Infrasia Capital

Why Infrasia Capital ?

Infrasia Capital is a leading Uzbekistan and frontier markets focused advisory firm, established with accumulated local and multinational expertise of the Founders on strategic advisory, infrastructure investments, PPPs and project/corporate finance.

Infrasia Capital is led by a business-driven team with a clear purpose and a strong passion for structuring projects and translating them into sustainable results.

These factors together with strong government relations thanks to the Founders' active role in establishing necessary legislative framework and leading international funding and PPP transactions in Uzbekistan would provide the existing and prospective clients with unique value proposition unparalleled in the project advisory market.

Services & Sectors

Schools & Pre-Schools

Education is the cornerstone of society, and our school infrastructure services aim to support our clients in providing optimal and affordable learning environments. Under Strategy-2030, from 2024, Uzbekistan aims to sign 100 school PPP agreements each year. Sponsors would benefit full availability payment from the Government during the project life.

Healthcare Facilities

Our healthcare infrastructure services focus on supporting our clients in designing and constructing state-of-the-art medical and rehabilitation facilities. We understand international standards and local requirements to create spaces that support efficient healthcare services delivery and promote balance between quality and affordability. Sponsors would benefit full availability payment from the Government during the project life.

Student Accommodations

Creating comfortable and functional living spaces is essential for universities and educational establishments. This has become a priority given sharp increase (from 9% to 40% ) in school-leavers going to higher education in recent years in Uzbekistan. We act as a bridge between Sponsors and the Government to select and structure bankable projects. Sponsors would benefit full availability payment from the Government during the project life.

Pumping Stations

Pumping stations are critical for delivering water to millions of people and most of Uzbekistan's arable land and as such, to the country's food security. Our projects in this sector would upgrade the pumping stations leading to enormous energy savings and prevent water loss. Sponsors would benefit full availability payment from the Government during the project life.

Transport Infrastructure

Under Strategy-2030, the Government intends to modernise, reconstruct and create motorways (including tunnels and bridges) and inner city-roads using PPP modality. Moreover, after successful modernisation of Samarkand airport, more regional airports will be available for PPP concessions. Infrasia Capital is ready to support the Sponsors in their projects in transport infrastructure sector.

Utilities

Uzbekistan has started modernising its essential urban infrastructure consisting of district heating, water treatment and distribution, solid waste collection and management infrastructure under PPP modality. With rapid urbanisation process and expansion of major cities, there are many greenfield utility projects too. Infrasia Capital is already actively discussing such projects with public partners and can guide the Sponsors.

Our Team

Odilbek Isakov

CEO & Co-Founder

Odilbek Isakov is the CEO and Co-Founder of Infrasia Capital Ltd.
During 03/2019– 02/2023, Odilbek served as the Deputy Minister of Finance of Uzbekistan responsible for Public-Private Development Agency, Debt Management Office, State Treasury and Capital Markets Development.
Key achievements during his time in the government:
Modernisation of regulatory framework: the Law “On Public-Private Partnership” (2019), the Law “On Public Procurement” (2021), the Law “On State Debt” (2023) and the Law “On Capital Markets” (drafting completed)
Development of infrastructure projects: commercial close of 10 projects worth USD3.8bn in energy, utilities and healthcare during 2021-2022
External funding: USD2.6bn Eurobonds & USD20bn sovereign loans from IFIs to finance infrastructure projects and state budget deficit (2019-2022)
Transformation of government bond market: government bond market size grew to UZS12trn (USD1.1bn) from UZS600bn (USD70m) between 2018 and 2022
Capital markets reforms: new Law on the “Capital Markets” drafted, “UzAuto” IPO (largest ever) completed, new decree on capital market infrastructure upgrade drafted, the project bridging the local market to “Clearstream” started.
Introduction of the ESG: Debt UZS2.5trn SDG bond issuance (ICMA compliant) in CEEMEA region in 2021 with subsequent impact reports.
Landmark privatisation: Sale of government’s stake in Coca-Cola Uzbekistan for USD252m (2020-2021) to strategic foreign investor.
Prior to joining the Government of Uzbeksistan, Odilbek had a 12-year successful career at HSBC:
Advised governments and corporates in CEEMEA region to raise debt funding in capital markets
Successfully originated and executed 70 deals raising over USD115bn for clients in CEEMEA (e.g. Poland, Saudi Arabia, Turkey, South Africa, Romania, Slovakia and other CEE countries)
Odilbek holds MSc in Finance degree from the University of Strathclyde and is a CFA® charterholder.

Nodir Nuritdinov

COO & Co-Founder

Nadir Nuritdinov is the COO and Co-Founder of Infrasia Capital Ltd.
During 2019– 2022, Nadir led the PPP Development Agency under the Ministry of Finance of Uzbekistan
Key achievements:
Established a PPP legal framework: New Laws on Public-Private Partnership(already effective), Decree of the
Cabinet of Ministers 259 on developing the procedures of PPP projects, Cabinet of Ministers Decree 509 on
financing the PPP projects
Developed infrastructure projects: Achieving commercial closer of 10 projects including CCGT power plants
(total of 4GWt), solar (total of 2 GWt), wind (Total of 500 MWt), Tashkent District Heating, Samarkand
International Airport, Namangan water cleaning facility, Dialysis centres in Karakalpaakstan, Kharezm and
Tashkent regions
Worked on structuring and preparation of other projects including multi-profile hospital, radiotherapy
centres, Tashkent Region Solid Waste management, 13 schools in Tashkent region, student dormitories,
Tashkent-Andijan and Tashkent-Samarkand roads
Prior to joining the government, Nadir had over 15 years of experience in construction, infrastructure development and
services industry, with majority of work being related to PFI’s in the UK
Nadir worked for Deloitte, Bouygues and Colinson Group
He is a full member of ICAEW and qualified ACA

Zokir Bozorov

Chief Consultant

Zokir Bozorov is the chief consultant on PPP at Infrasia Capital Ltd.
From 2019 to 2023, Zokir headed the PPP Development Agency under the Ministry of Finance of Uzbekistan.
Key achievements:
The legal framework for PPP has been created: New laws on public-private partnerships (already entered into force), Resolution of the Cabinet of Ministers No. 259 on the development of procedures for PPP projects, Resolution of the Cabinet of Ministers No. 509 on the financing of PPP projects.
Developed infrastructure projects: Achieved commercial closure of 10 projects, including CCGT power plants (total 4 GW), solar (total 2 GW), wind (total 500 MW), Tashkent district heating, Samarkand International Airport, Namangan water treatment plant, Dialysis. centers in Karakalpakstan, Kharezm and Tashkent regions
Worked on structuring and preparation of other projects, including a multidisciplinary hospital, radiotherapy centers, solid waste management of the Tashkent region, 13 schools in the Tashkent region, student dormitories, Tashkent-Andijan and Tashkent-Samarkand roads.
Before joining the Company, Zokir had more than 10+ years of experience in finance, infrastructure development and services.

Bakhodir Mamatkulov

Lead Consultant

Bakhodir Mamatkulov is the lead consultant on PPP at Infrasia Capital Ltd.
Bakhodir Mamatkulov is a seasoned professional with a diverse background in finance and public-private partnerships (PPPs). With a career spanning over several years, he has held key roles in both governmental and private sector organizations, demonstrating expertise in financial management and PPP development.
Currently serving as the Lead PPP Consultant at Infrasia Capital Ltd since August 2023, Bakhodir plays an important role in advising clients on PPP projects, leveraging his experience to drive successful outcomes. Prior to this, he served as a Lead Specialist in the PPP Development Department at the Ministry of Economy and Finance, where he spearheaded various PPP initiatives in energy, sports, and cultural sectors. Notably, he led the working group responsible for the modernization of heating systems in the Samarkand and Andijan regions, utilizing PPP modalities to enhance social facilities.
Bakhodir’s journey into finance began with his role as an Assistant to the Deputy Minister of Finance in the Ministry of Finance of the Republic of Uzbekistan, where he provided support to the Deputy Minister in supervising various departments, including State Treasury, State Debt, Capital Market Development departments, and PPP Development Agency.
In November 2020, Bakhodir achieved a significant milestone by obtaining his Master of Science (MSc) in Finance from Technological University Dublin, Ireland, further enriching his knowledge and expertise in the field.
Bakhodir Mamatkulov is characterized by his passion and determination. He is committed to driving positive change and fostering economic growth through PPP projects in Uzbekistan.

Abdullo Makhmudov

Senior Consultant

Abdullo Makhmudov currently serves as a senior consultant specializing in PPP (Project Management) at Infrasia Capital Ltd.
Prior to joining the company in 2022, Abdullo pursued his Master’s in Sustainable Economic Development Policy Program at the KDI School of Public Policy and Management in South Korea between 2022 and 2023.
In addition to his academic pursuits, Abdullo successfully passed the CFA Level exam in November 2023, demonstrating his commitment to professional development and expertise in financial analysis and investment management.
From 2018 to 2022, Abdullo held various positions within the Debt Management Department of the Ministry of Finance of Uzbekistan, culminating in his promotion to Head of Division. In this capacity, he spearheaded efforts to attract loan and grant funds from International Financial Institutes.
Key Achievements:
• Successfully secured budget support loans totaling over USD 1 billion from International Development Institutes between 2021 and 2022.
• Annual preparation of loan and project documents for signing, totaling more than USD 4 billion across energy, education, healthcare, infrastructure, and other sectors.
• Actively participated in the first hedging operations of USD 200 million in foreign debt with JP Morgan Chase & Co., mitigating exchange rate risks.
• Played a pivotal role in preparing project impact evaluation reports.
• Acted as the principal negotiator in loan negotiations with the World Bank, Asian Development Bank, and other entities on behalf of Uzbekistan.
• Facilitated the issuance of more than USD 2 billion in Eurobonds and USD equivalent of 200 million SDG bonds in collaboration with underwriters such as Citi Bank.
• Participated in the acquisition of Uzbekistan’s sovereign credit rating operations.
• Participated in Uzbekistan’s debut Eurobond issuance.
• Evaluated feasibility study documents, project appraisal documents, and project operating manuals, as well as procurement plans.

Portfolio

Hydro power plants

The government of Uzbekistan

Hospitals

Currently Uzbekistan’s healthcare system

Water pumps

Water pumps for the purpose of irrigation and land development accounts for more than 35% of total energy consumption in Uzbekistan. Most of the water pumps are old and outdated, being installed as far back as 1967. In total, there are almost 4,500 water