NBU and China International Capital Corporation sign a 1.5 billion yuan agreement to enter China’s capital market
On May 6, 2026, as part of the official visit of the delegation of the Republic of Uzbekistan, led by Prime Minister Abdulla Aripov, to the Hong Kong Special Administrative Region, the National Bank for Foreign Economic Activity of the Republic of Uzbekistan (NBU) and China International Capital Corporation signed a mandate agreement to arrange an issue of dim sum bonds in Chinese yuan worth 1.5 billion, equivalent to $220 million, on the Hong Kong Stock Exchange.
The signing took place on the sidelines of the first Uzbekistan – China Economic Forum in Hong Kong, which brought together representatives from government agencies, financial institutions, and business circles in both countries. NBU became the first commercial bank in Uzbekistan to sign an agreement with China International Capital Corporation to cooperate in arranging bond placements in Chinese yuan on international capital markets.
The agreement lays the groundwork for Uzbek corporate borrowers’ debut entry into China’s debt capital market and reflects the parties’ intention to develop this instrument in line with mutual long-term interests. At the same time, the final decision on placement will be made, taking into account market conditions, the geopolitical situation, and interest rate dynamics.
Since 2020, NBU has been an active participant in the international capital market. To date, NBU has issued three bonds on the London and Vienna stock exchanges, totaling $1.13 billion, including $900 million and 2.9 trillion UZS.
The signed agreement aims to expand NBU’s access to China’s capital market, one of the world’s largest sources of long-term financing, and to develop partnerships with leading Chinese financial institutions, including Industrial and Commercial Bank of China, Bank of China, Agricultural Bank of China, Bank of Communications, Industrial Bank Co., Ltd., China Construction Bank, and China Minsheng Bank.
The agreement was signed as part of the implementation of the State Investment Program for 2026, under which NBU has been tasked with securing credit lines from international financial institutions totaling $1.5 billion.
Earlier, an NBU working group, with support from the China International Capital Corporation team, held a series of meetings with China’s largest financial institutions and institutional investors in a Non-Deal Roadshow format.
The events were attended by representatives of more than 20 leading Chinese financial institutions, including Bank of Communications, Industrial Bank of China, CMBC Capital, Ping An Securities, and Haitong International, as well as asset managers Value Partners, Fountainhead, Arkkan, L&R, Lux Aeterna, and Enhanced Investment Products.
In addition, meetings were held with several international institutional investors, including T. Rowe Price, Ninety One, Brevan Howard, Pictet, and TT International.
During the meetings, presentations covered macroeconomic reforms in Uzbekistan under the Uzbekistan 2030 Strategy, the NBU’s 2025 financial results, the bank’s development strategy, and plans to access international capital markets.
Investors expressed strong interest in NBU’s potential placements in Chinese yuan and highly praised the economic reforms underway under the leadership of the President of the Republic of Uzbekistan.
Developing cooperation with Chinese financial institutions, including China International Capital Corporation, is a key element of the strategy to diversify sources of international financing and expand access to global capital markets.
UzA
