The UK government has approved technical assistance to begin the phase II of the study of the Tashkent international financial district concept (TIFC), the Uzbek Capital Market Development Agency said.
The concept will be prepared by an interagency working group with the involvement of TheCityUK (a private-sector membership body and industry advocacy group promoting the financial and related professional services industry).
“The essence of the project is to determine the most suitable model for a financial and legal ecosystem, as well as the necessary infrastructure for its full functioning. International rules and standards used in many financial districts around the world ( New York, London, Hong Kong, Singapore, Dubai, and Astana) are based on the principles of common/English law), the agency noted.
A provisional project feasibility study, prepared with the support of the UK Embassy in Tashkent, was completed and made available for review this summer.