This article explores the current state and historical development of the regulatory and legal framework for syndicated lending in Uzbekistan. It highlights the limitations of the 2000 Regulation, which still serves as the primary legal basis, and identifies key gaps such as the absence of agent bank authority, provisions for foreign participation, and inter-creditor arrangements. Through a comparative analysis with Kazakhstan’s recent legal reforms and international best practices – particularly those set by the Loan Market Association (LMA – the article outlines how Uzbekistan can modernize its legal infrastructure. The study concludes with practical recommendations for legislative updates aimed at improving transparency, facilitating foreign investment, managing credit risk, and aligning with global syndicated lending standards.