The AFC Uzbekistan Fund was launched on 29th March 2019 and aims to achieve long-term capital appreciation for investors by capturing the value and growth potential in the recently liberalized economy of Uzbekistan. As the government pursues an ambitious privatization reform of all non-core assets and enterprises, it is anticipated that there will be a marked increase in secondary and primary listings on the Tashkent Stock Exchange, helping it to rebound from a near decade of dormancy which resulted in the significant undervaluation of listed companies today. The AFC Uzbekistan Fund is therefore designed to offer investors high returns from growth in the equities market of Uzbekistan whilst offering a portfolio that has a low correlation with global equity markets, with an investable universe consisting of listed companies that have their principal business activities in Uzbekistan as well as foreign listed companies that have the majority of their business in countries bordering Uzbekistan. The AFC Uzbekistan Fund is managed under the executive leadership team of Thomas Hugger and Scott Osheroff.
The Impact of Economic Relations between the Republic of Uzbekistan and the A...YogeshIJTSRD
This article describes the cooperation of Uzbekistan with the Asian Development Bank, its main directions, goals and practical implementation of projects accomplished and being accomplished over the years. Otajonova Charoskhon "The Impact of Economic Relations between the Republic of Uzbekistan and the Asian Development Bank on the Economy of Uzbekistan" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Special Issue | Innovative Development of Modern Research , April 2021, URL: https://www.ijtsrd.com/papers/ijtsrd40074.pdf Paper URL : https://www.ijtsrd.com/economics/financial-economics/40074/the-impact-of-economic-relations-between-the-republic-of-uzbekistan-and-the-asian-development-bank-on-the-economy-of-uzbekistan/otajonova-charoskhon
The Economic Research Institute was funded by Government of Kazakh SSR decree in May 1961 according to the state plan of Kazakh SSR. Ministry of Economic Development and Trade of the Republic of Kazakhstan is a sole shareholder.
The Institute has 7 research centers which major areas of research are: macroeconomic analysis and forecast, applied economical and mathematical research, economic research expertise, strategic elaboration and economic research, performance evaluation of public bodies’ activities, entrepreneurship development and regional policy.
Tourism is an Important Driver of the National Economy of the Uzbekistanijtsrd
This paper makes analyses of the tourism market in the Republic of Uzbekistan, Moreover, as tourism is an important driver of the national economy of the most Central Asian countries research has pinpointed on highlights of from both methodological and theoretical points of view. In conclusion, it has proposed both outcomes and shortcomings of the tourism as driver sector of the economy. Zarrina Makhmudova | Erkaeva Shahzoda "Tourism is an Important Driver of the National Economy of the Uzbekistan" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-6 | Issue-3 , April 2022, URL: https://www.ijtsrd.com/papers/ijtsrd49685.pdf Paper URL: https://www.ijtsrd.com/humanities-and-the-arts/tourism/49685/tourism-is-an-important-driver-of-the-national-economy-of-the-uzbekistan/zarrina-makhmudova
The Impact of Economic Relations between the Republic of Uzbekistan and the A...YogeshIJTSRD
This article describes the cooperation of Uzbekistan with the Asian Development Bank, its main directions, goals and practical implementation of projects accomplished and being accomplished over the years. Otajonova Charoskhon "The Impact of Economic Relations between the Republic of Uzbekistan and the Asian Development Bank on the Economy of Uzbekistan" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Special Issue | Innovative Development of Modern Research , April 2021, URL: https://www.ijtsrd.com/papers/ijtsrd40074.pdf Paper URL : https://www.ijtsrd.com/economics/financial-economics/40074/the-impact-of-economic-relations-between-the-republic-of-uzbekistan-and-the-asian-development-bank-on-the-economy-of-uzbekistan/otajonova-charoskhon
The Economic Research Institute was funded by Government of Kazakh SSR decree in May 1961 according to the state plan of Kazakh SSR. Ministry of Economic Development and Trade of the Republic of Kazakhstan is a sole shareholder.
The Institute has 7 research centers which major areas of research are: macroeconomic analysis and forecast, applied economical and mathematical research, economic research expertise, strategic elaboration and economic research, performance evaluation of public bodies’ activities, entrepreneurship development and regional policy.
Tourism is an Important Driver of the National Economy of the Uzbekistanijtsrd
This paper makes analyses of the tourism market in the Republic of Uzbekistan, Moreover, as tourism is an important driver of the national economy of the most Central Asian countries research has pinpointed on highlights of from both methodological and theoretical points of view. In conclusion, it has proposed both outcomes and shortcomings of the tourism as driver sector of the economy. Zarrina Makhmudova | Erkaeva Shahzoda "Tourism is an Important Driver of the National Economy of the Uzbekistan" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-6 | Issue-3 , April 2022, URL: https://www.ijtsrd.com/papers/ijtsrd49685.pdf Paper URL: https://www.ijtsrd.com/humanities-and-the-arts/tourism/49685/tourism-is-an-important-driver-of-the-national-economy-of-the-uzbekistan/zarrina-makhmudova
Regional Determinants of Central Asian Developmentijtsrd
Contemporary complex international challenges demonstrates inability for many nations to solve a large range of issues of internal development solely or independently. This situation has a many aspects and the search for ways to build socio economic resilience and stability remains actual for most of them. Existing controversies or even negative past experience of the former Soviet administrative management have proven the necessity to preserve and develop intensive efforts to counterbalance the prolonged collapse of the former unitary system. Dr. U. Khasanov "Regional Determinants of Central Asian Development" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-2 , February 2021, URL: https://www.ijtsrd.com/papers/ijtsrd38501.pdf Paper Url: https://www.ijtsrd.com/humanities-and-the-arts/political-science/38501/regional-determinants-of-central-asian-development/dr-u-khasanov
Ukraine. Turn to Growth. Investment Climate Outlook - Mid 2017DIA_investment
2016 was a year of macroeconomy stabilization in Ukraine. This year shows the expected growth. Much of this progress reflects the authorities’ efforts and proves the viability and prospects of the chosen path of economic reform. The government has pursued a policy aimed at deregulating entrepreneurial activity, improving the business climate, optimizing public sector governance, and ensuring the harmonization of national legislation with EU legislation. As a result capital investment in the first half of 2017 exceeded pre-crisis level, the net FDI amounted to $1,156 million and was mostly directed towards the real sector of the economy. The 1H 2017 also brought numerous significant transactions and announcements of new investments.
Región de Kémerovo está situada en el suroeste de Siberia con una superficie de 95.7 mil de km². La región tiene red de transporte muy desarrolada de los Urales. Su territorio cruzan las redes importantes de ferrocarril y carreteras de Rusia - el Transiberiano.
Kémerovo es una de las regiones industriales más importantes de Rusia, con uno de los mayores depósitos de carbón del mundo. Región de Kémerovo está dominado por la industria metalúrgica y la minera, la petroquímica y la ingeniería mecánica.
Development of the Banking System of the Republic of Uzbekistanijtsrd
This article discusses the stages of development of the banking system of the Republic of Uzbekistan, the latest developed Strategies aimed at reforming and further development of the banking system, as well as the main problems hindering its development. Based on the analysis of the Strategy of reforming the banking system of the Republic of Uzbekistan for 2020 2025, the conclusions are concluded. In particular, banks are an important component of the market economy, so their study is necessary for the concept of the essence and ways of development of the economic system, which determines the relevance of this study. Tashmukhamedova D. A. | Rakhmatullaeva Dilnoza Azimjon Kizi "Development of the Banking System of the Republic of Uzbekistan" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-6 | Issue-2 , February 2022, URL: https://www.ijtsrd.com/papers/ijtsrd49197.pdf Paper URL: https://www.ijtsrd.com/management/accounting-and-finance/49197/development-of-the-banking-system-of-the-republic-of-uzbekistan/tashmukhamedova-d-a
A new era is about to start in Kazakhstan. Faced with external economic pressures and reduced oil revenues, the country’s leadership has launched two major initiatives designed to stimulate the economy – Plan for a Nation and Bright Path. Invest in Kazakhstan 2016 drills under the surface of the reforms to find out what opportunities they present for investors.
The Factor of “Regional Leadership” in Uzbek Kazakh Relations in 1991 2016ijtsrd
The article is devoted to the scientific and theoretical analysis of the phenomenon of struggle for regional leadership in Uzbek Kazakh relations. The article provides a comparative analysis of some indicators of Uzbekistan and Kazakhstan through the prism of political leadership. The article also details the impact of the relationship between the two leaders at the time on bilateral relations. At the same time, it has been scientifically proven that Uzbek Kazakh relations do not have a factor of struggle for regional leadership. Musurmon Khurramov "The Factor of “Regional Leadership” in Uzbek-Kazakh Relations in 1991-2016" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-6 | Issue-4 , June 2022, URL: https://www.ijtsrd.com/papers/ijtsrd50354.pdf Paper URL: https://www.ijtsrd.com/humanities-and-the-arts/history/50354/the-factor-of-“regional-leadership”-in-uzbekkazakh-relations-in-19912016/musurmon-khurramov
The introduction of Moldovan leu has been accompanied by a monetary stabilisation policy that until 1998 proved to be one of the most successful among FSU countries. The leu showed a remarkable stability and the rate of inflation was brought down to around 10% in 1997. However, fiscal policy was driven by inertia and pressure groups, reflecting the slow path of structural reforms and the general weakness of the state. Loose fiscal policy in turn reduced the determination in reforming state structures. Arrears and nettingout operations led to the development of the non-payment culture. At macroeconomic level, expansionary fiscal policy led to high absorption in the economy that was not met by the supply side response due to the impeded restructuring process, which fuelled imports and deteriorated trade balance. The ultimate result of the policy mix was the rapid accumulation of external debt and expenditure arrears. The unsustainability of both internal and external position of the state led to the inevitable financial crisis. The turmoil that followed in 1998 the crisis in Russia was a catalyst that speeded up the collapse of monetary stabilization. The capital account losses (capital flight) immediately brought the country to the verge of default. The abrupt and probably persistent loss of major export markets will affect the real economic activity over a longer period. More over, the crisis may create a window opportunity for accelerating Moldovan reforms. A critical situation makes the public and policy makers more likely to accept the painful measures that are necessary to revert the negative tendencies accumulated in recent years, while the large external debt makes the country fully dependent on the co-operation with international organizations, especially the IMF. Indeed, the new cabinet of young and liberal reformers voted in March 1999 initiated a more energetic program of reforms. Likewise, the decline of exports to Russia forced Moldovan enterprises to search new export possibilities for many producers trying to enter non-traditional western markets.
Authored by: Artur Radziwill, Octavian Scerbatchi, Constantin Zaman
Published in 2000
Exploring Abhay Bhutada’s Views After Poonawalla Fincorp’s Collaboration With...beulahfernandes8
The financial landscape in India has witnessed a significant development with the recent collaboration between Poonawalla Fincorp and IndusInd Bank.
The launch of the co-branded credit card, the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card, marks a major milestone for both entities.
This strategic move aims to redefine and elevate the banking experience for customers.
More Related Content
Similar to AFC Uzbekistan Fund Presentation February 2023
Regional Determinants of Central Asian Developmentijtsrd
Contemporary complex international challenges demonstrates inability for many nations to solve a large range of issues of internal development solely or independently. This situation has a many aspects and the search for ways to build socio economic resilience and stability remains actual for most of them. Existing controversies or even negative past experience of the former Soviet administrative management have proven the necessity to preserve and develop intensive efforts to counterbalance the prolonged collapse of the former unitary system. Dr. U. Khasanov "Regional Determinants of Central Asian Development" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-2 , February 2021, URL: https://www.ijtsrd.com/papers/ijtsrd38501.pdf Paper Url: https://www.ijtsrd.com/humanities-and-the-arts/political-science/38501/regional-determinants-of-central-asian-development/dr-u-khasanov
Ukraine. Turn to Growth. Investment Climate Outlook - Mid 2017DIA_investment
2016 was a year of macroeconomy stabilization in Ukraine. This year shows the expected growth. Much of this progress reflects the authorities’ efforts and proves the viability and prospects of the chosen path of economic reform. The government has pursued a policy aimed at deregulating entrepreneurial activity, improving the business climate, optimizing public sector governance, and ensuring the harmonization of national legislation with EU legislation. As a result capital investment in the first half of 2017 exceeded pre-crisis level, the net FDI amounted to $1,156 million and was mostly directed towards the real sector of the economy. The 1H 2017 also brought numerous significant transactions and announcements of new investments.
Región de Kémerovo está situada en el suroeste de Siberia con una superficie de 95.7 mil de km². La región tiene red de transporte muy desarrolada de los Urales. Su territorio cruzan las redes importantes de ferrocarril y carreteras de Rusia - el Transiberiano.
Kémerovo es una de las regiones industriales más importantes de Rusia, con uno de los mayores depósitos de carbón del mundo. Región de Kémerovo está dominado por la industria metalúrgica y la minera, la petroquímica y la ingeniería mecánica.
Development of the Banking System of the Republic of Uzbekistanijtsrd
This article discusses the stages of development of the banking system of the Republic of Uzbekistan, the latest developed Strategies aimed at reforming and further development of the banking system, as well as the main problems hindering its development. Based on the analysis of the Strategy of reforming the banking system of the Republic of Uzbekistan for 2020 2025, the conclusions are concluded. In particular, banks are an important component of the market economy, so their study is necessary for the concept of the essence and ways of development of the economic system, which determines the relevance of this study. Tashmukhamedova D. A. | Rakhmatullaeva Dilnoza Azimjon Kizi "Development of the Banking System of the Republic of Uzbekistan" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-6 | Issue-2 , February 2022, URL: https://www.ijtsrd.com/papers/ijtsrd49197.pdf Paper URL: https://www.ijtsrd.com/management/accounting-and-finance/49197/development-of-the-banking-system-of-the-republic-of-uzbekistan/tashmukhamedova-d-a
A new era is about to start in Kazakhstan. Faced with external economic pressures and reduced oil revenues, the country’s leadership has launched two major initiatives designed to stimulate the economy – Plan for a Nation and Bright Path. Invest in Kazakhstan 2016 drills under the surface of the reforms to find out what opportunities they present for investors.
The Factor of “Regional Leadership” in Uzbek Kazakh Relations in 1991 2016ijtsrd
The article is devoted to the scientific and theoretical analysis of the phenomenon of struggle for regional leadership in Uzbek Kazakh relations. The article provides a comparative analysis of some indicators of Uzbekistan and Kazakhstan through the prism of political leadership. The article also details the impact of the relationship between the two leaders at the time on bilateral relations. At the same time, it has been scientifically proven that Uzbek Kazakh relations do not have a factor of struggle for regional leadership. Musurmon Khurramov "The Factor of “Regional Leadership” in Uzbek-Kazakh Relations in 1991-2016" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-6 | Issue-4 , June 2022, URL: https://www.ijtsrd.com/papers/ijtsrd50354.pdf Paper URL: https://www.ijtsrd.com/humanities-and-the-arts/history/50354/the-factor-of-“regional-leadership”-in-uzbekkazakh-relations-in-19912016/musurmon-khurramov
The introduction of Moldovan leu has been accompanied by a monetary stabilisation policy that until 1998 proved to be one of the most successful among FSU countries. The leu showed a remarkable stability and the rate of inflation was brought down to around 10% in 1997. However, fiscal policy was driven by inertia and pressure groups, reflecting the slow path of structural reforms and the general weakness of the state. Loose fiscal policy in turn reduced the determination in reforming state structures. Arrears and nettingout operations led to the development of the non-payment culture. At macroeconomic level, expansionary fiscal policy led to high absorption in the economy that was not met by the supply side response due to the impeded restructuring process, which fuelled imports and deteriorated trade balance. The ultimate result of the policy mix was the rapid accumulation of external debt and expenditure arrears. The unsustainability of both internal and external position of the state led to the inevitable financial crisis. The turmoil that followed in 1998 the crisis in Russia was a catalyst that speeded up the collapse of monetary stabilization. The capital account losses (capital flight) immediately brought the country to the verge of default. The abrupt and probably persistent loss of major export markets will affect the real economic activity over a longer period. More over, the crisis may create a window opportunity for accelerating Moldovan reforms. A critical situation makes the public and policy makers more likely to accept the painful measures that are necessary to revert the negative tendencies accumulated in recent years, while the large external debt makes the country fully dependent on the co-operation with international organizations, especially the IMF. Indeed, the new cabinet of young and liberal reformers voted in March 1999 initiated a more energetic program of reforms. Likewise, the decline of exports to Russia forced Moldovan enterprises to search new export possibilities for many producers trying to enter non-traditional western markets.
Authored by: Artur Radziwill, Octavian Scerbatchi, Constantin Zaman
Published in 2000
Exploring Abhay Bhutada’s Views After Poonawalla Fincorp’s Collaboration With...beulahfernandes8
The financial landscape in India has witnessed a significant development with the recent collaboration between Poonawalla Fincorp and IndusInd Bank.
The launch of the co-branded credit card, the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card, marks a major milestone for both entities.
This strategic move aims to redefine and elevate the banking experience for customers.
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
How to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
2. EXECUTIVE SUMMARY
Uzbekistan’s “Doi Moi” Moment is now!
➢ “Doi Moi” was the term given to Vietnam’s transition toward a market-oriented
economy in 1986. It has since emerged as the 3rd largest economy in Southeast
Asia and the world’s 2nd largest exporter
➢ Uzbekistan’s “Doi Moi” moment was in 2016 with President Mirziyoyev’s
announcement of a radical transformation of Uzbekistan from a centrally-planned to
free-market economy
➢ Uzbekistan is emerging as the “Vietnam” of greater Central Asia, and we believe
the country in time should become the largest and most influential economy in the
region
2
AFC Uzbekistan Fund
3. EXECUTIVE SUMMARY
AFC Objective
➢ Capture the value of growth companies in Uzbekistan
Opportunity
➢ Uzbekistan is undergoing a rapid economic and political liberalization and this is
expected to see the country grow by >5.0% over the coming years.
➢ Restructuring of the economy is leading to strong FDI, USD 8.6 billion in 2021,
transforming Uzbekistan into a regional logistics and value-added manufacturing
destination for Central Asia
➢ Highly under-leveraged society - consumer and government
➢ Uzbek Som (UZS) - currency expected to remain stable relative to CIS peers
Potential
➢ We believe in the ability to achieve significant capital appreciation for at least the
next 3 - 5 years
3
AFC Uzbekistan Fund
4. TABLE OF CONTENTS
Executive Summary 3
Recent History 5
Why Uzbekistan 7
Investment Strategy 23
Fund Performance and Statistics 26
Fund Information 28
Our Team 29
Contact Information 30
Disclaimer 31
Appendix 32
4
AFC Uzbekistan Fund
5. UZBEKISTAN RECENT HISTORY
➢ 31st August 1991: Republic of Uzbekistan declares independence from the USSR
➢ 2009: Global Financial Crisis hits Uzbekistan and foreign investors exit the country:
Foreign investors (Meridian Hotel, Intercontinental etc.) pull out
➢ 17th March 2014: Uzbekistan is yet to recover and then suffers collateral damage
from sanctions on Russia. This causes the foreign exchange rate of the Uzbek Som
to blow out; black market currency conversion is the only option
➢ 2nd September 2016: Islam Karimov, President of Uzbekistan since 1989, dies
➢ 14th December 2016: Prime Minister Shavkat Mirziyoyev becomes Uzbekistan’s
second President and initiates radical reforms to convert Uzbekistan into a free-
market economy
➢ February 2017: Government announces a broad market-oriented five-pillar reform
program: improving public administration and state-building; ensuring the rule of
law and judiciary reform; maintaining economic growth and liberalizing the
economy; enhancing social safety nets; and ensuring security and implementing a
constructive foreign policy
5
AFC Uzbekistan Fund
6. UZBEKISTAN RECENT HISTORY
➢ 27th May 2017: Uzbekistan adopts privatization program to divest non-strategic
businesses (oil & gas and mining are only strategic sectors)
➢ 5th September 2017: Uzbek Som is devalued by 48% against the USD (UZS
4,210.35 to UZS 8,100) and simultaneously unpegged. Converted to a managed
free-float. This move eliminates the black market exchange rate
➢ 15th July 2018: E-visa introduced for citizens of 101 countries, also five-day visa
free entry for tourists in transit
➢ 14th February 2019: Uzbekistan launches sovereign bond with rating BB-, Outlook
Stable
➢ 2nd March 2019: Capital controls for foreign investors eliminated
➢ 20th August 2019: Central Bank free floats the Uzbek Som
➢ 6th September 2019: Foreigners permitted to freely purchase equity of banks
without prior approval from Central Bank
6
AFC Uzbekistan Fund
7. 7
A Country of Deep Value
Valuations
➢ Uzbekistan’s listed companies offer generationally attractive valuations in
comparison to other Asian frontier and Post-Soviet markets
Growth Prospects
➢ Sizable natural resource base (6th in cotton, 7th in production of uranium, 9th in gold
production, 18th in natural gas,)
➢ 36 million consumers, 36% urbanization with 2030 target of 60%
➢ Inexpensive labour force accompanied by a domestic industrial manufacturing
complex
WHY UZBEKISTAN
AFC Uzbekistan Fund
8. 8
Liberalization of Uzbek Som
WHY UZBEKISTAN
➢ 4th September 2017 central
bank unpegs the Uzbek Som
from the USD (peg at UZS
4,210.35/USD) and devalues
currency to UZS 8,100.
Managed free-float
➢ 20th August, 2019 currency
floats free
➢ No capital controls
➢ Foreign exchange reserves of
USD 35.9 billion (44% of GDP)
should ensure currency stability
➢ USD/UZS rate as of 31st
January 2023: 11,269
USD/UZS Exchange Rate
Source: Bloomberg
AFC Uzbekistan Fund
9. 9
Uzbekistan Gross Domestic Product
WHY UZBEKISTAN
Source: General Statistics Office of Uzbekistan
AFC Uzbekistan Fund
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
0
10
20
30
40
50
60
70
80
90
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
GDP
GDP (USD bn) Real GDP Growth Rate
$0
$500
$1,000
$1,500
$2,000
$2,500
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
GDP Per Capita (USD)
10. 10
WHY UZBEKISTAN
Strong Fundamentals will Support Growth
Sustainable GDP Growth GDP is projected to grow by 4.5% to 5% in 2023, according to the
Central Bank of Uzbekistan.
Export-Focused Economy Large, inexpensive labour force, government-focus on
incentivizing increased value-added exports in manufacturing and
natural resources.
Capital Control/Currency
Conversion Restrictions
Eliminated
2nd March 2019 capital controls for foreign investors eliminated.
20th August 2019 all capital controls for locals eliminated
A new era for Uzbekistan
Foreign Reserves Increasing
Rapidly
USD 35.9 billion of foreign reserves (44% of GDP)
AFC Uzbekistan Fund
11. 11
Uniquely Competitive Labour Market - Monthly Minimum Wage (USD)
WHY UZBEKISTAN
Source: World Bank, State Statistics Committee, Other
AFC Uzbekistan Fund
315
200
168
110
72 71
China (Guangdong) Cambodia Vietnam Kazakhstan Kyrgyzstan Uzbekistan
12. WHY UZBEKISTAN
➢ Population of 36 million
with a median age of 29.1
years
➢ Urban population of 36%,
urbanization rate of 1.28%
➢ This young, under-
leveraged population will
be a massive driver of
future economic growth
12
A Young and Growing Population
Source: CIA World Fact Book
0-14 years: 23.19% 15-24 years: 16.63%
25-54 years: 45.68% 55-64 years: 8.63%
65 years and over: 5.87% (2020 est.)
AFC Uzbekistan Fund
13. WHY UZBEKISTAN
➢ 22 Special Economic Zones
(SEZ’s) throughout Uzbekistan
➢ Improved road, rail and air
connectivity strengthens
Uzbekistan’s position as a
regional logistics and
manufacturing centre
➢ Navoi SEZ is a multi-modal
logistics hub for the Central
Asian region, operating with
English law
13
Regional Logistics Hub
Navoi SEZ
Feznavoi.uz
AFC Uzbekistan Fund
14. WHY UZBEKISTAN
➢ Attained sea access to Gwadar
port in southwest Pakistan and
pursuing access to Turkmenbashi
Sea Port in Turkmenistan
➢ Highway connection: China-
Kazakhstan-Uzbekistan-Westward
➢ Future railroad connection: China-
Kyrgyzstan-Uzbekistan-Westward
14
Interconnected to China-Pakistan Economic Corridor
(One Belt One Road)
Source: Obortunity.org
AFC Uzbekistan Fund
15. WHY UZBEKISTAN
➢ Historic Silk Road cities of
Samarkand, Bukhara, Khiva
(connected by bullet train)
➢ Uzbekistan receiving significant
international coverage for its
tourism potential
15
Tourism Sector Growing from a Low Base
Source: AFC Research, Stat.uz
AFC Uzbekistan Fund
1,969 1,938 2,034 2,157
2,847
6,433
6,750
1,500
1,880
5,200
-
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Tourist Arrivals (000's)
16. WHY UZBEKISTAN
16
GDP Growth to Remain Robust - Inflation Strictly Managed
➢ Uzbekistan is shifting to an inflation-targeting-regime
➢ Central Bank Uzbekistan policy rate at 15%
➢ One-off adjustments in inflation, the benchmark interest rate and GDP,
accounting for floating of currency
Source: World Bank / General Statistics Office of Uzbekistan
AFC Uzbekistan Fund
6.8
6.1 5.6 5.7
14.4 14.3
15.2
11.5 10.98 12.25
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
0
2
4
6
8
10
12
14
16
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Uzbekistan Policy Rate & Inflation
Inflation Rate 1-Year Rate
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
20
40
60
80
100
120
140
160
180
200
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Axis
Title
UZS
trillions
Yearly GDP Growth
Construction Industry Agriculture Services GDP Growth
17. 17
Strong Foreign Exchange Reserves will Support Currency & Enable Development
Source: World Bank / General Statistics Office of Uzbekistan
WHY UZBEKISTAN
AFC Uzbekistan Fund
0
5
10
15
20
25
30
35
40
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Foreign Reserves to External Debt (USDbn)
External Debt Foreign Exchange Reserves (20,000)
(15,000)
(10,000)
(5,000)
-
5,000
10,000
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Trade Balance Excluding Remittances
(USD million)
18. 18
Improving Business Environment
Government to Support Economic Recovery
➢ Floating of the currency and elimination of capital controls
➢ No foreign ownership restrictions
➢ Foreigners can own property and companies with no Uzbek ownership/representative
➢ Privatization of SOE’s (State Owned Enterprises) in financial services, construction, consumer
goods and manufacturing sectors
➢ Uzbekistan working to enter the WTO and Eurasian Economic Union
➢ Government initiating an aggressive anti-corruption and digitalization campaign to ensure
transparency
➢ Visa exemptions for foreign visitors, 3-year business/work visas
WHY UZBEKISTAN
AFC Uzbekistan Fund
20. 20
Main Risks
Increase in current account deficit
➢ Uzbek businesses currently import significant quantities of machinery, etc. to
modernize aging operations
External economic or political shocks
The security of the President of Uzbekistan and his current importance in driving the
current free-market reforms
WHY UZBEKISTAN
AFC Uzbekistan Fund
21. WHY UZBEKISTAN
➢ Founded in 1994
➢ 107 listed companies
➢ Market Capitalization USD 5.1 billion
➢ First ever IPO, Kvarts, on 11th April 2018
➢ Korean Stock Exchange is 25% shareholder of Tashkent Stock Exchange
➢ Developed online trading platform
➢ Overseeing increase in regulatory requirements for JSC’s
➢ Future plans include creation of a specialized underwriter and market maker
21
Tashkent Stock Exchange
AFC Uzbekistan Fund
23. INVESTMENT STRATEGY
Value Based Bottom Up Stock Selection
➢ In-house and third-party research to identify undervalued companies
➢ On-the-ground presence
➢ Company visits
Risk Mitigation
➢ In-depth due diligence of investment opportunities
➢ The fund will be relatively diversified with 30 to 40 stocks across various sectors
Cash
➢ Not fully invested in uncertain times and/or excessive valuations
➢ Holding cash will allow the fund to take advantage of opportunistic investments when they
arise (momentum / news driven/distressed sellers)
23
AFC Uzbekistan Fund
24. INVESTMENT STRATEGY
Examples of Typical Listed Companies (31st January 2023)
24
Company Description
Market Cap USD
(million)
P/E (TTM) P/B Div. Yield
Metallurgy 387 4.08 1.19 5.65%
Financial Services 171 3.42 0.94 n/a
Cement 139 7.97 0.63 n/a
Alcohol and food producer 67 8.34 2.62 11.81%
Source: Tashkent Stock Exchange; Asia Frontier Capital
AFC Uzbekistan Fund
26. FUND PERFORMANCE AND STATISTICS
26
AFC Uzbekistan Fund
NAV as of 31st
January 2023
AFC Uzbekistan
Fund
AFC Uzbekistan
Fund (Non-US)
NAV (USD) 1,769.32 1,769.32
Past 1 Month +1.88% +1.88%
YTD +1.88% +1.88%
Since Inception +76.93% +76.93%
Inception Date 29/03/2019 29/03/2019
ISIN KYG0132A1948 KYG0133A2093
Valoren CH047075699 CH047075891
Monthly Performances AFC Uzbekistan Fund Class F
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2019 USD +4.50% -0.10% +1.87% +1.15% -1.85% +0.06% +0.71% +1.13% +1.61% +9.33%
2020 USD -2.99% +0.78% -7.43% -3.06% +3.32% +1.49% +3.25% +6.68% +0.34% +5.70% +10.35% +3.44% +22.69%
2021 USD +2.50% +11.81% +7.04% +11.23% +8.16% +0.59% -1.97% +2.16% +0.83% +4.56% -1.66% -2.80% +49.82%
2022 USD -2.50% +1.31% N/A*
+1.97% -7.42% -4.35% -0.02% +2.17% -5.48% -1.42% +1.93% -0.12% -13.58%
2023 USD +1.88% +1.88%
Monthly Performances AFC Uzbekistan Fund (Non-US) Class F
Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2019 USD +4.50% -0.10% +1.87% +1.15% -1.85% +0.06% +0.71% +1.13% +1.61% +9.33%
2020 USD -2.99% +0.78% -7.43% -3.06% +3.32% +1.49% +3.25% +6.68% +0.34% +5.70% +10.35% +3.44% +22.69%
2021 USD +2.50% +11.81% +7.04% +11.23% +8.16% +0.59% -1.97% +2.16% +0.83% +4.56% -1.66% -2.80% +49.82%
2022 USD -2.50% +1.31% N/A*
+1.97% -7.42% -4.35% -0.02% +2.17% -5.48% -1.42% +1.93% -0.12% -13.58%
2023 USD +1.88% +1.88%
*) The NAV was suspended in March 2022
27. FUND PERFORMANCE AND STATISTICS
27
AFC Uzbekistan Fund
1,769
467
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2,200
Fund Performance (Net) – AFC Uzbekistan Fund
AFC Uzbekistan Fund - USD (after fees) TSE USD Index (normalized since inception)
28. FUND PERFORMANCE AND STATISTICS
28
AFC Uzbekistan Fund
36.6%
32.8%
12.5%
6.1%
12.0%
0%
10%
20%
30%
40%
Sector Allocation
87.91%
0.05%
12.04%
0%
20%
40%
60%
80%
100%
Country Allocation
29. FUND INFORMATION
29
Legal Structure Open Ended Umbrella Fund, Cayman Islands, “Master/feeder
fund structure” for US-investors and non-US investors
Initial Investment Minimum Non-US Investors: USD 10,000 / US investors: USD 50,000
Subsequent Investment Minimum USD 1,000
Launch Date 29th March 2019
Subscription Frequency Monthly, 5 business days before month end
Redemption Monthly with 3 month notification
Management Fee 2% p.a. of NAV
Performance Fee 20% (with high watermark)
Auditor EY, Hong Kong
Legal Advisor Ogier, Hong Kong
US: Wilmer Cutler Pickering Hale and Dorr LLP, Boston
Bank DBS Bank (Hong Kong) Limited, Hong Kong
Fund Administrator Trident Fund Services (Hong Kong) Limited, Hong Kong
Investment Manager
ISIN (Non-US Investors)
ISIN (US Investors)
Asia Frontier Investments Limited, Hong Kong
KYG0133A2093
KYG0132A1849
AFC Uzbekistan Fund
30. Our Team
Thomas Hugger, CEO and Fund Manager, has
spent 27 years in private banking and has been
investing in Asian and African Frontier Markets
since 1993. He is the former Managing Partner,
CFO & COO of Leopard Capital; and was
previously a Managing Director and Head of
Portfolio Management at LGT Bank in Hong
Kong. Mr. Hugger was the founding shareholder
of one of the largest brokerage companies in
Bangladesh. He is also a Certified Financial
Investment Analyst (CFIA) and Investment
Adviser (Switzerland) and a Certified European
Federation of Financial Analysts Societies
(EFFAS) Financial Analyst.
Ruchir Desai, CFA, Fund Manager, is the co-fund
manager of the AFC Asia Frontier Fund and has been
with Asia Frontier Capital since July 2013. As part of
managing the fund, he covers markets such as
Bangladesh, Kazakhstan, Myanmar, Pakistan, Sri Lanka
and Vietnam. Prior to this role, he was based in
Mumbai, India and spent two years at HandsOn
Ventures LLC which is a private equity firm making
investments in business services companies. He holds
an MBA in Finance from CUHK Business School, The
Chinese University of Hong Kong during which time
he spent a semester on exchange at The Fuqua School
of Business, Duke University. He is also a CFA®
charterholder since September 2015.
Scott Osheroff, CIO (AFC Uzbekistan Fund),
holds a Bachelor’s Degree in Business
Administration with a Concentration in Finance
from Northeastern University. Prior to joining
Asia Frontier Capital, Scott worked with a New
Zealand based private equity outfit where he
sourced private equity deal flow in Asian
frontier markets and co-founded a publishing
company focused on providing financial news
coverage in frontier markets. He has spent the
last eight years living in Asian Frontier markets
and currently resides between Yangon,
Myanmar and Tashkent, Uzbekistan.
Peter de Vries, Marketing Director, has over 25 years
experience in finance of which 20 in Hong Kong. He is
a former Director and Senior Relationship Manager at
Leopard Capital. Prior to that he was an Executive
Vice President at Upbest Financial Services where he
was involved with fund raising and deal structuring
for real estate investment and development projects
in Macau. Previously he worked as Executive Vice
President at ViewTrade Securities in Hong Kong as
head of the business development for the Asia Pacific
region. Mr. De Vries has also held the position of
Assistant Vice President at Merrill Lynch Asia Pacific.
He holds an MBA in finance from Calstate Hayward,
and a Masters of Science in Electrical Engineering
from Twente University in the Netherlands. Mr. De
Vries is fluent in Dutch, English and German.
30
Our Team
AFC Uzbekistan Fund
31. 31
ASIA FRONTIER INVESTMENTS LIMITED
Investment Enquiries:
Thomas Hugger
Phone: +852 3904 1015
Email: th@asiafrontiercapital.com
Skype: thomas.hugger
Scott Osheroff Peter de Vries
Mobile: +852 8192 6323 Phone: +852 3904 1079
Email: so@asiafrontiercapital.com Email: pdv@asiafrontiercapital.com
Skype: Scott.Osheroff Skype: peter-de-vries
CONTACT INFORMATION
Asia Frontier Investments Limited is licensed by SFC Hong Kong for Type 4 (advising on securities) and Type 9 (asset management)
*The representative of the Fund in Switzerland is ACOLIN Fund Services AG, succursale Geneve, 6 Cours de Rive, 1204 Geneva. NPB
Neue Privat Bank AG, Limmatquai 1 / am Bellevue, CH – 8024 Zürich, Switzerland is the Swiss Paying Agent. In Switzerland, shares
shall be distributed exclusively to qualified investors. The fund offering documents, articles of association and audited financial
statements can be obtained free of charge from the Representative. The place of performance with respect to shares distributed in or
from Switzerland is the registered office of the Representative.
AFC Uzbekistan Fund
32. 32
DISCLAIMER
This Presentation is presented solely for purposes of discussion to assist prospective investors in determining whether they have a preliminary interest in the investment opportunity described herein. Under no circumstances is it to be
used or considered as an offer to sell, or a solicitation of an offer to buy, any security or other interest in AFC Asia Frontier Fund, AFC Umbrella Fund or any other fund related thereto (the “Fund”). Offers and sales of interests in the Fund
will not be registered under the laws of any jurisdiction and will be made solely to qualified investors under all applicable laws. Potential investors must read the entire Offering Memorandum delivered by the Fund and the disclosure in this
Subscription Agreement. Nothing contained herein shall be deemed to be binding against, or to create any obligations or commitment on the part of, any potential investor or the Asia Frontier Capital (the “Fund Sponsors”). The Fund
Sponsors reserve the right, in their sole and absolute discretion with or without notice, to alter the terms or conditions of this Presentation and the Fund and/or to alter or terminate the potential investment opportunity described herein.
Potential investors are not to construe this Presentation as investment, legal or tax advice. Prior to making any potential investment, potential investors should consult with their own legal, investment, accounting, regulatory, tax and other
advisors to determine the consequences of the potential investment opportunity described herein and to arrive at an independent evaluation of such potential investment opportunity.
By accepting this Presentation, the recipient agrees not to copy, distribute, discuss or otherwise disclose this Presentation or the contents hereof (including the potential investment opportunity described) or any other related information
provided by the Fund Sponsors or by its agents to any person other than employees of recipient evaluating this potential investment opportunity on recipient’s behalf without the prior written consent of the Fund Sponsors.
While the information contained herein has been obtained from various sources which the Fund Sponsors believe, but does not guarantee, to be reliable, the Fund Sponsors do not represent that it is accurate or complete and it should not
be relied upon as such. No person has been authorized to give any information or make any representation or warranty regarding the subject matter hereof, either express or implied, and, if given or made in this Presentation, in other
materials or verbally, such information, representation or warranty cannot and should not be relied upon nor is any representation or warranty made as to the accuracy, content, suitability or completeness of the information, analysis or
conclusions or any information furnished in connection herewith contained in this Presentation and it is not to be relied upon as a substitute for independent review of the underlying documents, available due diligence information and
such other information as prospective investors may deem appropriate or prudent to review. The Fund Sponsors, their agents, their respective affiliates, and each of their respective shareholders, members, officers, directors, managers,
employees, counsel, advisors, consultants and agents (“Representatives”), expressly disclaim any and all liability for express or implied representations or warranties that may be contained in, or for omissions from or inaccuracies in, this
Presentation or any other oral or written communication transmitted or made available to a prospective investor or its Representatives. Without limiting the generality of the foregoing, nothing contained herein is or shall be relied upon as
a promise or representation as to any matter, including, without limitation, the future performance of the potential investment opportunity described herein. None of the Fund Sponsors, their agents, or their respective Representatives is
under any obligation to correct any inaccuracies or omissions in this Presentation. Each prospective investor will have the sole responsibility for verifying the accuracy of all information furnished in this Presentation and in any other due
diligence information furnished to a prospective investor, and each prospective investor shall have the sole responsibility for determining the value of the potential investment based on assumptions said prospective investor believes to be
reasonable. There shall be no recourse against the Fund Sponsors or any of their Representatives in the event of any errors or omissions in the information furnished, the methodology used, the calculations of values or conclusions.
Without limiting the generality of the foregoing, any historical information or information based on past performance included herein is for informational purposes only, has inherent limitations and is not intended to be a representation,
warranty or guarantee of future performance. All of the information presented herein is subject to change without notice. Actual returns to potential investors may be lower than the figures shown herein. Projected performance data
shown constitutes “forward-looking information” which is based on numerous assumptions and is speculative in nature. Actual results may vary significantly from the values and rates of return projected herein. There can no assurance that
the Fund will realize its rate of return objectives or return of investors’ capital. Potential investors should have the financial ability and willingness to accept the risks (including without limitation the risk of loss and lack of liquidity)
characteristic of investments in entities such as the Fund.
AN INVESTMENT IN THE FUND WILL NOT BE APPROPRIATE FOR ALL INVESTORS. INTERESTS IN THE FUND WILL INVOLVE A HIGH DEGREE OF RISK AND ARE INTENDED FOR SALE ONLY TO SOPHISTICATED INVESTORS WHO ARE CAPABLE OF
UNDERSTANDING AND ASSUMING THE RISKS INVOLVED. INVESTORS MAY LOSE ALL OR SUBSTANTIALLY ALL OF THEIR INVESTMENT.
THE INTERESTS IN THE FUND HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE APPLICABLE SECURITIES LAWS OF ANY US. STATE OR ANY NON-U.S. JURISDICTION, AND
ARE BEING OFFERED AND SOLD IN RELIANCE ON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ANY SUCH APPLICABLE LAWS. INTERESTS IN THE FUND HAVE NOT BEEN APPROVED OR DISAPPROVED
BY THE US. SECURITIES AND EXCHANGE COMMISSION OR BY THE SECURITIES REGULATORY AUTHORITY OF ANY STATE OR ANY OTHER RELEVANT JURISDICTION, NOR HAS ANY OTHER AUTHORITY OR COMMISSION PASSED UPON THE
ACCURACY OR ADEQUACY OF THIS MEMORANDUM. ANY REPRESENTATION TO THE CONTRARY IS UNLAWFUL.
*The representative of the Cayman Islands domiciled Funds in Switzerland is ACOLIN Fund Services AG, succursale Geneve, 6 Cours de Rive, 1204 Geneva. The distribution of Shares in Switzerland must exclusively be made to qualified
investors. The place of performance and jurisdiction for Shares in the Fund distributed in Switzerland are at the registered office of the Representative.
** The Cayman Islands Funds are registered for sale to investors in Japan, Switzerland (qualified investors), Hong Kong & UK (professional investors), Singapore (accredited investors) and USA (accredited investors and qualified purchasers).
*** By accessing information contained herein, users are deemed to be representing and warranting that they are either a Hong Kong Professional Investor or are observing the applicable laws and regulations of their relevant jurisdictions.
AFC Uzbekistan Fund
34. 34
AFC UZBEKISTAN FUND
AFC Uzbekistan Fund
Trident Fund Services,
Hong Kong
Fund Administrator
Ernst & Young Hong Kong
Auditor
Uzbekistan Depository Centre
Custodian
Asia Frontier Investments Limited
(licensed by SFC Hong Kong)
Investment Manager
AFC Umbrella Fund AFC Umbrella Fund (non-US)
AFC Uzbekistan Fund (non-US)
AFC AF Limited
Investment Firm
Ogier Hong Kong
Legal Advisor
AFC Uzbekistan Fund
35. PRESIDENT SHAVKAT MIRZIYOYEV
➢ Born 24th July 1957
➢ Prime Minister of Uzbekistan from 2003
to 2016
➢ In the wake of President Islam Karimov’s
death on 2nd September 2016,
Uzbekistan’s Supreme Assembly
(Parliament) appointed PM Mirziyoyev
interim President on 8th September after
Senate leader Nigmatilla Yuldashev
declines the position
➢ A presidential election was held on 14th
December 2016 where President
Mirziyoyev won 88.6% of the votes
35
President Shavkat Mirziyoyev
AFC Uzbekistan Fund
36. 36
Regional GDP per Capita (2017 USD)
Source: CIA World Factbook
WHY UZBEKISTAN
Real GDP per Capita
2020 (USD)
Population (million)
Russian Federation 26,500 142.3
Kazakhstan 25,300 19.2
Belarus 19,100 9.4
China 16,400 1,397.8
Turkmenistan 15,500 5.6
Georgia 14,100 5.0
Azerbaijan 13,700 10.3
Uzbekistan 7,000 35.0
Kyrgyz Republic 4,700 6.0
Tajikistan 3,700 9.0
AFC Uzbekistan Fund
37. 37
Stable Political Environment
Source: World Bank
WHY UZBEKISTAN
AFC Uzbekistan Fund
68.57
58.10 56.67
53.81 53.33
46.67 46.19
41.43 41.43
35.71
Belarus Turkmenistan Kazakhstan China Uzbekistan Kyrgyz Republic Georgia Russian
Federation
Tajikistan Azerbaijan
World Bank 2019 Political Stability Ranking
