About the Fund

The Ishonch Fund was established in 2022 following a restitution agreement between Switzerland and Uzbekistan on returning illegally acquired assets for the benefit of the Uzbek people. The Fund supports transparent and effective restitution through programs that advance Uzbekistan’s national reforms and the Sustainable Development Goals (SDGs).

While guided by UN principles and values, the Fund also follows key principles of the Global Forum on Asset Recovery (GFAR): transparency, accountability, participation, and public benefit. We apply international best practices to ensure restitution is principled, practical, timely, and fair.

USD 313 million has been committed to the Fund. It currently has invested USD 87 million in a portfolio of programmes designed to improving access to and the quality of health and education services for the people of Uzbekistan.

How the Fund decides and invests

The Ishonch Fund is a restitution fund. Its goal is to return recovered assets to Uzbekistan in a way that brings lasting, positive change to people’s lives. All decisions are based on this purpose, with a strong focus on transparency and accountability.

The Fund is managed by a Management Committee made up of three co-chairs: one from the Government of Uzbekistan, one from the Government of Switzerland, and the UN Resident Coordinator. Decisions are made by consensus. If consensus cannot be reached, the issue is not passed on to the High-Level Strategic Committee which consists of the Deputy State Secretary of Switzerland and the Deputy Prime Minister of Uzbekistan.

The Management Committee is advised by a Civil Society Advisory Council (CSAC). Their input helps ensure the Fund meets real needs, reflects diverse views, and maintains public trust. CSAC plays a key role in connecting civil society with decision-makers.

The Fund invests in projects that align with its Resource Allocation Strategy focused on improving access to and the quality of health and education services in Uzbekistan.

On this page you can learn more about how the Fund is governed and who is involved. You can also explore a timeline of key developments and decisions made by the Fund.

Fund timeline

Use the arrows to explore the timeline or download the Decision Log.

  • 16 August 2022

    Signing of Restitution Agreement

    The Ishonch Fund was officially established with the signing of the Restitution Agreement, Fund TOR, SAA, and other key documents. A press conference was held in Bern, Switzerland. First tranche of USD131M committed to the Fund.

  • 23 September 2022

    Management Committee Meeting

    Key documents including the Secretariat Project Document and Operations Manual were endorsed in principle. The Communications Strategy, Uzbek branding, civil society nominations, and thematic priorities for the first Resource Allocation Strategy were discussed.

  • 6 October 2022

    Management Committee Meeting

    Key discussions on thematic priorities for the first Resource Allocation Strategy, civil society engagement and CSAC nominations, and continued review of the Communications Strategy, including Uzbek branding.

  • 7 November 2022

    Management Committee Meeting

    The Management Committee adopted the Secretariat Project Document and Operations Manual. The Communications Strategy was endorsed in principle. Health and Education were confirmed as priorities, with two-thirds of the USD131M first tranche allocated to them.

  • 7 December 2022

    Management Committee Meeting

    Key discussions focused on refining health and education as priorities for the Resource Allocation Strategy. The Secretariat was tasked to draft the strategy based on these priorities and input from the Ministries of Health and Public Education.

  • 15 December 2022

    Management Committee Meeting

    The draft Resource Allocation Strategy was discussed, with the Committee requesting further analysis from UN agencies. Updates were shared on civil society engagement and the CSAC ToR. Switzerland also proposed regularly publishing MC decisions.

  • 16 December 2022

    Management Committee Meeting

    Maternal/infant health and public education confirmed as first tranche priorities. Committee agreed on the need for strong data and strategic analysis. Anti-corruption remains a cross-cutting priority.

  • 11 January 2023

    Management Committee Meeting

    The Management Committee adopted the Resource Allocation Strategy. Two-thirds of the first US$131M tranche will go equally to maternal/infant mortality and public education. The rest is reserved for future use. The RAS will be submitted to the HLSC for validation.

  • 10 March 2023

    Management Committee Meeting

    Endorsement of Secretariat workplan and approval of Civil Society Advisory Council (CSAC) liaison function. All CSAC candidates were approved. Pending validation of CSAC TOR and Resource Allocation Strategy by High-Level Strategic Committee.

  • 20 March 2023

    High-Level Strategic Committee meeting

    The High-Level Strategic Committee endorsed the Civil Society Advisory Council Terms of Reference (CSAC TOR) and the Fund Resource Allocation Strategy was also endorsed with no objections.

  • 21 April 2023

    Management Committee Meeting

    UN agencies requested to share health and education project concepts. An ad-hoc MC meeting will follow Swiss consultations. The World Bank will be invited as an observer. The draft Conflicts of Interest Procedure will be circulated for review and feedback.

  • 1 June 2023

    Management Committee Meeting

    The Management Committee requested UN agencies to submit proposals aligned with the RAS including 3–4 model schools, school upgrades, teacher training, green energy, IT, WASH, inclusivity, and anti-corruption, with hard components up to USD20M.

  • 16 June 2023

    Management Committee Meeting

    The maternal and perinatal care project proposal was reviewed. The MC set a USD20M cap on new school construction, with remaining education funds to support complementary activities. The Conflict of Interest procedure will be revised. Update on CSAC engagement.

  • 12 July 2023

    Management Committee Meeting

    The maternal and perinatal care project proposal was reviewed. A suggestion to include heart surgeries was considered outside the project’s scope and better suited for a future Resource Allocation Strategy. The COI Procedure will be adopted by email.

  • 9 August 2023

    Management Committee Meeting

    The Fund Monitoring, Evaluation and Learning Strategy was discussed. The Management Committee thanked UNICEF for presenting its Governance & Anti-Fraud mechanism. The governments asked for five days to electronically approve the maternal and perinatal care proposal.

  • 13 September 2023

    Management Committee Meeting

    The MC formally signed the $43.5M health project “Every mother and child survives and thrives,” with an anticipated start date of 20 September. The updated Monitoring, Evaluation and Learning Strategy was presented and adopted. The Secretariat was tasked with engaging a Risk Management consultant.

  • 10 January 2024

    Management Committee Meeting

    The Administrative Agent gave a financial update, confirming that interest earned on unallocated funds stays within the Fund. Education project proposals are still pending. The World Bank shared four ideas for the next RAS. The CSAC requested a Fund website in English and Uzbek.

  • 27 March 2024

    Management Committee Meeting

    The Secretariat introduced the new Fund website, ishonch.org, in Uzbek and English, with access to grievance mechanisms. The ICT in Education project was presented. The UNRC shared potential focus areas for the next Resource Allocation Strategy.

  • 14 May 2024

    Management Committee Meeting

    The MC emphasized that no individuals linked to Gulnara Karimova, her associates, PEPs, or those on sanctions lists should benefit from Fund projects. It was agreed to review the Risk Expert’s recommendations.

  • 28 June 2024

    Project approval and signing

    The Management Committee formally signed the $23.5M education project “Empowering Education In Uzbekistan by Leveraging ICT and Digital Learning” with an anticipated start date of 1 August 2024.

  • 20 September 2024

    Management Committee Meeting

    CSAC nominations were discussed. On the Education WASH project proposal, the MC welcomed the concept and asked for refinements, including clear vulnerability criteria, community involvement, and a balance of hard and soft components.

  • 2 December 2024

    Management Committee Meeting

    The UN agencies presented the WASH in Education project proposal, but the MC did not approve. Adjustments to the outcome indicator for the ongoing Maternal and Perinatal care project were requested but not endorsed by the Management Committee.

  • 5 March 2025

    Management Committee Meeting

    Decision to plan a Fund-level press conference. The MC requested the Perinatal and Maternal Health Project to submit a full programmatic and budget revision request by 20 March. Early discussions on next Resource Allocation Strategy.

  • 24 April 2025

    Press conference in Almalyk

    The Fund Management Committee conducted a public press conference in Almalyk about the restitution followed by a visit to a local Perinatal Center with journalists, bloggers and the CSAC Chair.

  • 26 May 2025

    Management Committee Meeting

    MC endorsement of CSAC nomination. Evaluation of CSAC engagement and compliance with the CSAC Terms of Reference. Discussion on the revision of the Fund Operations Manual. Plans were discussed for a perinatal center visit in Namangan.

  • 12 June 2025

    Management Committee Meeting

    Management Committee decision to approve the use of USD 9.08 million in procurement savings to procure additional equipment in line with the Ministry of Health’s additional list. The budget for cash transfers, contracts and general operating costs were also approved.

  • 4 July 2025

    Project approval and signing

    The Management Committee formally signed the $20M education project “Modelling climate resilience and WASH in schools” with an anticipated start date of 1 August 2025

Governance and the people involved

High-level Strategic Committee

The High-level Strategic Committee facilitates political dialogue on asset restitution, advises on the Fund’s strategic direction and structure, and provides overall oversight.

  • Patric Franzen, Deputy State Secretary of Switzerland

  • Jamshid Kuchkarov, Minister of Economy and Finance and Deputy Prime Minister of Uzbekistan

Management Committee 

The Management Committee is the primary decision-making body of the Fund. It is co-chaired by its voting members: one representative from the Government of Uzbekistan, one from the Government of Switzerland, and the UN Resident Coordinator in Uzbekistan. 

  • Konstantin Obolensky, Ambassador of Switzerland to Uzbekistan

  • Ilkhom Norkulov, First Deputy Minister of Economy and Finance of Uzbekistan

  • Sabine Machl, UN Resident Coordinator in Uzbekistan

Alternate members:

  • Otabek Fazilkarimov, Deputy Minister of Economy and Finance of Uzbekistan

  • Alexander Schärer, Head of Diplomatic Affairs, Embassy of Switzerland to Uzbekistan

Civil Society Advisory Council 

The Civil Society Advisory Council (CSAC) consists of 19 members from national and international civil society organizations and academia. It advises the Fund Management Committee to ensure that civil society voices are reflected in the Fund’s decisions and activities, and to strengthen the link between the Ishonch Fund and the public.

  • Sayyora Khodjaeva, CSAC Chair, Director of NGO “Institute for Democracy and Human Rights”

  • Patrick Mutzenberg, CSAC Vice-Chair, Director of the “Centre of Civil and Political Rights”

  • Oybek Isakov, Chairperson, Association of People with Disabilities

  • Kobil Khidirov, Journalist and blogger, Davletov UZ

  • Nodira Karimova, Director of NGO “Istiqbolli Avlod”

  • Irina Matvienko, Founder of Nemolchi.uz

  • Liliana Sin, Director of NGO “KRASS”, Khorezm region

  • Oliya Ilmuradova, Chairman of International Socio-Enlightenment Center, NGO "Barqaror hayot”

  • Shamil Asyanov, Director of NGO “Center for the Study of Legal Problems”

  • Nazifa Kamalova, Director of NGO “Istiqlol avlodi”

  • Kamola Alieva, women's rights activist

  • Sanjar Yuldashev, Director of the NGO branch "Barqaror hayot" in Tashkent

  • Yuliy Yusupov, Founder of Center for Economic Development

  • Isa Khamedov, Professor of the Department of “Theory of Law and Public Administration”

  • Muslim Mirzajonov, Chief editor of migrant.uz

  • Timur Karpov, Photographer, Founder of 139 Documentary Center

  • Sergey Uchayev, Chairman of the Republican NGO “Ishonch va Hayot”

  • Dilmurad Yusupov, Head of NGO “Sharoit Plus”

  • Jackson Oldfield, Co-Founder, CiFAR – Civil Forum for Asset Recovery

  • Manzura Khusnidinova, CSAC Liaison – UN Volunteer


Secretariat

The Secretariat supports the Management Committee and the High-level Strategic Committee with daily operations and administration. It coordinates with all Fund stakeholders to ensure compliance with Fund procedures. Based in the UNRC’s Office in Tashkent, the Secretariat has four staff.

  • Jonas Astrup, Head of Fund Secretariat

  • Vacant position, Risk, Strategic Comms and Stakeholder Relations Specialist 

  • Laziz Tursunov, Programme Officer

  • Kamoliddin Khamidov, Project Administrative Associate 

Administrative Agent

The UNDP Multi-Partner Trust Fund Office (MPTFO) serves as the Fund’s Administrative Agent, responsible for receiving, managing, and disbursing funds based on Management Committee decisions. Its representative is a non-voting ex-officio member of the Committee, providing technical advice on fund management.

  • Bavo Christiaens, Portfolio Manager

  • Dawit Ghebremichael, Portfolio Associate

  • Cynthia Antypa, Portfolio Associate

  • Myasanda Hlaing, Finance Associate

  • Aamir Khan, Finance Specialist


  • Sara Ansari, Finance Specialist


Implementing Organizations

Projects and programmes funded by the Ishonch Fund are implemented by designated organizations. These include 22 Participating UN Organizations (PUNOs) and the World Bank, all acting as Implementing Organizations. Currently, the following organizations are implementing programmes under the Ishonch Fund.

  • Sara Noshadi, UNESCO Uzbekistan Resident Representative

  • Akiko Fujii, UNDP Uzbekistan Resident Representative

  • Nigina Abaszada, UNFPA Uzbekistan Resident Representative

  • Regina Maria Castillo, UNICEF Uzbekistan Resident Representative

  • Asheena Khalakdina, WHO Uzbekistan Resident Representative

Fund governance structure