The April 2 presidential decree outlined the list of beneficiaries of funds received from the placement in February of US$ 1 billion total worth of 5-year and 10-year eurobonds.
According to the Ministry of Justice, “for further improving the welfare of the country and the people, financing strategically important projects,” the funds, subject to annual interest, will be used for the following:
- US$ 889.2 million will be placed through auction on banks' deposit accounts;
- US$ 20 million will be lent to Agrobank;
- US$ 89.9 million will be issued as a loan to the state-owned enterprise Navoi Mining and Metallurgical Complex.
On February 14, Uzbekistan placed bonds on the London Stock Exchange worth US$ 500 million 4.75% due in 2024 and another US$ 500 million 5.375% due in 2029.
It was noted that net proceeds from bonds would be used for general budgetary purposes, including to fund infrastructure projects.