investment banking, capital markets, and asset management, and operates in international financial centers such as Hong Kong, Singapore, London, and New York.