Uzbekistan has amended the Rules for the Emission of and the Official Registration of Bonds and Securities.
As of 10 June 2024, it is allowed to issue corporate bonds for projects aimed at developing the green economy.
A methodological guide for the issue and circulation of green corporate bonds is to be approved by the NAPP (National Agency of Perspective Projects).
For state registration of the issue of green corporate bonds, the following must be submitted:
- A copy of the conclusion on obtaining a certificate of compliance of the framework program with green standards. This must certificate must be obtained from a specialized organization that has been authorized by the International Capital Markets Association (ICMA), or approved by the Climate Bonds Initiative (CBI), or registered by the European Securities and Markets Authority (ESMA);
- a certificate indicating the purposes of using the funds raised from the placement of corporate bonds and their compliance with the requirements of the National Green Taxonomy of Uzbekistan and/or other equivalent taxonomies.
Also, the decision to issue such bonds and the emission prospectus must contain information on:
- the purposes of using the funds from the placement of bonds in accordance with the requirements of the National Green Taxonomy and/or other equivalent taxonomies;
- planned results (KPIs) that are to be achieved within the framework of the requirements of the National Green Taxonomy and/or other equivalent taxonomies;
- the information on the certificate of compliance with green standards, as well as the organization that issued this certificate.