Tashkent looks to be first city in Central Asia to get credit rating in 2019

Baku, Azerbaijan, February 19

By Fakhri Vakilov - Trend:

Tashkent (Uzbekistan) plans to get a credit rating from Fitch Ratings and Moody’s international agencies, Trend reports via Uzbek media.

Sherzod Khadzhizadaev, the first deputy mayor of capital for economic and business issues, said that Tashkent will be the first city in Central Asia to receive a credit rating from Fitch Ratings and Moody’s.

He stated that Uzbek President Shavkat Mirziyoyev set the task of turning Tashkent into the financial capital of Central Asia. The first steps towards this goal have already been made, the first deputy mayor noted:

In December, Uzbekistan received the first credit ratings from Standard & Poor’s and Fitch Ratings - both assigned the country a “BB-” rating with a stable outlook, while Moody’s rated Uzbekistan at the “B1” level, also with a stable outlook.

Deputy Mayor for investment, innovation, industrial development, tourism and the promotion of privatized enterprises Sharof Rakhmonov noted the increased interest from investors.

“There are about 5,000 registered enterprises with foreign investments in Tashkent, at the moment. Previously, about 300-400 were created annually. About 1,500 enterprises with foreign investments were established in 2018 alone.”

It is planned to implement 273 investment projects worth $2.7 billion in the framework of the investment program of Tashkent in 2019. This figure was $420 million in 2018. In the structure of investments, the main part is occupied by the development of service sector and the organization of manufacturing enterprises.

Rakhmonov said that about 30 percent of the investment program falls on construction sector. In value terms, the investment program is 32 trillion soums where about 10 trillion soums account for construction, which includes the construction of not only residential buildings, but also socially significant facilities, hotels, kindergartens and educational institutions and medical institutions.

($1- 8410.78 soums on Feb. 19)

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Follow author on Twitter:@vakilovfaxri

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