Pursuant to a decision of the National Agency for Perspective Projects of the Republic of Uzbekistan (NAPP), JSCB Kapitalbank and Kapital Securities LLC have joined the Regulatory Sandbox framework of the capital market of the Republic of Uzbekistan as the first participants in the area of issuance and circulation of foreign currency-denominated bonds.
This initiative is being implemented within the Regulatory Sandbox framework and, for the first time, provides for the testing and practical application of mechanisms for the issuance and circulation of foreign currency-denominated bonds. The objective is to enhance capital market financing instruments in Uzbekistan, expand investment opportunities, and increase the liquidity of the financial market.
Within the framework of the Regulatory Sandbox, JSCB Kapitalbank and Kapital Securities LLC are considering the implementation of projects involving the issuance of foreign currency-denominated bonds in Uzbekistan. These projects will enable the practical testing of approaches to their issuance and circulation, while also facilitating the development of proposals for further regulatory improvements and capital market infrastructure development, taking into account international best practices and the needs of market participants.
George Paresishvili, Director of Kapital Securities LLC, commented:
"Participation in the Regulatory Sandbox will allow us to test new mechanisms for raising debt financing for Uzbek companies through the capital market, while also creating additional opportunities to expand the range of investment instruments and enhance the liquidity of the local securities market. We believe that the implementation of these mechanisms will help attract a new category of local and international investors willing to invest funds in hard currency into the country's economy, while also contributing to the further development of the capital market infrastructure of the Republic of Uzbekistan."
