Unlocking investment through PPPs: Reflections from the Tashkent International Investment Forum

June 20, 2025

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Earlier this month, our Founder and Managing Director, Nasser Massoud, took part in the 4th Tashkent International Investment Forum (TIIF2025), where he shared strategic insights on how Public-Private Partnerships (PPPs) can drive sustainable investment and infrastructure development in Uzbekistan.

As a speaker on the high-level panel “Creating a Favorable Investment Environment in Uzbekistan through PPP,” Nasser joined leading voices from international financial institutions, sovereign wealth funds, and infrastructure developers to explore how collaborative financing mechanisms can unlock the country’s growth potential.

In his interview with Oliver Aplin (Hudson Sandler), Nasser highlighted Uzbekistan’s fast-paced reforms and clear political will to embrace the private sector as a strategic growth engine. The Government’s efforts to modernise infrastructure, attract foreign investment, and promote PPPs were praised as “bold, necessary, and headed in the right direction.”

“A private sector–led economy is key to driving investment and long-term growth — and Uzbekistan is clearly making this shift with intent and pragmatism,” he noted.

A Global Panel on Transforming Investment Landscapes

The panel, skilfully moderated by Laura Vecvagare (IFC), brought together an exceptional group of leaders and institutions, including:

  • Ilhomjon Umrzakov, Deputy Minister of Economy and Finance of Uzbekistan
  • Hayashi Nobumitsu, Governor, Japan Bank for International Cooperation
  • Moustafa Fahour, COO, Plenary Middle East
  • Ahmed Al Shamsi, CEO, TAQA Water Solutions
  • Ekaterina Miroshnik, Director of Infrastructure, EBRD
  • Enrico Pinali, Regional Head, Private Sector Development, ADB
  • Anand Krishna Rohatgi, COO, Synergy Consulting

The discussion reflected a growing regional consensus that PPPs, when properly structured and underpinned by transparent legal frameworks, can be a transformative lever to crowd-in private capital while improving public services.

Nasser spoke on behalf of both Concept Realisation and InterHealth Canada, drawing on years of experience advising and structuring complex PPP transactions across emerging markets. He emphasized the need for context-aware structuring, strong government ownership, and local capacity building to ensure PPP success beyond contract signature.

“This is not just about financing — it’s about designing partnerships that are aligned, implementable, and impactful in the long run.”

A Moment of Momentum

With over USD 28 billion in PPP projects already signed by 2025, Uzbekistan is quickly emerging as one of the most dynamic PPP markets in the region. The TIIF2025 forum reaffirmed investor interest and provided a powerful platform to align visions, exchange lessons, and spark new opportunities.

For Concept Realisation, the event was an opportunity to reconnect with global partners, showcase our strategic approach to PPPs, and engage in high-level dialogue on investment trends across Central Asia.

As PPPs continue to shape the future of infrastructure in Uzbekistan and beyond, Concept Realisation remains committed to supporting governments and investors in turning ambition into action.


In this short video interview from the Forum, Nasser Massoud shares what makes Uzbekistan a compelling destination for PPP investment, and the lessons he’s taking forward.

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Meriem Mesfioui Raja

Digital Health & Stakeholder Engagement Specialist

With a background in strategic communication and digital health, Meriem brings a unique interdisciplinary perspective to stakeholder engagement in complex health projects.

She has led stakeholder-driven initiatives across Africa and the Middle East, working with public authorities, private actors, NGOs, and multilateral organisations. Her approach combines qualitative research, behavioural insights, and participatory design to foster trust, collaboration, and uptake of digital health innovations.

A former Communications Lead for Orange Middle East & Africa, Meriem later transitioned into consulting, applying her expertise in change communication and systems thinking to digital health ecosystems. Her ongoing research explores the role of stakeholder engagement in enabling sustainable adoption and interoperability of digital health solutions in emerging contexts.

As part of Concept Realisation, Meriem helps translate strategic visions into inclusive, actionable frameworks that align institutions, communities, and technologies.

Yumna Meraashli

Research Analyst and Operations Support

Yumna has around 14 years of experience in providing development managers and team leaders with research support on the various land and real estate development projects. Projects Yumna provided support on a number of projects located in various countries such as Malaysia, Turkey, Iraq and KSA.  Invariably her work was in support of project feasibility studies and feasibility updates. 

Projects which Yumna worked on were mostly mixed-use development which involved researching investment laws and related updates, availability of public amenities, housing shortages, forecast national and local housing demand, availability of hotel accommodation and rates, accommodation availability for under privilaged populatio, social fabric of the project land surrounding community etc.. Yumna’s has also provided research support on PPP mandates which CR has carried out. In addition to her research expertise, Yumna brings a keen eye for visual communication, contributing graphic design support for presentations and client deliverables to enhance clarity, engagement, and professional impact.

Rene Fernandez

Senior PPP Advisor

Holds the position of Senior PPP Expert at Concept Realisation with over 17 years of experience in PPPs and public administration, including as former Director at Albania’s PPP Unit. He is part of the leadership team of WAPPP’s Social Sector Chapter. He has advised on major infrastructure and social PPPs across Albania, Kosovo, and the Western Balkans with institutions such as the World Bank, IFC, USAID, UNECE, and EIB/EPEC. His expertise includes healthcare PPPs, Trasport and infrastructure, financial modeling, regulations. As certified PPP expert (APMG, WBG), he also trains public officials and supports EU integration initiatives.

Ciprian Gorita

PPP & Infrastructure Expert

Ciprian has over 20 years’ experience in the public and private sector and spent most of this time being involved in large infrastructure projects, particularly PPPs. Ciprian has also twice worked in the Ministry of Public Finance in Romania as the head of PPP Unit, providing lead for drafting the PPP legislation and the national PPP strategy. During 2021 – 2023, Ciprian worked on public sector infrastructure projects in EY’s Strategy and Transaction service based in Bucharest and was part of the team working for the Phase 0 pre-feasibility study for two municipal PPP healthcare projects. His expertise in social infrastructure PPP also includes involvement in Schools PPP3 education project (DBFM of five schools) in New Zealand during 2016 – 2017.

Rene Fernandez

IT Support

Rene is an Electronics and Communication Engineer from the University of the Immaculate Conception of Davao Philippines, with over 10 year’s experience in the Field of Information and Technology, his also member of Institute of Electronics Engineer of the Philippines (IECEP).  it@conceptrealisation.com

Huda Attiga

Legal Counsel

Huda has over 19 years of experience in legal practice and has drafted and participated in negotiating a wide range of contractual documents. Her sector experience covers healthcare, concessions, real estate, consulting and energy. In addition, she has handled a range of corporate matters. Huda holds a LLB from Jordan University and a LLM from UCL. She has undertaken postgraduate studies at Wharton School and Penn Law School and at the University of Lund.  hattiga@conceptrealisation.com

Shashikant Nayak

Health Finance Specialist

Shashi is a Fellow Member of the Institute of Chartered Accountants of India and a Commerce Graduate from St. Johns College, Agra University. He has extensive experience in healthcare project design and delivery and in addition has worked in other industries ranging from consumer goods to manufacturing. He was previously Chief Financial Officer of InterHealth Canada, an international investor and operator of health projects and a specialist in the integrated PPP model. His areas of interest include, but are not limited to, setting up financial systems, drafting and reviewing financial policies and procedures, conducting cost benefit analysis, building cost models, financial models, commercial contract management, analysis and advice on funding options and commercial logic of such options. He has worked on projects in the UK, Europe, Asia, the Middle East, Maldives, Turks & Caicos Islands, Jamaica and BVI. snayak@conceptrealisation.com

Puja Sharma

Financial and Risk Analyst

Puja has 16+ years of experience in project finance with specialization in the infrastructure sector. She has worked extensively on the development and commercial review of  feasibility models, transaction models, operational models, re-financing models and initial public offering models. She has also been involved in domestic debt fund raising for over GBP 14bn for infrastructure projects in India as well as providing PPP advisory services to public sector bodies including PPP options models, project structuring, debt models, credit risk assessments, market sounding, financial feasibility reports, bid document preparation, bid evaluations and financing negotiations. She also addressed and resolved queries of lenders for smoothing quick approval of projects –specifically presentations to financial lenders/investors, liaising with banks/financial institutions, investors for fundraising and procurement documentation. Her sector experience includes transport, healthcare, education and social housing and commercial real estate. She spent a good part of her career with EY and KPMG working on PPP projects in India, UK, USA and Kenya, Tanzania, Ethiopia amongst other places. She also provides training in Financial modelling. psharma@conceptrealisation.com

Dr Varun Goyal

Health Economist

Dr Varun is an experienced health economist and has focused in the last 8 years on areas of public health policy and socio-economic reforms in the health sector. His key geographies are in developing countries in Asia, the Caribbean, Balkans and the CIS. Dr. Varun has worked extensively with the World Bank, IFC, USAID, EBRD, and many federal and state governments on a wide range of healthcare projects, focusing on the development of health systems and their financing and establishing projects that provide affordable, equitable and improvements in quality of clinical care. This covered several healthcare services including super-specialty care, secondary care, paedatric orthopaedics, dialysis, laboratory diagnostics, medical rehabilitation as well as non-clinical services. He has undertaken economic analysis of health projects and evaluated several public and private health models and put forward recommendations and implementation plans. He also understands PPP concept and its lifecycle completely and has considerable experience in developing PPP policies and guidelines; institutionalizing the government departments for planning, conducting and managing PPPs; evaluating the different health PPP models; conducting PPP transactions for various services delivery models across countries; and building capacity of public stakeholders through coaching and training at state and federal levels. He also understands the project management aspects of PPPs and successfully delivered and transferred large scale health IT projects to federal government in India. He is a lifetime member of Indian Public Health Association. He is a Dental Surgeon and a member of Indian Dental Association. He holds an MBA from Panjab University in India. vgoyal@conceptrealisation.com

Dr Barkat Ullah

Environmental & Social Specialist

Dr. Ullah has more than 27 years of experience in environment, climate change, disaster management, livelihood, food security/agriculture, forestry and micro-finance in international and national NGOs with consulting firms at home and abroad. He has a vast skill o environment (EA, IES, IEE, EIA, EMP, EMMP, and ESMF). He has enhanced community resilience by demonstrating and scaling up the adapting and coping technologies on climate change (vulnerability, impact, mitigation, and adaptation), disaster management (preparedness, prevention, mitigation, response, rehabilitation, and reconstruction), livelihood (food assistance, income, and employment opportunity, production and marketing support), forestry (mangrove and non-mangrove), and food security/agriculture with micro-finance sectors. He has arranged and conducted training, workshops and conferences. Dr. Ullah has designed, developed and disseminated promotional/IEC materials. He has explored, replicated and disseminated best practices. Dr. Ullah has investigated and implemented policy advocacy issues. Dr. Ullah holds a BSc in agriculture, an MSc and a Ph.D. in agricultural extension from Bangladesh Agricultural University. He is an agriculturist, a life member of the Krishibid (Agriculturist) Institution Bangladesh, Bangladesh Journal of Extension Education, and Seed Science Society of Bangladesh. bullah@conceptrealisation.com

Peter Bowe

PPP Specialist

Peter started his career in project and facilities management in 1990 working with household names in the UK such as UK Government, Balfour Beatty, Citex and UPP. He has led PPP bids across central government, commercial, defence, education, healthcare and residential sectors. Amongst other numerous transactions, Peter has successfully negotiated the delivery of pan-EMEA facilities management and solutions for BAe, Microsoft, Cable & Wireless, Cisco, McKinsey & Co, and Coca Cola. He is highly conversant in the realistic delivery of Facilities Management SLAs, KPIs and associated performance and payment mechanisms, bringing practical knowledge of workable solutions for specifying and implementing these. He has continued to work in the field of infrastructure PPPs and expanded his role to that of Managing Director (Construction) and Group Board Director of the UK’s leading Student Residential Accommodation Provider, UPP. Lately, Peter, has been actively engaged as Lead Technical Advisor to the UK’s leading pension insurance provider and their multi-billion pound investment into long term asset delivery in the multi-family Private Rented Sector. This has given him an unparalleled grasp of whole life costing issues, both in planning and implementation. pbowe@conceptrealisation.com

Ebere Ihetu

Project Finance Expert

Ebere, an associate of Concept Realisation is a Project Finance specialist with almost 20 years of experience in PPPs and infrastructure projects gained from the Middle East, Africa, UK and South East Asia. He has been working in project finance in the MENA region since 2010 and has accomplished several transactions during this period. He has recently been retained by African Development Bank to advice on their PPP programs across the energy, transport and urban infrastructure sectors. Ebere brings extensive PPP transaction and lending experience from his involvement in numerous projects in the UK where he structured, executed, negotiated project agreements and financial closed projects across the social infrastructure and transport sectors. He has undertaken projects in a variety of countries including the UAE, Oman, Qatar, Egypt Nigeria, Kenya and Zambia. Ebere holds a Diploma in Islamic Finance from CIMA, a Postgraduate Diploma in Accounting & Financial Management from the University of Essex, a BA in Economics and Business Administration from Oxford Brookes University and an MBA from Leeds University. eihetu@conceptrealisation.com

Gyuin “Jacob” Hwang

Infrastructure Advisor

A Health infrastructure and equipment specialists. Hwang, has worked on medical projects not only in Turkey but also in Romania, Iran, Uzbekistan, Azerbaijan, Kazakhstan, Kyrgyzstan, Vietnam and Korea. Since 2005, he has dealt with various aspects of medical equipment evaluation, funding and planning. In particular, he is a specialist member of KHIDI of the Ministry of Health of Korea recently and he consults with Korean hospitals, medical companies and investors to participate in overseas PPP medical business. In 2010, He created a comparative report on Task Force and PPP Hospital Projects. Since then, he has been appointed as the Senior Advisor to the Gaziantep PPP Hospital Project in Turkey by Samsung C&T. The project reached financial close in summer of 2017. ghwang@conceptrealisation.com

Saadat Musabaeva

Researcher and Translator

Saadat joined Concept Realisation in November 2016 and since then provided support fpor various projects covering Kyrgyzstan, Kazakhstan, United Arab Emirates, South Korea, Jamaica. Currently, she is involved in PPP Medical Rehabilitation and PPP Schools projects in Kyrgyzstan that Concept Realisation is undertaking at the present time. Saadat is responsible for carrying research, translation and on-ground coordination. She obtained her BA in International and Comparative Politics and Anthropology from American University of Central Asia smusabaeva@conceptrealisation.com

Katarzyna Renke

Senior Project Coordinator

Katarzyna is an experienced real estate manager. She was associated with such companies i.e. HOCHTIEF Development, Investment Fund of the State Development Bank – TFI BGK (infrastructure projects). Her experience covers PPP projects in various sectors. She has carried out support for variety projects across several countries including Poland, United Arab Emirates, Kyrgyzstan, Kazakhstan, Jamaica and South Korea. Warsaw University graduate, MA. Additionally she has undertaken four postgraduate studies and holds diplomas in Properties Valuation from the Warsaw University of Technology, PPP Projects Preparation and Management from the SGH Warsaw School of Economics, Healthcare Organizations Management from the SGH Warsaw School of Economics, Property Management from the Warsaw Management College (WSZ) and license no. 24938 in Property Management from the Ministry of Transport, Construction & Marine Economy (currently Ministry of Infrastructure). krenke@conceptrealisation.com

Neha Talwar

Financial and Research Specialist

Graduate in business from Babson College, USA and holds an MBA from the Warwick University, UK. Neha is an experienced financial modelling and research analyst, specializing in healthcare-related data analysis, needs and gap assessment and strategic planning. She started her career in portfolio management in 2004, covering over 30 companies in various sectors including healthcare. Her core focus was preparing strategic plans, ensuring commercial viability of strategic decisions, preparing annual budgets and carrying out financial modelling and sensitivity analyses. She provides analytical expertise for social infrastructure projects in both the public and private sector. She has carried out health research and analytics for a variety of healthcare projects across several countries, including the United Arab Emirates, Kyrgyzstan, Kazakhstan, Jamaica, Kuwait, Oman, Romania, North Macedonia, Bangladesh, and South Korea. ntalwar@conceptrealisation.com

Labib Abs

Managing Director. Development and Project Implementation Lead.

Labib specialises in land and real estate development management covering the full value chain from identification of the business opportunity and securing phase, to assessment and formulation of the financial model and business case, through to project execution, delivery and exit.  His experience, gained in the UK, the Middle East, Kazakhstan and other,  also covers the entire development delivery process, from procurement to implementation and sales.  Labib holds a Bachelor of Engineering  in civil engineering from Beirut Arab University and an MSc in Construction Management from the University of Birmingham and is a Member of the Association of Project Managers. labs@conceptrealisation.com

Nasser Massoud

Founder & Managing Director. Healthcare and Education Lead

Nasser specializes in structuring, negotiating and financing healthcare and education transactions in the form of public private partnerships (PPPs), privatizations and joint ventures. He has successfully led teams at all stages of PPP program and project development, including strategy formulation and policy setting; developing PPP pipelines; pre-feasibility studies; full feasibility studies and business cases; value for money assessments; cost benefit analyses; environmental and social assessments; risk profiling; compiling term sheets; financial modelling; risk modelling; entire procurement documentation and process management through to financial close. He has overseen such development and negotiation phases from both the sponsor side as transaction leader and the government side as lead advisor, often engaged by MDBs. Beyond financial close, Nasser has undertaken project monitoring on behalf of government and project development and operational oversight on behalf of the investor/ operator. He has performed both formal and informal capacity building, coaching and training. He has been engaged by several Multilateral Development Banks on programs and projects. He was appointed to the Healthcare Panel of Consultants by the Office of PPP in Asian Development Bank; as a Global Healthcare Key opinion Leader by the Korean Ministry of Health; and was part of the team that compiled the Global Standard for Healthcare PPPs under the United Nations Economic Commission for Europe (UNECE). Nasser holds a BSC in engineering from UCL, an MSc in construction economics and management from UCL and a Masters in Finance from London Business School. He is a Chartered Civil Engineer, a Member of the Institution of Civil Engineers and a Fellow of the Chartered Institute of Arbitrators. nmassoud@conceptrealisation.com

Jeremy Brown

Chairman. Social/Affordable Housing and Elderly Care Lead

Jeremy specialises in housing and elderly care where private sector, public sector and non-profit agencies are brought together to deliver cost efficient outcomes. This includes combined investment initiatives and restructured, or new organisations. He was for 14 years a partner in PwC’s Management Consultancy  practice and led a wide range of projects for government and commercial entities in Europe, India, China and former Soviet Republics (Ukraine, Uzbekistan and Kazakhstan). Jeremy holds a Diploma in Social Sciences, a BSc in Urban Planning, a BA in Architecture from the AA and an MA in Urban Investment & Development.