TASHKENT, Uzbekistan, April 10. Partnership
between the Eurasian Development Bank (EDB) and Uzbekistan grants a
great chance for economic development of the entire region, EDB
Chairman of Board Nikolai Podguzov said, Trend reports.
Podguzov made the remark commenting on the signing of a law
approving Uzbekistan’s accession to the Agreement on the
Establishment of the EDB by President of Uzbekistan Shavkat
Mirziyoyev.
“We welcome Uzbekistan’s decision to become a member state of
the Eurasian Development Bank. This partnership opens up great
opportunities for the economic development of Uzbekistan and the
entire region. The EDB will support Uzbekistan in its aspiration to
grow sustainably and rapidly and to improve the well-being of its
citizens. The bank has already begun developing investment projects
in the republic, the first of which it plans to finance this year.
With every new project and every new member, we continue to fulfill
our mission of promoting sustainable development in the Eurasian
region,” noted Podguzov.
Uzbekistan’s accession will create new opportunities for the
country in modernizing transport infrastructure, the energy sector,
and the water sector, as well as accelerating industrial and
agricultural development. The expansion of the bank’s membership
also brings benefits to its current member states, including
enhanced industrial cooperation, the development of trade
relations, and improved food security.
Thus, Uzbekistan will become the seventh participant of the EDB
and the third-largest shareholder, with a share in the capital of
10 percent. The adoption of the law ensures the right to full and
effective participation in the activities of the bank.
The decision to admit Uzbekistan as a member of the EDB was
approved by the bank’s council on July 16, 2024. In December 2024,
during a session of the Supreme Eurasian Economic Council in St.
Petersburg, President of Uzbekistan Shavkat Mirziyoyev announced
the country’s intention to complete all necessary procedures and
join the EDB in early 2025. In January, the law was passed by the
Legislative Chamber of the Oliy Majlis (Uzbek Parliament), and in
March, it was approved by the Senate of Uzbekistan.
EDB is a multilateral development bank engaged in investment
activities across the Eurasian space. For over 18 years, the EDB
has contributed to strengthening and expanding economic ties and
the comprehensive development of its member states. As of 2025, the
EDB’s accumulated portfolio includes 305 projects with a total
investment volume of $16.5 billion. The majority of the EDB’s
portfolio consists of projects with an integrative impact in the
areas of transport infrastructure, digital systems, green energy,
agriculture, industry, and mechanical engineering. In its
activities, the bank is guided by the UN Sustainable Development
Goals and ESG principles.
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