Kosta Legal has successfully advised the Chinese Silk Road Fund on providing a RMC 1,4 bln (approximately, USD 205 mln) loan to the Uzbek National Bank for Foreign Economic Affairs for the design, construction, development, commissioning, and operation of the Samarkand Tourism Centre, aimed to revitalize the cultural life and tourism in the city. The Complex will be built on a 360 ha land plot and will include a congress center, five, four, and three-star hotels, pools, artificial islands, restaurants, and other cultural and touristic facilities. It is planned that the Complex will be used in connection with the 2022 Shanghai Cooperation Organization Summit.
We would like to sincerely congratulate our Partner Mr. Nail Hassanov, being one of the country’s strongest expert in project finance, cross-border financing, and PPP, Senior Associate Mr. Abdujafar Abduvokhitov, and other lawyers of our Project Finance and PPP Team, on completing this project and making their contribution to the development of Samarkand, eloquently named the "Pearl on the Silk Road of the XXI Century" by project participants.
The Silk Road Fund is a state owned investment fund of the Chinese government aimed to foster increased investment in countries along the One Belt, One Road, an economic development initiative primarily covering Eurasia. The Chinese government pledged US40 bln for the creation of the investment fund established on 29 December 2014.