Free economic zones (FEZs) are vital instruments for attracting investment and fostering industrial growth, yet their effectiveness depends on robust financing mechanisms. This study analyzes global experiences and identifies financing gaps in Uzbekistan’s FEZs, emphasizing the role of project finance, PPPs, capital-market instruments, and Islamic finance. The findings suggest that diversified and sustainable financing strategies, supported by governance reforms, are essential for transforming FEZs into engines of long-term economic development.