Tashkent, Uzbekistan (UzDaily.com) -- President of Uzbekistan Shavkat Mirziyoyev signed a resolution on effective use of funds received from the placement of the first sovereign international bonds of Uzbekistan on 2 April 2019.

In February 2019, 5- and 10-year sovereign international bonds of Uzbekistan worth US$1 billion were placed on the global financial markets.

The document was adopted in order to further improve the welfare of the country and our people, the financing of strategic projects.

According to the document, US$889.2 million will be placed by auction on deposit accounts of commercial banks.

The document states that US$20 million will be issued as a debt to Agrobank, and US$89.9 million will be issued as a loan from the state-owned enterprise Navoi Mining and Metallurgical Combine.