Uzbekistan’s Oliy Majlis (parliament) has approved a bill in its third reading to join the Eurasian Development Bank (EDB), paving the way for the nation’s integration into another major international financial institution.
The legislative move, discussed during a regular meeting of the Legislative Chamber, stresses Uzbekistan’s commitment to expanding its long-term investment portfolio in critical sectors such as infrastructure, energy, and industry.
By joining the EDB, Uzbekistan aims to secure access to additional financing opportunities that will bolster the country's economic growth and development.
The Eurasian Development Bank, established in 2006, has a charter capital of $7bn and specializes in financing investment projects in its member states. Its core focus areas include the green economy, transport and logistics, alternative energy, digital transformation, and agriculture. Since its inception, the bank has financed projects totaling $15bn across its member countries.
The EDB also facilitates regional trade and investment through its system of conducting transactions in the national currencies of member states. The bank’s efforts align with Uzbekistan’s goals of diversifying its economic partnerships and tapping into regional integration opportunities.
During a recent plenary session, the Legislative Chamber reviewed a draft law providing the legal framework for Uzbekistan’s membership in the EDB. This initiative aims to enable the country to utilize the bank's financial resources to implement key national projects and drive economic development.
The Chairman of the EDB Management Board, Nikolai Podguzov, previously announced that Uzbekistan is expected to formalize its membership in early 2025. Last year, Podguzov revealed Uzbekistan's intention to acquire a 10% share in the bank, with legal procedures anticipated to be finalized by the end of 2024.
The EDB is an international financial institution designed to promote economic growth, strengthen trade ties, and foster regional integration across its member states. Founded by Russia and Kazakhstan, the bank's membership expanded to include Armenia and Tajikistan in 2009, Belarus in 2010, and Kyrgyzstan in 2011.
Headquartered in Almaty, the bank also has a branch in St. Petersburg and representative offices in Astana, Bishkek, Dushanbe, Yerevan, Minsk, and Moscow.
In 2024, EDB signed around 30 new projects, bringing its total annual investment to $2.3bn, one of its highest levels ever. Chairman Nikolai Podguzov highlighted the bank's strong presence in the region for 18 years, with its project portfolio including nearly 300 initiatives.
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