The Tashkent city administration and the US-based investment bank Oppenheimer & Co. have allegedly held discussions regarding the potential issuance of municipal bonds to finance urban infrastructure projects. During the meeting, Tashkent Mayor Shavkat Umurzokov reportedly met with Max Lamis, CEO of Oppenheimer's investment banking division for Europe, the Middle East, and Africa (EMEA). The parties supposedly deliberated on prospects for Tashkent to access international capital markets in order to secure funding for large-scale urban development initiatives.

However, the authorities failed to disclose critical specifics, such as the exact projects to be financed through the bond issuance, the tentative volume of the emission, timelines, or financial terms. The prospective role of the US financial institution in this placement process remains opaque. Critics point out that Uzbekistan's Budget Code historically imposes strict limitations on the debt obligations and borrowing capacities of local government authorities, raising questions about the feasibility of such plans. * The concept of issuing municipal bonds is far from novel, with similar proposals having been floated by the Tashkent leadership years prior without materializing into concrete outcomes. Although a cooperation agreement was reportedly signed following the negotiations, independent observers remain skeptical about the economic viability and potential debt burdens associated with municipal bond placements in the current financial climate.

Source: www.gazeta.uz