CMS acted as lead counsel and as English law counsel to Oesterreichische Entwicklungsbank AG (OeEB), Cassa Depositi e Prestiti S.p.A. (CDP) and Allianz Credit Emerging Markets Fund S.A., SICAV-RAIF, managed by Allianz Global Investors, in connection with a USD 80 million financing provided to Ipak Yuli Bank, one of Uzbekistan's leading private commercial banks. The transaction supports SMEs, women-owned businesses and green projects across Uzbekistan.
The financing represents a significant cross-border transaction that further strengthens the participating institutions' commitment to supporting sustainable economic development and financial inclusion in Uzbekistan. The proceeds will be used to finance micro, small and medium-sized enterprises (MSMEs), with a particular focus on women-owned businesses and eligible green projects.
Under the financing framework, 35% of the funds will be allocated to women-owned businesses, 30% will support green projects, and the remaining proceeds will finance other qualifying business activities. The transaction is expected to expand access to finance for entrepreneurs across Uzbekistan, support the country's green transition and foster inclusive economic growth.
“We were delighted to advise OeEB, CDP and Allianz Global Investors on this significant financing transaction. The transaction demonstrates the growing commitment of international financial institutions and investors to supporting sustainable private sector development in Uzbekistan. By combining development and commercial objectives, the financing will contribute to greater access to capital for SMEs, support women-owned businesses and promote investment in sustainable projects across the country”, said Marcell Clark, Lead Partner at CMS RRH.
CMS advised the lenders as lead counsel and as English law counsel on all legal aspects of the transaction, drawing on its extensive experience in cross-border financing and development finance matters. GRATA’s Uzbekistan office advised on local law matters. The mandate included supporting the structuring, negotiation and execution of the financing package and coordinating multiple stakeholders to ensure the successful completion of the transaction.
This transaction highlights CMS's strong capabilities in advising international financial institutions, development finance institutions and investment funds on complex cross-border financing arrangements and demonstrates the firm's extensive expertise in banking and finance transactions throughout Central and Eastern Europe and Central Asia.
CMS English Law Team
Marcell Clark, Lead Partner | Banking & Finance
Relja Rajković, Counsel | Banking & Finance
Nick Kosloff, Associate | Banking & Finance
About Ipak Yuli Bank
Ipak Yuli Bank is one of Uzbekistan’s leading private commercial banks, providing a comprehensive range of banking and financial services to corporate, SME and retail clients. Established in 1990 and headquartered in Tashkent, the Bank operates a nationwide network and plays a key role in supporting entrepreneurship, international trade and sustainable economic development. Through longstanding partnerships with international financial institutions and a strong focus on innovation, financial inclusion and responsible finance, Ipak Yuli Bank continues to contribute to the growth of Uzbekistan’s private sector and economy.
About Oesterreichische Entwicklungsbank AG (OeEB)
Oesterreichische Entwicklungsbank AG (OeEB) is the Development Bank of Austria. Acting on behalf of the Republic of Austria, OeEB finances and supports economically sustainable private-sector projects in developing and emerging markets that generate positive development impact. Through loans, equity investments and advisory services, OeEB promotes sustainable economic growth, financial inclusion, climate action and private-sector development.
About Cassa Depositi e Prestiti S.p.A. (CDP)
Cassa Depositi e Prestiti (CDP) is Italy’s National Promotional Institution and Development Finance Institution. Controlled by the Italian Ministry of Economy and Finance, CDP supports sustainable economic growth through financing, investment and advisory activities. The institution promotes infrastructure development, innovation, international cooperation, financial inclusion and the growth of businesses both in Italy and internationally.
About Allianz Credit Emerging Markets Fund S.A., SICAV-RAIF (Luxembourg) / Allianz Global Investors (Germany)
Allianz Global Investors is a leading active asset manager with more than 700 investment professionals across over 20 offices worldwide and EUR 598 billion in assets under management as of 31 March 2026. The firm offers investment solutions across public and private markets and is committed to helping clients achieve their long-term investment objectives while supporting sustainable economic development through active investment management.
