Tashkent’s city administration and U.S. investment bank Oppenheimer & Co. have discussed the possibility of issuing municipal bonds to finance infrastructure projects in the capital, the administration said.
Mayor Shavkat Umurzakov met Max Lamy, chief executive of Oppenheimer’s investment banking business for Europe, the Middle East and Africa (EMEA), to discuss Tashkent’s prospects of tapping international capital markets, the administration said. Proceeds would go toward major infrastructure and urban development projects.
The sides also focused on public-private partnerships, international financial instruments, foreign experience in managing city finances and training for local specialists. They signed a cooperation agreement that is expected to broaden Tashkent’s ties with international financial institutions and investors, the administration said.
The administration did not say which projects could be funded, how large an issue might be, or what its timing and terms would be. It also did not disclose what role Oppenheimer might play in arranging a placement.
At an April 16 meeting chaired by the president, officials proposed issuing Eurobonds to raise an additional $500 million within a year.
The idea has circulated for years. In November 2020, then-mayor Jakhongir Artykkhodjayev said the city planned to place $500 million in Eurobonds, with $100 million earmarked for hospitals. Officials said at the time that a 2018 presidential decree gave Tashkent the right to issue bonds.
Oppenheimer, part of Oppenheimer Holdings, said in May 2024 it had created a group focused on emerging markets in Europe and Central Asia. On Oct. 21, InfinBANK said it had signed an agreement with the firm to place $300 million in Eurobonds. Uzbekistan’s Budget Code limits local authorities’ ability to issue debt.
