How Uzbekistan's $37.4 Billion State Debt Funds Boeing 787-8 and National Growth.
Key Points
- 1Uzbekistan's state external debt reached $37.4 billion as of October 1, 2025, which is considered a moderate 26% of GDP.
- 2Debt financing supported the acquisition of four Boeing 787-8 aircraft for the national carrier, modernizing the fleet and long-haul capacity.
- 3The 2017-2025 investment period resulted in over 2 million new jobs and major upgrades to roads, rail, water, and energy infrastructure.
- 4Future resource attraction will feature increased parliamentary oversight and public transparency to ensure accountability.
The Republic of Uzbekistan is actively pursuing an external financing strategy to fuel rapid economic growth. This strategy involves attracting foreign capital, technology, and modern equipment. The core principle is ensuring every investment raises the living standards of the population.
Recent figures show the scale of this effort. As of October 1, 2025, Uzbekistan’s total external debt was reported at $75.4 billion. However, the actual Uzbekistan state debt component is significantly lower. State external debt stood at $37.4 billion, according to the source.
This amount represents a manageable level, calculated at approximately 26% of the country’s Gross Domestic Product (GDP). International standards consider this debt level moderate. The figure is well below thresholds that could threaten macroeconomic stability.
Debt Context and Economic Logic
The total $75.4 billion figure includes nearly $38 billion in corporate debt. This corporate debt was acquired by state enterprises without a government guarantee. While not classified as sovereign debt, this quasi-sovereign borrowing supports key national industries.
External financing is crucial for a quickly growing economy. It provides the necessary capital and technology for large-scale projects. Without consistent external resource attraction, economic growth slows. Job creation and infrastructure renewal become difficult. Uzbekistan continues to attract investment to accelerate growth. This is aimed at boosting the overall prosperity of its citizens.
Modernizing Transport and Aviation
A significant portion of the national infrastructure investment has been directed toward transport and utilities. Between 2017 and 2025, state debt-backed projects delivered major upgrades across the country.
Key infrastructure achievements include:
- 1,564 km of rebuilt roads and 470 km of electrified railway lines.
- 6,793 km of new drinking water networks and 664 km of sewage lines.
- 2,737 MW of additional power generation capacity was created.
- 1,106 km of high-voltage electric power lines were installed.
Dreamliner Fleet Expansion
The Uzbekistan transport modernization program also included major fleet acquisitions. The national carrier, Uzbekistan Airways, was a key beneficiary. The program financed the acquisition of four Boeing 787-8 aircraft.
These Boeing 787-8 purchase aircraft are part of the airline’s long-haul strategy. The Dreamliner fleet expansion allows for new international routes. Uzbekistan Airways was the first Central Asian operator of the Boeing 787-8. The airline now operates a fleet of the wide-body jets.
Further modernization is planned for the coming years. The carrier recently placed a major order for up to 22 Boeing 787-9 Dreamliners. This ambitious expansion aims to position Tashkent as a leading Central Asian aviation hub.
Broader Economic and Social Impact
The investment drive extends beyond transport into social and agricultural sectors. Debt financing supported the creation of 119 laboratories in 60 higher education institutions. It also funded the equipment of 6,213 preschool educational facilities.
In agriculture, the projects modernized 1,593 km of canals and 3,396 hydro-technical structures. New enterprises were launched in textiles and food processing, adding significant capacity.
Overall, the period from 2017 to 2025 has yielded substantial economic results. More than 2 million new jobs were created across the country. Export volumes expanded by nearly 270%. GDP per capita increased by 418%.
Looking ahead, the government plans to increase parliamentary control over resource attraction. Additional measures will be taken to ensure transparency in all project execution. This commitment is vital for maintaining Trustworthiness in public finance. It ensures the public is informed about the progress of all projects. For more commercial aviation news and analysis, stakeholders monitor these developments closely.
This investment approach, though reliant on external debt, is designed to deliver tangible improvements. The focus remains on real-world benefits for citizens. These include better infrastructure, stable income, and quality social services.
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