Uzbek Government Launches Large-Scale Privatization Program

A large-scale privatization program has been initiated by the adoption of Presidential Decree No. PP – 4300 of April 29, 2019 "On measures to further improvement of the mechanisms for attracting foreign direct investment in the economy of the Republic" (the "Decree") and the Resolution of the Cabinet of Ministers No. 358 of April 26, 2019 "On the organization of the initial and secondary public offerings of shares at the stock exchange" (the "Resolution").

According to the Decree, the State wants to proceed with the privatization by transferring the ownership over a wide range of public entities to the private sector. The list of state-owned shares provided by the Decree initiates the sale of controlling stakes in state enterprises. This list shall be used in conjunction with another list of traded shares introduced by the Resolution in order to see the full picture. The program further provides for the implementation of PPP projects and identifies potential