The key facts

  • Tashkent and Oppenheimer & Co. signed a cooperation agreement and discussed issuing municipal bonds to finance infrastructure projects
  • The volume, timing and terms of the possible issuance, as well as Oppenheimer's role, were not disclosed; the Budget Code limits local authorities' debt obligations
  • The city administration also discussed with Aquatech International the modernization of wastewater treatment and pilot projects in the water sector

Talks with Oppenheimer and a cooperation agreement

The Tashkent city administration plans to issue bonds with the support of the American investment bank Oppenheimer & Co., the press service of the capital's administration reported. On October 21, mayor Shavkat Umarzakov met with Max Lamy, chief executive officer of Oppenheimer's investment banking division for Europe, the Middle East and Africa. The parties discussed prospects for Tashkent's access to international capital markets, including the issuance of municipal bonds to raise funds for major infrastructure and urban development projects. They also discussed the development of public-private partnerships, the use of international financial instruments, studying foreign experience in managing city finances and improving the qualifications of local specialists. Following the meeting, a mutual cooperation agreement was signed, which, as expected at the city administration, will expand contacts with international financial institutions and investors.

Uncertainty surrounding the issuance

As Gazeta.uz notes, the city administration did not specify which projects could be financed through the bonds, nor the expected volume, timing and terms of the issuance. The possible role of Oppenheimer & Co. in organizing the placement was also not disclosed. The outlet also reminds that the Budget Code of Uzbekistan limits the ability of local authorities to issue debt obligations.

Background: plans for $500 million and the 2020 idea

On April 16, at a meeting held by President Shavkat Mirziyoyev on Tashkent's economy, it was proposed to issue the capital's eurobonds to attract an additional $500 million within a year. At the same time, city authorities were tasked with attracting $5 billion in investments, increasing production by 88 trillion soums, exports by $4.9 billion, and creating 65.5 thousand highly paid jobs. The idea of municipal bonds has been discussed for several years: in November 2020, then-mayor Jahongir Artikkhodjaev stated his intention to place $500 million in eurobonds, of which $100 million was proposed to be allocated to hospital development. The then-operating Capital Market Development Agency explained that a 2018 presidential decree (UP-5515) granted Tashkent the right to issue bonds, and the funds were to be directed toward recoupable infrastructure projects.

Context of Oppenheimer's activity in Uzbekistan

Oppenheimer & Co. is an American investment banking and brokerage company that is part of Oppenheimer Holdings. In May 2024, it announced the creation of a specialized group for capital markets in developing countries of Europe and Central Asia. In September 2025, Mirziyoyev received the president and CEO of Oppenheimer Holdings, Robert Lowenthal; the meeting noted the company's participation in developing private projects and issuing eurobonds in Uzbekistan. On October 21, InfinBANK announced the signing of an agreement with Oppenheimer for the placement of $300 million in eurobonds. In addition, the authorities of the Andijan region discussed with the bank attracting $300 million through the issuance of corporate eurobonds by the company Andijon Invest Kompaniyasi.

Talks with Aquatech on the water sector

The same day, Umarzakov met with the CEO of the American Aquatech International, Devesh Sharma. They discussed the modernization of wastewater treatment and its reuse, the introduction of technologies for collecting and treating rainwater, digital monitoring of water resources and reducing losses. The parties considered proposals to conduct a technical audit at one of the treatment facilities, to study financing through a public-private partnership mechanism, to implement pilot projects and to establish a long-term partnership.

Water as the main infrastructure challenge, in the mayor's view

In an August interview with Anhor.uz, Umarzakov called the water problem the main infrastructure challenge for Tashkent, pointing to insufficient elaboration of the water supply situation and the need for a unified water resource management system. “To say that we have plenty of water and there is no need to worry is a mistake,” he noted. According to him, management should cover rainwater, drainage and collector waters, as well as water used by the population, in agriculture, industry, pools and for irrigation; the city needs to calculate its water balance and systematize resource management.