The legal aspects of Uzbekistan’s accession to the Eurasian Development Bank (EDB) are expected to be settled by the end of this year, according to TASS.
Nikolai Podguzov, the director of the financial organization, informed the publication that the republic has already submitted an application to become one of the founders of the bank.
“Approximately [the share] of Uzbekistan’s participation in the bank will be 10%. We hope that this year all legal issues of accession will be completed,” Podguzov stated.
This move follows a statement made in February 2022 by the Prime Minister of Uzbekistan, Abdulla Aripov, who mentioned that the country was preparing to join the EDB. At that time, the terms and procedures of accession were being agreed upon.
About the Eurasian Development Bank
The Eurasian Development Bank is an international financial organization aimed at promoting the economic growth of participating countries, expanding their trade and economic ties, and fostering integration processes in the Eurasian space through investments. Established in 2006 by Russia and Kazakhstan, the bank has since expanded its membership to include Armenia and Tajikistan in 2009, Belarus in 2010, and Kyrgyzstan in 2011.
The EDB’s headquarters is located in Almaty, with a branch in St. Petersburg and representative offices in Astana, Bishkek, Dushanbe, Yerevan, Minsk, and Moscow. The bank's authorized capital is $7 bn, with $1.5 bn paid and $5.5 bn on demand.
In 2018, Andrei Belyaninov, the then head of the EDB, expressed a desire for Uzbekistan to join the organization. He noted that “this would be beneficial to all participants.”
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