European Investment Fund Invests in Shohin Airlines

Strategic Investment Agreement Signed in Dushanbe

The final stage of negotiations between the CEO of Shohin Airlines, Zafar Ahmadzoda, and the founder of the European Investment Fund, “CFC s.r.o., osoba rizikoveho kapitalu,” Guntars Selikovs, took place on March 10, 2026, at the Shohin Airlines office in Dushanbe.

During the meeting, the parties discussed prospects for strategic cooperation and long-term investment in the development of civil aviation in the Republic of Tajikistan. It was noted that following the upgrade of Tajikistan’s credit rating by the international agencies Moody’s and S&P Global Ratings, European partners expressed confidence in the stability of the national economy and their readiness to expand their investment presence in the country.

As a result of the negotiations, a five-year strategic investment agreement in Shohin Airlines was signed. The total volume of planned investments will exceed USD 200 million. The funds will be allocated to expanding the aircraft fleet, enhancing the airline’s operational capabilities, and strengthening its infrastructure base.

“Over the past six months, we have been engaged in detailed discussions and negotiations with Shohin Airlines regarding potential investment opportunities. During this period, a series of working meetings were held in Dubai (UAE) and across Europe, allowing the fund to thoroughly examine the company’s business model, assess the professionalism of its management team, and evaluate the scale of market opportunities. The fleet expansion project is regarded by us as strategically significant. We have closely monitored the development of the Tajik economy, and the data from Moody’s and S&P Global Ratings clearly indicate that the country is on a stable growth trajectory. We are confident in the successful implementation of this project,” said the fund’s founder, Guntars Selikovs.

Shohin Airlines is a newly established private airline registered in Tajikistan, focused on strengthening national civil aviation and developing air transportation both within Central Asia and on international routes. Currently, the airline operates helicopters for specialized missions. In the coming months, the fleet is expected to be expanded with an L-410 NG aircraft — a modern Czech turboprop passenger aircraft for regional operations produced by Aircraft Industries, a.s. This addition will enhance the airline’s regional passenger transport capabilities. The company is also engaged in negotiations with leading global aircraft manufacturers and is exploring opportunities not only in commercial passenger and cargo transportation, but also in the development of business aviation in the Republic of Tajikistan.

The fund “CFC s.r.o., osoba rizikoveho kapitalu” is registered in the Czech Republic and operates at the intersection of European capital markets, the Gulf region, and investment opportunities in Central Asia and the CIS. The fund’s investment strategy is focused on supporting infrastructure and technology projects in developing economies with high growth potential. Priority investment areas include aviation and aviation infrastructure, logistics and transport systems, renewable energy projects, and technological solutions in the field of artificial intelligence. The fund’s headquarters are located in Prague, Czech Republic. Its current investment capacity amounts to approximately EUR 500 million.