Templeton Global Investments has been appointed as the trustee manager for the National Investment Fund of Uzbekistan.

According to the agreement, minority stakes in 18 state-owned enterprises, estimated by Franklin Templeton to be worth approximately $1.5 billion, will be transferred to the fund's management. This partnership marks a significant milestone in the implementation of Uzbekistan's economic reforms aimed at enhancing the efficiency of key state-owned enterprises, attracting international investment, developing capital markets, and maximizing the value of companies to stimulate economic growth and prosperity in the country.

Manraj Sehon, Director of Investments at Templeton Global Investments, expressed confidence in the importance of collaborating with the Government of Uzbekistan. He noted that the appointment of the company as the fund's trustee manager is aimed at accelerating the transformation of large state-owned enterprises in the country and supporting the development of the local capital market. According to him, emerging markets are on the path to incredible growth, and the establishment of the National Investment Fund will be a step that demonstrates Uzbekistan's potential on the global stage, as well as provide access to opportunities for major international investors interested in the dynamic modernization of the country's economy.

Templeton Global Investments, with nearly 40 years of experience in investing in emerging markets, is confident that its extensive expertise and global presence will effectively enhance the profitability and attractiveness of the fund's companies for foreign investors in partnership with the Government. The company believes that under professional management, the fund will bring long-term benefits to the people of Uzbekistan.

The National Investment Fund of the Republic of Uzbekistan was established in 2024 in accordance with the presidential decree dated August 27 and is a joint-stock company that owns strategic stakes in state enterprises of Uzbekistan. Initially, the shareholder of the fund will be the Government of Uzbekistan. A key objective for the trustee manager is to facilitate the placement of the fund's shares both on the Tashkent Stock Exchange and on leading international markets. Additionally, Templeton Global Investments will work with Uzbekistan on projects aimed at increasing the value of the companies within the fund and improving their efficiency.

Marius Dan, Director of Market Development Strategy at Templeton Global Investments, emphasized that the company aims to enhance awareness of Uzbekistan and the UzNIF fund among international institutional investors, as the fund offers attractive opportunities through its diverse portfolio. The company plans to open an office in Tashkent this year and form a local team with support from its entire global network.

The launch of the National Investment Fund is expected to take place in April 2025. Templeton Global Investments has over 15 years of experience in actively managing similar projects in international markets, including the Romanian investment fund Fondul Proprietatea, whose market capitalization peaked at $3 billion and was listed on the London and Bucharest stock exchanges.