TASHKENT, Uzbekistan, February 3. The National Investment Fund of Uzbekistan and Franklin Templeton Asset Management signed an agreement on investment asset management, Uzbekistan's Ministry of Economy and Finance told Trend.
According to the agreement, Franklin Templeton will manage the investment portfolio of 18 state-owned enterprises and commercial banks owned by the Fund and implement transformation programs aimed at increasing their investment attractiveness. After implementing these transformation programs, the shares of the Fund and the enterprises and banks under its management will be listed on local and international stock exchanges.
For this purpose, Franklin Templeton will review the strategies of state-owned enterprises and commercial banks belonging to the Fund, implement transformation programs aimed at aligning the corporate governance system, financial efficiency, internal audit and risk management system with global standards, and improving employee qualifications.
The National Investment Fund of Uzbekistan was registered on December 24, 2024, in accordance with the decree of the president of Uzbekistan, and its capital is formed by transferring from 20 to 40 percent of the shares of 18 state-owned enterprises and commercial banks. The sole founder of the Fund is the Ministry of Economy and Finance of Uzbekistan.
Franklin Templeton was founded by Franklin Templeton Capital Holdings Private Limited, a Singapore-based company. In turn, this company is a subsidiary of Franklin Templeton Investments, Inc., one of the largest professional asset management companies in the world, founded in 1947 in the US and currently operating in more than 30 countries.