Solward advises international lenders, sponsors, and corporate borrowers on complex cross-border financings, syndicated lending, and infrastructure projects driving Uzbekistan’s economic modernisation. We navigate the evolving regulatory landscape, ensuring deal structures align with both local statutes and international standards while mitigating risks in sovereign guarantees, PPP frameworks, and secured transactions.

Our team manages the full transaction lifecycle – from term sheet negotiation to financial close – with particular expertise in financings involving multilateral institutions such as the European Bank for Reconstruction and Development (EBRD), the Asian Development Bank (ADB), and the International Finance Corporation (IFC) across Central Asia.

We advise on the structuring of key domestic products

Following Uzbekistan’s landmark legislative reforms, we guide clients through the newly established framework for Sharia-compliant finance, leveraging our team’s extensive prior experience with Islamic finance instruments in international cross-border transactions. We advise on structuring key domestic products, including Murabaha, Musharaka, and Wakalah, and assist financial institutions in the licensing and operational set-up of “Islamic windows”.

Our lawyers’ experience includes advising:

international lenders on the cross-border financing of a two-phase photovoltaic project developed by a private company in Uzbekistan

the Islamic Development Bank (IsDB) on the legal framework for a cross-border regional connectivity initiative involving Uzbekistan, Kazakhstan, Kyrgyzstan, and Tajikistan

China Development Bank and Bank of China as part of a consortium of major Chinese banks on the Uzbek law aspects of limited recourse project financing for the Uzbek sections of the Central Asia–China gas pipeline

international investment banks on the enforcement of derivative transactions in Uzbekistan made with an Uzbek counterparty under the ISDA Master Agreement umbrella

Davr Bank on an unsecured senior loan facility provided by German development finance institution DEG as lender (USD 20 million) and GuarantCo Infrastructure Investment Fund (GIIF) as participant (USD 3.5 million)

a consortium of lenders in connection with the provision of project financing for the construction of the largest gas chemical complex for polymer production in Central Asia