Uzbekistan Mulls Islamic Finance, New ESG Bond to Diversify Debt

Uzbekistan, Central Asia’s second biggest economy, is seeking to diversify its debt issuance after successful forays into the sustainable bond market.

The Central Asian country’s dollar bonds have returned almost 14% this year, compared with the less than 10% average for emerging and frontier nations tracked by Bloomberg. The region’s most populous nation was isolated from global markets before 2016 but has been reopening under President Shavkat Mirziyoyev through reforms that include a free-floating currency, while it’s benefited from a rally in price of gold.