Arbitration as the Method of Settlement of Investment Disputes against the Kyrgyz Republic
AKIpress Analytics section, March 19, 2013

The Kyrgyz Republic has already participated in several arbitration proceedings. Therefore, it might be reasonable to analyze peculiarities of legal regulation of arbitration in the KR, the causes and consequences of arbitration disputes and make relevant conclusions…

What risks foreign investors should take into account while investing into the Kyrgyz mining sector,
The Times of Central Asia, March 1, 2012.

Overview of Anti-Corruption Laws in Kyrgyz Republic,
Comparative Summary of Anti-Corruption Laws in the CIS Economic Region, 2011,
The CIS Leading Council Network.

What a foreigner should know about tax regime in the Kyrgyz Republic?
The Times of Central Asia, publication expected.

Kyrgyzstan is not an offshore zone and does not provide tax exemptions, but the rates of many of them are not very high.

Senior Associate - Azima Bokoshova

Azima Bokoshova is a senior lawyer at Kalikova & Associates and is a member of the Banking, Microfinance & Insurance Practice Groups. Her expertise focuses on banking, public-private partnership and project finance, corporate issues and capital markets.


- contributed to a pre-feasibility study for the project on improvement of rendering municipal services to Bishkek city by a municipal enterprise, including but not limited to conducting legal due diligence involving the analysis public-private partnership as a potential legal mechanism for implementation of the project;
- prepared dozens of legal opinions after conducting limited due diligences for international finance organizations and development institutions in connection with foreign currency loans provided to local banks, microcredit and microfinance companies;
- more than once prepared legal opinions for international finance organizations and development institutions in the context of loans provided to the Kyrgyz Republic and advised on legal requirements related to Kyrgyz financial institutions acting as intermediaries responsible for on-lending;
- advised an international development institution in connection with legal issues related to local regulatory considerations for finance transactions of international development institutions, regulatory framework for securities turnover;
- advised an international finance organization on its entering into a non-deliverable hedging cross-currency swap transaction with a domestic counterparty through the framework of the ISDA Master Agreement;
- provided legal support to a prominent domestic bank in connection with its several million dollars loans and security issues, including but not limited to drafting credit and pledge agreements, due diligence of borrowers’ documents, legal support in negotiation, execution and perfection of loan transactions;
- advised an international finance organization on the possibility of issuing bonds denominated in local currency in the Kyrgyz Republic;
- provided legal support to an international group of companies in connection with obtaining the Kyrgyz National Bank’s preliminary consent for purchase of a domestic bank’s shares and advised on respective regulatory issues;
- advised a major international payment system operator with regard to regulatory legal framework related to the Kyrgyz payments system.

Professional Background

Kalikova & Associates Law Firm (since 2012);
Legal Сounsel, Public Foundation “Network of Labor Migrants Assistance Centers” (2011-2012);
Intern, Legal Clinic, Law Institute, Kyrgyz National University (2011 - 2012).


Diploma of Higher Education with Distinction, Law Institute, Kyrgyz National University (2012).
Short-term Professional Training on Public-Private Partnership: theory, legislation, practice (case study of social infrastructure objects), Public-Private Partnership Development Institute and St. Petersburg State Polytechnical University (Russia) (2013).

Professional Activities and Affiliations

Russian Public-Private Partnership Club.

Speeches and Presentations, Publications

Global PPP Guide 2016, chapter on Kyrgyzstan/ 2016;



Igemberdieva Street 1A, Bishkek
720020, Kyrgyz Republic

Tel: +996 312 66-60-60;
+996 312 66-63-63;
+996 312 97-68-43;
+996 772 66 60 60;


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