Conference Report

Date: 18 February 2026
Venue: Hyatt Regency Tashkent

Introduction

On 18 February 2026, Finasia Capital hosted its flagship conference "Access to Global Finance – from SMEs to Blue Chips" at the Hyatt Regency Tashkent. The event brought together senior government officials, international financial institutions, global commercial banks, development partners, legal advisors, and representatives of leading Uzbek corporates and SMEs. The conference aimed to provide a comprehensive overview of funding solutions available to Uzbek businesses across the entire spectrum – from early-stage SMEs to large corporates accessing international capital markets.

Opening Remarks

The conference was officially opened by Odilbek Isakov, CEO of Finasia Capital, who emphasized the growing importance of diversified funding sources and international financial integration for Uzbekistan. He highlighted Finasia Capital's role as a bridge between local corporates and global capital markets.

Teyba Goulieva, Managing Director and Head of CIS Region at Societe Generale, underlined the strategic importance of Central Asia for international banks and the increasing appetite for structured finance and debt capital markets transactions in the region.

Eldor Mannopov, Managing Partner at Dentons, spoke about the legal and regulatory reforms supporting foreign investment and cross-border financing transactions in Uzbekistan.

Uzbekistan Outlook: Funding Outlook for Public and Private Sector

Moderator: Odilbek Isakov, CEO, Finasia Capital

Panelists included:

• Jasur Karshibaev, Advisor to the Ministry of Economy and Finance
• Bobur Abdinazarov, Chairman of the Management Board of UzAssets
• Abror Mirzo Olimov, Deputy Chairman of the Central Bank
• Neil McKain, Head of IFC Uzbekistan
• Andi Aranitasi, Head of EBRD Uzbekistan

The discussion focused on macroeconomic stability, privatization strategy, development of domestic capital markets, and the expanding role of international financial institutions in supporting infrastructure, private sector growth, and sustainable development.

Track A: Large Corporates and Banks

Project Finance Workshop

Speakers:

• Cem Orekli, Managing Director, Energy Group, Societe Generale
• Constantin Zhydko, Director, Batteries, Metals & Industries Group, Societe Generale
• Evgenia Laurson, Partner, Dentons

Topics covered included project finance structuring, risk allocation mechanisms, finance documentation, and practical examples from metals, mining, and energy sectors. The session provided a step-by-step overview of project finance processes from feasibility to financial close.

Export Finance / Trade Finance Workshop

Speakers:

• Vincent Montrichard, Head of Development & Structured Export Finance, Societe Generale
• Alexia de Montessus, Director, Development & Structured Export Finance, Societe Generale
• Evgenia Laurson, Partner, Dentons

The workshop explained Export Credit Agency (ECA) financing structures, MIGA-covered solutions, untied critical minerals financing, and structured export transactions. Case studies illustrated how Uzbek corporates can access competitive long-term funding through export finance mechanisms.

Credit Ratings Workshop

Speaker: Nadir Nuritdinov, Director, Finasia Capital

This practical session outlined credit rating methodologies, key financial metrics such as leverage, liquidity, and cash flow, and the rating process from mandate to publication. Participants gained insights into preparing their companies for international rating assessments.

Panel Discussion: Debt Capital Markets Solutions

Moderator: Syrga Karybekova, Associate Director, DCM, Societe Generale

Panelists:

• Yury Kiselev, Managing Director, Head of CEEMEA DCM, Societe Generale
• Tamer Amara, Partner, Dentons
• Michal Parkitny, Managing Director, O&M Capital Partners

The panel explored public bond offerings versus private placements, liability management strategies, diversification beyond USD funding, and practical considerations for entering international debt capital markets.

Case Studies Session

Moderator: Teyba Goulieva, Societe Generale

Featured case studies included a Project/Export Finance transaction presented by ACWA Power and an AT1 Eurobond transaction presented by SQB. These real-life examples demonstrated structuring complexity, investor engagement, and execution strategies.

Track B: Small and Medium-Sized Enterprises (SMEs)

This track focused on preparing Uzbek SMEs for international financing opportunities through corporatisation, compliance, Islamic finance instruments, and IFRS implementation.

Government Programs for Entrepreneurship Development

Speaker: Abboskhon Makhamatov, CEO, Entrepreneurship Development Company (EDC)

The presentation covered government-backed financing tools, guarantees, and practical case studies illustrating state support mechanisms for SME growth.

Islamic Finance from Global Authority and in Action

Speakers:

• Khusan Khasanov, Representative of Islamic Development Bank Group in Uzbekistan
• Mansur Mukhitdinov, Director, Enterprise Finance

Topics included IsDB strategy in Uzbekistan, private sector funding instruments, trade finance solutions, partial credit guarantees, and practical Islamic microfinance case studies.

EBRD and IFC on Private Sector Funding

Speakers:

• Khurshida Uzakova, EBRD Uzbekistan
• Kamoliddin Saliev, IFC Uzbekistan

The session detailed SME credit lines, risk-sharing facilities, advisory services, and channels through which IFC supports SMEs indirectly via partner financial institutions.

SMEs to Blue Chips: Corporatisation, KYC and Onboarding

Speakers:

• Fayzulla Khusankhujaev, Partner, Dentons
• Otabek Isakov, Executive Director, Finasia Capital

This session addressed the importance of corporatisation for equity and debt financing, compliance frameworks, KYC requirements, internal controls, and risk management systems necessary for entering international markets.

SMEs to Blue Chips: Welcome to IFRS

Speaker: Davron Yakubov, Managing Partner, BDO Uzbekistan

The presentation focused on IFRS implementation strategies, audit readiness, risk mitigation measures, and common challenges faced by companies transitioning to international financial reporting standards.

Conclusion

The conference concluded with a networking dinner, providing participants with an opportunity to deepen discussions and explore partnerships. "Access to Global Finance – from SMEs to Blue Chips" reaffirmed Finasia Capital's commitment to strengthening Uzbekistan's integration into global financial markets by offering practical solutions, knowledge sharing, and international connectivity.