The Eurasian Development Bank (EDB) allocated nearly $1.4bn to projects in Kazakhstan in 2024, bringing its total investment in the country over the past three years to $3.6bn.
During a meeting between Prime Minister Olzhas Bektenov and EDB Chairman Nikolai Podguzov, both sides discussed further cooperation and the joint implementation of strategic infrastructure projects.
Podguzov highlighted that in 2025, the Bank plans to continue financing major initiatives in energy, transport, and industry, with a particular emphasis on digital technologies and innovative solutions. Key projects for 2024 include the modernization of combined heat and power plants in Kazakhstan’s central and eastern regions, as well as the construction of a polyethylene plant and the 545 MW Altyn Dala solar power plant.
Bektenov reaffirmed Kazakhstan’s commitment to expanding collaboration with the EDB, particularly in energy and utilities.
“The Eurasian Development Bank is an important partner for Kazakhstan. Last year, the Bank’s investment in our economy grew by nearly 40%, and its loan portfolio in Kazakhstan increased to 63.4% of the total. We are interested in expanding our cooperation on mutually beneficial terms and unlocking the potential of both traditional and emerging areas,” Bektenov stated.
EDB is a multilateral financial institution focused on fostering economic integration across Eurasia. With a charter capital of $7bn, the Bank primarily invests in transport infrastructure, digital systems, green energy, agriculture, and manufacturing while adhering to UN Sustainable Development Goals and ESG principles.
Uzbekistan's Oliy Majlis approves bill to join Eurasian Development Bank
— Daryo | Central Asia & Afghanistan (@DaryoEng) January 22, 2025
Uzbekistan’s Oliy Majlis has approved a bill to join the Eurasian Development Bank (EDB), aiming to enhance the country’s investment opportunities in critical sectors such as infrastructure, energy, and… pic.twitter.com/iDWEm8Lj9w
Uzbekistan moves to join EDB
In January 2025, Uzbekistan’s Oliy Majlis (parliament) approved a bill in its third reading to join EDB, positioning the country for deeper financial integration. Membership is said to provide Uzbekistan with additional funding opportunities to support economic growth and development.
The EDB significantly expanded its investment activities in 2024, signing around 30 new projects and reaching an annual investment volume of $2.3bn—one of the highest in its history. The bank’s total investment portfolio by the end of 2024 grew to $16bn, reflecting a 6% increase, while its capital rose by 9% over 11 months to $2.2bn.
Sustainable development remains a key focus, with such projects making up 21% of investments in 2024, amounting to $1bn. This share is expected to rise to at least 25% by 2026.
The EDB has also strengthened its role in private sector financing across Eurasia, with sovereign financing surpassing $4bn.
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