Over the past twelve months, the law firm PraeLegal Uzbekistan has been providing legal services to JSC Uzbektelecom in connection with the implementation of major international projects involving the attraction of external financing.
The firm acted as Uzbek legal counsel to the borrower in relation to the execution of loan agreements with the Asian Infrastructure Investment Bank (AIIB) and the Export-Import Bank of China (China Exim Bank).
The project with China Exim Bank involved a loan equivalent to USD 500 million, secured by a sovereign guarantee of the Republic of Uzbekistan, while the financing from AIIB amounted to the equivalent of USD 100 million.
The scope of work included reviewing and negotiating loan documentation, preparing legal opinions under the laws of the Republic of Uzbekistan, supporting corporate approval procedures, and obtaining all necessary regulatory clearances.
In these projects, the PraeLegal Uzbekistan team, led by Partner and Head of the Banking & Finance, Fintech practice Mirzaaziz Ruziev, collaborated with international legal advisors, including Morrison & Foerster LLP (Singapore), ensuring comprehensive coordination of all legal aspects of the transaction under Uzbek law.
Both projects had a combined value of approximately USD 600 million (equivalent in Chinese yuan) and were implemented within the framework of the state program for the modernization of telecommunications infrastructure.