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Kinstellar advises on landmark PPP project for a multidisciplinary hospital in Fergana, Uzbekistan
Kinstellar has acted as a local legal adviser for Vision Invest on a landmark public-private partnership project for the development of an 800-bed multidisciplinary hospital in the Fergana region of Uzbekistan. The project represents a major milestone for Uzbekistan’s healthcare sector and is expected to become the largest healthcare facility in Central Asia delivered under a PPP model. The PPP agreement was signed among the Ministry of Health of Uzbekistan, Vision International Investment Company and KOC Construction Mekanik Elektrik in the presence of representatives of the Government of Uzbekistan and international development partners. With an estimated value of approximately USD 300 million, the project involves
Kinstellar announces new promotions in the Tashkent office
Kinstellar is pleased to announce the following promotions in the Tashkent office: Counsel Kamilla Khamraeva has been appointed as Head of the local Banking and Finance service line, Jakhongir Azatov has been promoted to Managing Associate, and Sardor Akhmedov has been promoted to Associate. Kamilla, the new Head of the Banking and Finance service line in Tashkent, has more than 12 years of legal experience in Banking & Finance across a range of sectors, with a strong focus on Energy and Infrastructure. Her practice focuses on project financing, sovereign and sub-sovereign financing, and complex cross-border mandates. She is a dual-qualified lawyer in Uzbekistan and Russia, and is recognised as a Notable Practitioner
New mechanisms for monitoring external borrowings by large enterprises in Uzbekistan
Starting from 1 January 2025, any Uzbek resident (or a group), public or private, deemed as systemically important and with an outstanding debt that exceeds USD 50 million, potentially falls under the new CoM Regulation No. 670 "[O]n further improvement of the system of attracting bank loans and foreign debts by large enterprises of systemic importance for the economy of Uzbekistan" ("Regulation 670"). Whether an entity is deemed systemically important to the national economy is decided by the by the Coordination Commission on Risk Management for Systemically Important Enterprises (the "Coordination Commission") on an annual basis; If an entity falls under Regulation 670, it must get the Commission’s
Kinstellar reinforces its capabilities in Uzbekistan with the appointment of Kamilla Khamraeva as Counsel
Kinstellar is delighted to announce that Kamilla Khamraeva has joined the firm’s Tashkent office as Counsel. Kamilla focuses on Banking & Finance and the Energy and Infrastructure sectors. Kamilla is an experienced lawyer with a strong track record implementing some of the major and most sophisticated projects in Uzbekistan in recent years. She has also been involved in regional initiatives overseeing mandates in Turkmenistan, collaborating with local firms/lawyers on the ground. During her legal career she has advised the IFC, ADB, EBRD, Intesa Sanpaolo, Unicredit, Credit Suisse, MUFG, SACE and others in various transactions. Kamilla often works closely with lenders on structuring bespoke transactions to