KY & Partners has advised the Ministry of Economy and Finance of the Republic of Uzbekistan on a tender offer for holders of UZS 2 trillion (around $163.6mn) 14.50% notes due 2023 and successfully placed $660mn 7.85% notes due 2028 and UZS 4.25 trillion (around $348mn) 16.25% notes due 2026 on the London Stock Exchange. This marks a historic financial initiative, making Uzbekistan a pioneer in several aspects.
One of the groundbreaking elements of this financial endeavor is the introduction of the tender offer, a proactive step in managing Uzbekistan's financial obligations.
This initiative includes the issuance of green sovereign bonds, denominated in UZS, which represents a pioneering move in the Commonwealth of Independent States (CIS). These green bonds signify Uzbekistan's commitment to aligning financial activities with environmental sustainability goals.
The proceeds from these green bonds will be allocated to environmentally focused projects, including water-saving technologies, the expansion of transportation systems, sanitation initiatives for populated areas, and the establishment of protective forests to combat wind erosion and water body siltation. These projects aim to address critical environmental challenges.
The selection of projects eligible for funding through these green bonds was conducted in collaboration between the Ministry of Economy and Finance of the Republic of Uzbekistan and the United Nations Development Programme (UNDP), ensuring alignment with international sustainability standards.
The success of this groundbreaking transaction can be attributed to individuals like partner Muborak Kambarova and managing associate Salimjon Yusupov, whose expertise was instrumental in navigating the complexities of this financial initiative.
Uzbekistan's issuance of green sovereign bonds, along with the innovative tender offer, represents a pioneering approach to financial management. By investing in environmentally focused projects, Uzbekistan fulfills its financial responsibilities while making substantial contributions to sustainability.
Follow Daryo's official Instagram and Twitter pages to keep current on world news.
Comments (0)