Uzbekistan Weekly: Uzbekistan secures ADB support, deepens Russia ties, advances WTO bid

October 10, 2025 to October 16, 2025

This week's top 10 stories from Uzbekistan, selected from our daily intelligence briefs.

1. ADB Approves $500 Million Loan to Back Governance Reforms and Global Integration

The Asian Development Bank approved a $500 million loan for Uzbekistan’s Economic Management Improvement Program II to boost public‑sector efficiency, strengthen economic governance, and accelerate integration into the global economy — including support for potential WTO accession. The program combines institutional reforms with social‑protection measures to cushion vulnerable groups during restructuring and complements ADB’s long‑standing engagement in Uzbekistan (about $14.6 billion in financing, grants and technical assistance since 1995), alongside recent ADB investments in the Trans‑Caspian corridor (A380 upgrades including a 75 km bypass and 12 km reconstruction).

Separately, ADB signed a $20 million financing agreement with Davr Bank to expand som‑denominated lending to micro, small and medium enterprises, with at least 50% of funds earmarked for women‑owned businesses and a focus on first‑time and underserved borrowers to improve financial inclusion and support de‑dollarization. Together, these moves signal continued development‑finance prioritization of governance reform, gender‑lens investing and MSME credit penetration as Uzbekistan deepens global integration.

Local Coverage: gazeta.uz, uzdaily.uz

From daily briefs: 2025-10-10, 2025-10-16

2. Presidents Mirziyoyev and Putin Discuss Deepening Strategic Ties by Phone

On 14 October, Uzbekistan President Shavkat Mirziyoyev and Russian President Vladimir Putin held a phone call to review implementation of recent high‑level agreements and reaffirm their “comprehensive strategic partnership,” following their participation in the CIS and the second Central Asia–Russia summit in Dushanbe the prior week. The leaders prioritized sustaining growth in trade, economic and investment cooperation, and expanding humanitarian links—particularly engineering training tied to Uzbekistan’s skills agenda—and endorsed regional industrial and infrastructure projects. No new initiatives, timelines or project specifics were disclosed, suggesting the call was intended to maintain momentum and coordination rather than announce fresh measures.

At the Dushanbe summit (9–14 October cycle), leaders adopted a Joint Communiqué and a 2025–2027 Action Plan that frames concrete steps to deepen integration: proposals include a “Central Asia–Russia Energy Partnership,” imminent joint projects for Uzbekistan’s first nuclear reactor and a nuclear medicine center with Rosatom, a “Central Asia–Russia Agroexpress” to speed agricultural shipments, a transport‑logistics contour aligned with the North–South corridor, and an engineering hub in Bukhara. Officials highlighted a reported 15% rise in mutual trade among Uzbekistan, Russia and neighboring states, linking these initiatives to job creation, supply‑chain resilience and regional security cooperation on counterterrorism, cyberthreats and Afghanistan.

Local Coverage: anhor.uz, gazeta.uz, kun.uz, qalampir.uz, uzdaily.uz, uza.uz

From daily briefs: 2025-10-10, 2025-10-11, 2025-10-14, 2025-10-15

3. Incheon Corporation to Modernize and Operate Urgench Airport Under Long-Term PPP

Uzbekistan Airports and Incheon International Airport Corporation (IIAC) have signed a long-term public–private partnership (aligned with a BOT tender concluded earlier this year) to finance, build and operate upgraded passenger and cargo terminals and ground handling at Urgench International Airport, while the state partner will develop and operate airfield infrastructure (runway and apron). Construction and reconstruction — including a new runway, ICAO‑compliant lighting and specialized equipment — are scheduled for completion by end‑2027; the new 39,000 sq m terminal will handle up to 1,300 passengers per hour.

IIAC will manage the airport until 2047; the project was previously valued at $223 million with $115 million in Korean investment. The deal leverages IIAC’s recent international portfolio expansion (including work on New Tashkent International Airport) and signals Uzbekistan’s push to modernize regional aviation infrastructure, increase transit potential and introduce advanced airport technology and services.

Local Coverage: uzdaily.uz, gazeta.uz

From daily brief: 2025-10-16

4. WTO Accession Working Party to Convene in Geneva on 5–6 November

The WTO’s Accession Working Party for Uzbekistan will meet in Geneva on 5–6 November 2025 for the country’s 11th session, continuing a rapid negotiation pace sustained since 2023. The meeting will assess progress on market-access commitments and remaining bilateral files: Tashkent has concluded 29 market-access agreements, reached preliminary terms with two additional countries, and still needs to finalize conditions with three states to complete bilateral negotiations.

Uzbekistan is aiming to finish accession by the 14th WTO Ministerial Conference in 2026 in Cameroon, an ambitious but increasingly structured timeline given the recent meeting cadence (previous sessions in 2002, 2003, 2005, 2020, 2022, and six consecutive meetings since 2023). The session’s outcome will be pivotal for closing outstanding bilateral issues and securing member support needed to meet the 2026 target, according to Azizbek Urunov, Special Representative of the President on WTO Affairs.

Local Coverage: uzdaily.uz

From daily brief: 2025-10-11

5. NKMK Targets 30% Output Increase by 2030 with IPO Plans in London and Tashkent

Navoiy Mining and Metallurgical Kombinat (NKMK) aims to raise gold output about 30% to roughly 4.0 million ounces by 2030, launching a development program in 2025 that could entail up to $600 million a year in capex. Plans center on expanding the Muruntau open pit and building a new processing complex capable of 30 million tonnes of ore per year; the company produced 3.1 million ounces in 2024 and ranked fourth globally. H1 2025 results show net profit up 72% to $1.5 billion on $4.7 billion revenue, with adjusted EBITDA up 51.7% to $3.06 billion and margins improving to 64.9% despite rising mining costs.

NKMK is progressing dual IPO plans — targeting listings in London and Tashkent and reportedly seeking a near $20 billion valuation — as the Central Bank remains the principal buyer and exporter while domestic sales slowly expand for jewelry manufacture. For international investors and service providers, the program signals sustained hard-currency export prioritization and opportunities across mining services, equipment and logistics, but execution will hinge on financing details, regulatory stability and procurement timelines.

Local Coverage: gazeta.uz, kun.uz

From daily briefs: 2025-10-10, 2025-10-11

6. Small Nuclear Power Plant Construction to Start in July 2026, Positioning Country as Regional Power Generator

Uzbekistan has begun excavation and plans to start main construction in July 2026 of a mixed-capacity nuclear power project at the Jizzakh (Forish) site under a Rosatom-led program, with Atomstroyexport project director Pavel Bezrukov confirming timelines. The integrated plan pairs two 110 MW RITM‑200N small reactors (SMRs) and two 1,000 MW VVER units, aiming for initial SMR power by 2030 and phased commercial operation of large units between 2031 and 2035; first concrete for the reactor island is targeted for March 2026. Officials say the plant could supply 15–16% of national electricity, reduce gas dependence, stabilize seasonal renewables, and enable future regional power exports.

The project emphasizes localization—targeting 70% local workforce participation—workforce training through MEPhI Tashkent, techno- and energy-park development, and a proposed 60‑year plant life, with financing currently domestic and Russian state credit expected from 2026. Implemented with IAEA guidance, site studies cover ecology and seismicity and the design includes dry cooling and passive safety features. Selection of subcontractor Enter Engineering and limited transparency has drawn domestic criticism; public hearings are planned for November–December 2025 and contractual adjustments remain possible pending environmental review.

Local Coverage: uzdaily.uz, gazeta.uz, uza.uz, kun.uz, qalampir.uz, anhor.uz

From daily briefs: 2025-10-10, 2025-10-11, 2025-10-12, 2025-10-14, 2025-10-16

7. Special Tax Regime Offers 5-Year Relief on Foreign-Sourced Income for Non-Residents from 2026

From 1 January 2026 Uzbekistan will offer a special personal income tax regime exempting foreign‑sourced income for non‑residents for up to five years, under Presidential Decree No. PF‑180 dated 4 October 2025. Eligibility requires owning or renting residential property in Uzbekistan and a minimum presence of 30 days within any rolling 12‑month period; applicants (and close adult family members for an additional fee) must apply to the Tax Committee for review by a designated commission within up to five business days.

On approval the principal applicant pays a one‑off fee of $50,000 (plus $10,000 per additional adult) and must open an account at an authorized bank or maintain a crypto wallet with a licensed exchange; registration is processed in one day. The measure is aimed at attracting foreign professionals and capital by providing a clear, short‑term tax shelter for foreign income, but the high entry cost and residency requirement will limit suitability to high‑net‑worth individuals and firms structuring inbound personnel movements.

Local Coverage: norma.uz, anhor.uz

From daily brief: 2025-10-10

8. $4.2B Kambar-Ata-1 Hydropower Build Advances with $5.6B Financing Interest

Uzbekistan’s Energy Minister Jurabek Mirzamahmudov said the tri‑country Kambar‑Ata‑1 hydropower project in Kyrgyzstan is priced at $4.2 billion, with international financiers indicating up to $5.6 billion in potential backing after a third ministerial roundtable in Brussels under World Bank auspices. The scheme — Kyrgyzstan 34%, Uzbekistan 33%, Kazakhstan 33% — envisages a 1,860 MW plant with a 5.4 billion m3 reservoir, annual generation of about 5.6 TWh, and a 10‑year construction horizon; documents will meet international environmental, safety and economic standards and the reservoir design aims to avoid resettlement while improving irrigation‑season water delivery.

Lenders engaged include the EBRD, EIB, AIIB, ADB, OPEC Fund and Italian institutions, and memorandums of understanding were signed in Brussels with the EBRD and EIB during the EU’s Global Gateway forum. Officials framed Kambar‑Ata‑1 as a flagship regional cooperation asset to underpin reliable power supply, economic growth and flexible market‑aligned offtake; the readiness of multilateral lenders to allocate resources signals elevated political support, though detailed financing terms and firm timelines remain to be finalized.

Local Coverage: qalampir.uz, uza.uz

From daily briefs: 2025-10-13, 2025-10-16

9. $14.5 Million Project to Build AI-Driven Legal Services and Korea–Uzbekistan Law Center

Uzbekistan’s Ministry of Justice, in partnership with the Korea International Cooperation Agency (KOICA), is launching a $14.5 million initiative to modernize the country’s justice sector by building an AI-enabled legal services environment and creating a Korea–Uzbekistan Law Center. The project will focus on upgrading digital legal infrastructure—including the national legal database Lex.uz—deploying AI-assisted legal services to speed public access to legal aid, and exploring AI uses in drafting legislation and regulatory frameworks.

Stakeholders reviewed capacity needs for specialized talent, equipment, and IT support to integrate AI into lawmaking and adjudication workflows. The proposed Law Center, to link the Ministry of Justice, Tashkent State University of Law and Korean partners, aims to function as a hub for joint programs, research, seminars and conferences, strengthening institutional ties and knowledge exchange that could reshape legal practice and policy in Uzbekistan.

Local Coverage: uza.uz

From daily brief: 2025-10-17

10. Pledge Law Overhaul Targets Stronger Creditor Protection and New Collateral Tools

A new working group under the Foreign Investors’ Council met in Tashkent to push reforms of Uzbekistan’s secured transactions regime aimed at strengthening creditor protection and boosting investor confidence. Co-organized by the Ministry of Investment, Industry and Trade, the Central Bank, the Council’s secretariat and BDO Uzbekistan, the session prioritized modernizing the collateral registry, introducing pledge accounts, and permitting security interests over intellectual property and corporate equity stakes. International best practices presented informed specific proposals to mandate registry entries for real estate obligations, integrate the collateral registry with the land cadastre and depository databases, and separate movable and immovable asset registries.

If adopted, the reforms would increase transparency and predictability in collateralization, ease access to credit for businesses and individuals, and broaden foreign capital inflows by improving enforceability of security interests. The initiative signals a coordinated public–private push to align Uzbekistan’s secured transactions framework with global standards, though implementation timelines and detailed legislative measures were not announced at the meeting.

Local Coverage: uzdaily.uz

From daily brief: 2025-10-15

About This Weekly Digest

The stories above represent the most significant developments from Uzbekistan this week, selected through our AI-powered analysis of hundreds of local news articles.

Stories are drawn from our daily intelligence briefs, which synthesize reporting from Uzbekistan's leading news sources to provide comprehensive situational awareness for international decision-makers.