III PPP Roundtable: Mobilizing Private Capital Through PPPs

November 18 – 19, 2025

Hyatt Regency Hotel, Tashkent, Uzbekistan

Uzbekistan has rapidly transformed to a leading emerging PPP market. However, significant challenges lie ahead as a $14bn pipeline of transactions are being targeted for delivery over 2022-2026. The aim of this panel is to provide an overview of the key features of the PPP framework that have helped to drive the transformation process and the areas for improvement that will be required going forward. It will focus on analyzing the trajectory of the PPP program and will provide different perspectives on the progress achieved so far and the prospects as well as challenges ahead. This panel consists of government officials, international advisors, and representatives of the International Finance Institutions.
The aim of this panel is to highlight the successes and challenges of awarded PPP projects in the energy sector of Uzbekistan. Realising the benefits of attracting private sector finance, expertise skills and efficiencies to public sector projects the Government of Uzbekistan (GOU) embarked in a well-designed PPP programme. The PPP Development Agency of Uzbekistan (PPPDA) was established in December 2018 and a PPP law was enacted in May 2019 and amended in January 2021. With the support of ADB, EBRD and IFC the focus of PPP investments has centred in the energy generation sector with the award of 17 projects by the Government of Uzbekistan, to generate 8.5 GW of electricity where 2.9 GW of this capacity renewable sources such as wind and solar, where the last awarded tender for the first competitively tendered wind power project `100 MW Koraozak Wind Power Plant` won by ACWA Power was completed with the newly amended PPP Law proving the ability of the Uzbek PPP legislation to implement bankable projects going forward.
Urbanization is seen as a key driver of economic opportunity in Uzbekistan, and over 50% of the country's population now resides in urban centers. This requires greater investment and operation of basic utilities such as water, wastewater, solid waste, and district heating. Moreover, the global climate crisis places greater emphasis on energy efficiency and environmental sustainability in the design and operation of utilities, accelerating the need to engage private sector technology.

This panel includes some of the pioneers of utilities PPPs in Uzbekistan from both the public and private sector in a variety of urban sectors, and will discuss effective models for private sector participation in utilities ranging from operations and maintenance, affermages, and DBFOM concessions, with a view towards leveraging private sector innovation and investment while balancing the need for affordability of basic services in the Uzbekistan context.
One of the main priorities of the Government of Uzbekistan is to ensure improved social welfare for all citizens by providing access to high-quality healthcare and education services operating efficiently with the aid of modern resources and methodologies. The first healthcare PPP project focused on development and operation of Haemodialysis facilities to cater for over 1000 patients was implemented in 2021 and new projects in the social sphere are continuing with radiotherapy centres, multifunctional hospitals, 100 schools, 100 kindergartens and 100 dormitories.

This session of the Roundtable brings together deputy ministers of healthcare and public education to discuss their strategic visions for investments and how PPP can be a solution to improve the social infrastructure of Uzbekistan with valuable contributions from international investors and advisors sharing their experiences in line with the Government's vision and priorities.
With a 447,400 m2 land area, Uzbekistan is a vast country with a strategic location in Central Asia connecting East to West and North to South. To harness Uzbekistan's strategic advantages and improve its access to the global markets a modern transportation infrastructure plays a paramount catalyst role in the Government's future growth plans for the most populous nation in the region.

The panel will focus mainly on airport and toll-road PPPs where senior officials of the Ministry of Transport and public agencies in charge of public transport infrastructure will share their investment strategies/views on PPPs and senior representatives of international investors/advisors will share their experiences for successful implementation of such landmark transport projects under PPP framework.
The Government of Uzbekistan launched a comprehensive reform programme in 2017 to transform the country and set it on a new trajectory of growth and development. A key component of the reform programme was to apply public-private partnerships to unlock the potential of the private sector in keys part of the economy and to attract private sector financing and expertise in the delivery of key public services.

Historical underinvestment in vital areas of social and economic infrastructures has led to gaps in public service provision with many infrastructure assets also in poor condition and in urgent need of modernisation. A 2019 IMF report estimated that Uzbekistan needs to invest an additional $6bn per year to meet its 2030 SDG targets. A number now that will have grown even further to take into account the extra $4bn needed for Covid 19 measures.

The government has targeted the delivery of $14bn dollars of PPP projects as part of its financing strategy to meet the 2030 SDG commitments, However, success depends on whether the scale of financing required for the rapidly increasing PPP pipeline can be realised at reasonable costs, The aim of this panel is to bring finance experts from government, private sector and development financial institutions to discuss how the latest financing innovations can help to leverage the funds required to meet the increasing demand for private financing to deliver Uzbekistan's PPP programme.
DAY 1. TUESDAY - NOVEMBER 18, 2025
09:00-9:30
09:00-9:30
Registration of participants
09:30-10:00
09:30-10:00
Welcome Coffee
10:00-10:45
10:00-10:45
Welcome remarks from keynote speakers:
  • Mr. Jamshid Kuchkarov (Deputy Prime Minister and Minister of Economy and Finance of the Republic of Uzbekistan)
  • Mr. Takeo Koike (Head of Office of Markets Development and PPP, ADB)

Opening Remarks:
  • H.E. Mohammad Abunayyan (Founder and Chairman, ACWA Power)
  • Ms. Linda Rudo Munyegeterwa (Global Director, PPP & Corporate Finance Advisory Services, IFC)
  • Mr. Huseyin Ozhan (Managing Director, Central Asia and Mongolia, EBRD)
  • Mr. Silvere Delaunay (Senior VP, CEO for Central Asia and Caucasus of SUEZ Group)
10:45-11:00
10:45-11:00
Signing Ceremonies:
  • Announcement on the inclusion of “PPP-Uzbekistan” case study for Stanford University curriculum (online)
  • Flagship large-scale projects

Remarks regarding importance of modern airports and impact on economy, by:
  • Mr. SangYong Lee (Vice President & CBDO, Incheon International Airport Corporation)
11:00-11:15
11:00-11:15
Group photo
11:15-11:30
11:15-11:30
Coffee Break
11:30-12:30
11:30-12:30
Panel discussion 1: Achievements and Key Challenges
This panel will highlight the progress made in expanding Uzbekistan’s PPP portfolio, which has grown significantly in both scale and value. It will also address key challenges related to regulatory frameworks, project preparation, and market capacity, setting the stage for informed dialogue on advancing sustainable PPP development.
 
Moderator:Mr. Syed Uddin (Head of Transaction Advisory, AIIB)
 
Panelists:
  • Mr. Ilhomjon Umrzakov (Deputy Minister of Economy and Finance of the Republic of Uzbekistan)
  • Mr. M. Azim Hashimi (Director, Advisory Division 1, OMDP, ADB)
  • Mr. Michael Opagi (Regional Manager, PPP Transaction Advisory Services, Middle East, Central Asia, Türkiye, Afghanistan and Pakistan, IFC)
  • Mr. Marcos Martinez (Head of the PPP Advisory Unit, EBRD)
12:30-13:30
12:30-13:30
Panel discussion 2: Solutions to Key Challenges: Innovative Financing Solutions for PPP and Creating Diverse Finance Sources
This session will explore practical solutions to overcome key barriers in PPP development, with a focus on innovative financing mechanisms and mobilizing diverse sources of capital. Discussions will cover blended finance, risk mitigation tools, and strategies to enhance private sector confidence and participation in PPP projects across sectors.
 
Moderator: Mr. Enrico Pinali (Regional Head, Private Sector Development, Central and West Asia, ADB)
 
Panelists:
  • Mr. Andi Aranitasi (Director, Head of Uzbekistan, EBRD)
  • Mr. Odilbek Isakov (CEO & Co-Founder, Infrasia Capital)
  • Mr. Ferhat Esen (Senior Energy Specialist & Task Team Leader for Guarantee Projects, World Bank Group)
  • Ms. Arantxa Mencia (Vice President, Almar)
  • Ms. Maryam Al Mazrouei (Head, Business Development (CIS), Masdar)
  • Mr. Marius Dan (CEO – Central Asia, Templeton Global Investments)
13:30-14:30
13:30-14:30
Lunch
14:30-16:30
14:30-16:30
PPP Monitor Launch Event
Chaired by: Mr. Takeo Koike (Head of Office of Markets Development and PPP, ADB)

Speakers:
Welcome remarks from ADB:
  • Mr. Mirzo Iskandar Gulamov (Uzbekistan Country Operations Head, ADB)
Opening remarks from Government:
  • Mr. Abduqodir Yokubov (Deputy Director PPP Development Dept, Ministry of Economy and Finance of the Republic of Uzbekistan
PPP Monitor introduction and key findings:
  • Ms. Jannat Salimova-Tekay (Markets Development Advisory Specialist, ADB)
A private investor’s perspective on implementing PPP projects:
  • Mr. Alisher Khaitmetov (Country Manager, Veolia)
  • Mr. Walid Madwar (Metito’s Chief Commercial Officer)
  • Ms. Carole Pontaise (Country Manager, Voltalia)
Financial Solutions to Address PPP Project Risks
  • Mr. Alexander N. Jett (Senior Investment Specialist, Guarantees, ADB)
  • Mr. Dmitry Kabrliyan (Senior Public Sector Development Specialist, ADB)
Closing Remarks
  • Mr. Takeo Koike (Head of Office of Markets Development and PPP, ADB)

Q&A Session regarding PPP Monitor
16:30-16:45
16:30-16:45
Coffee Break
16:45-17:45
16:45-17:45
Panel discussion 3: Advisors’ perspective
The important work done by advisory firms to support the public and private sectors, enable the advancement of the PPP program and expedite the PPP project delivery process. This panel gives voice to those advisory firms that have shown exceptional commitment to the Uzbekistan PPP program and will give opportunity for them to highlight their contributions.
 
Moderator: Mr. Matthew Thomas Wilson (PPP Policy Advisor of the Ministry of Economy and Finance of the Republic of Uzbekistan)
 
Panelists:
  • Mr. Oybek Yuldashev (Partner, PwC)
  • Mr. Anand Rohatgi (COO, Synergy Consulting)
  • Mr. Yokubjon Isakov (Partner, White and Case)
  • Mr. Nail Khassanov (Partner, Kosta Legal)
  • Mr. Nadir Nuritdinov, (COO & Co-founder, Infrasia Capital)
  • Ms. Lorna Ball (Director, Arup)
18:30-21:00
18:30-21:00
Dinner, venue TBC
DAY 2. WEDNESDAY - NOVEMBER 19, 2025
09:00-09:30
09:00-09:30
Welcome Coffee
09:30-11:30
09:30-11:30
Panel discussion 4: Government’s Vision and Roadmap
This session will outline the Government of Uzbekistan’s strategic vision for PPP development as a key driver of economic transformation under the Uzbekistan-2030 Strategy. Panelists will discuss policy priorities, upcoming reforms, and the updated roadmap for mobilizing $30 billion in PPP investments, with a focus on ensuring fiscal sustainability, institutional integration, and long-term impact.  
 
Moderator: Mr. Ilhomjon Umrzakov (Deputy Minister of Economy and Finance of the Republic of Uzbekistan)
Panelists:
  • Ministry of Health of the Republic of Uzbekistan
  • Ministry of Transport of the Republic of Uzbekistan
  • Ministry of Energy of the Republic of Uzbekistan
  • Ministry of Construction, Housing and Communal Service of the Republic of Uzbekistan
  • JSC Uzsuvta’minot
  • JSC Uzbekistan Airports
11:30-12:00
11:30-12:00
Coffee Break
12:00-13:00
12:00-13:00
Panel discussion 5: Institutional Support: Managing the fiscal risks, Institutional Capacity Building, Strategic Planning and Digitalization 
 
This panel will examine the institutional foundations necessary for successful PPP implementation, including capacity building, human resource development, and strategic planning. Special attention will be given to the role of digitalization in enhancing project transparency, efficiency, and long-term sustainability within the PPP framework. 
 
Moderator: Ms. Amanda Sayegh (Senior Economist, IMF)
 
Panelists:
  • Mr. Jasur Karshibaev (Advisor to Minister, Ministry of Economy and Finance of the Republic of Uzbekistan)
  • Mr. Mirzo Iskandar Gulamov (ADB Country Operations Head)
  • Mr. Ziad-Alexandre Hayek (President of the World Association of Public-Private Partnership Units and Professionals)
  • Ms. Elena Timushova (PPP Specialist, World Bank Group)
  • Mr. Erk Ozbelge (Commercial Advisor of the Ministry of Economy and Finance of the Republic of Uzbekistan)
13:00-13:15
13:00-13:15
Conference Concluding Remarks
  • Mr. Takeo Koike (Head of Office of Markets Development and PPP, ADB)
  • Mr. Ilhomjon Umrzakov (Deputy Minister of Economy and Finance of the Republic of Uzbekistan)