Changes have been made to the portfolio of the National Investment Fund (UzNIF). According to the president's decree on February 25, stakes in "Navoiyazot" (25%) and Xalq Bank (30%) are being removed from the fund's portfolio and returned to state ownership via the Ministry of Economy and Finance.

In exchange, an additional 5% state stake in "Uzbektelekom" and 10% stake in "Uzbekinvest" are being transferred from the state to UzNIF. An additional 10% stake in "Uzsanoatqurilishbank" (SQB) is being transferred from the Recovery and Development Fund through the ministry to UzNIF.

As a result, the fund's portfolio has shrunk from 18 to 13 companies ($1.5 billion). An initial public offering (IPO) of UzNIF shares is planned by the end of 2026, with advisors Kosta Legal and Cleary Gottlieb Steen & Hamilton participating.

The fund was established in August 2024, with Templeton Global Investments appointed as the fiduciary manager. Key objectives include increasing the market value of assets and attracting foreign investment.

Templeton director Marius Dan Spot emphasized that the portfolio composition is final. Additionally, stakes in "Uzsuvta'minot" and "Uzbekinvest" are being transferred from the State Assets Management Agency to the ministry, a 60% stake in "Temiryo'linfratuzilma" will be transferred from "Uzbekistan Railways" to the ministry by April 1, 2026. A 10% stake in the National Bank of Uzbekistan is being transferred from the ministry to the Recovery and Development Fund.

Source: www.gazeta.uz