AmCham Uzbekistan, in collaboration with Franklin Templeton (Platinum member), was proud to host an exclusive monthly meeting on February 17, 2026, focused on the “Development of the Equity Capital Markets of Uzbekistan.” Over 70 foreign investors, consultants, brokers and other AmCham members joined this exclusive event.
The evening centered on a deep dive into the National Investment Fund of Uzbekistan (UzNIF). The Fund holds strategic minority stakes (ranging from 25% to 40%) in 15 of Uzbekistan’s key State-Owned Enterprises (SOEs), with an approximate valuation of USD 1.93 billion.
The Three Core Pillars of UzNIF:
• Corporate Transformation: Driving efficiency and modernization within SOEs.
• Enhanced Governance: Strengthening the role and independence of Boards of Directors.
• IPO Readiness: Preparing the Fund and its portfolio companies for public offerings.
The subsequent panel discussion highlighted pivotal shifts in the local financial landscape, including the new draft law on Capital Markets recently submitted to the Presidential Administration. Panelists also discussed increasing accessibility for local investors, specifically the growing opportunities for Uzbekistani citizens to purchase shares via mobile applications.
A Sincere Thank You to Our Expert Panelists:
• Marius Dan, CEO – Central Asia, TGI
• Karen Srapionov, Director, Investments, FTAM
• Sardor Koshnazarov, Independent Expert
• Fayzulla Tashov, Acting Chairman of the Board, Republican Stock Exchange “Toshkent”
• Aliy Akbarov, IR Manager, FTAM (Moderator)
About UzNIF https://www.uznif.com/en-uz