BAKU, Azerbaijan, October 15. The Eurasian Development Bank (EDB) plans to open a direct account with Uzbekistan to participate in stock trading, Chairman of the Board of the EDB Nikolai Podguzov told Trend in an exclusive interview.
He claims that the bank and the leadership of the Uzbek Republican Currency Exchange previously discussed opportunities for mutual cooperation.
“We will develop our cooperation, as the integration of financial markets is one of the key mandates of the EDB,” he said.
Nikolai Podguzov pointed out that Uzbekistan joining the EDB would kickstart the wheels of progress for the country's economic development, paving the way for significant investment projects and bolstering industrial ties with the bank's member states.
“The bank may start Uzbekistan projects with green energy. We understand how important green energy is for Uzbekistan, as the country plans to increase the share of renewable energy sources in electricity generation to 15 percent by the end of 2024 and is considering ways to transition to carbon-neutral energy by 2050. We are ready to be a reliable partner in achieving these goals,” said the chairman.
He emphasized that the potential projects include the creation of logistics centers, “dry” ports, and border points. These initiatives aim to enhance Central Asia's overall transportation and logistics system, thereby reducing the time and cost associated with the delivery of goods, particularly food. Improving the North-South corridor's accessibility through Uzbekistan and Turkmenistan could also open up new trade opportunities, including projects under the One Belt, One Road initiative.
“By developing new transportation routes, eliminating bottlenecks in the transport and logistics system, and improving the soft infrastructure, the transport connectivity of the countries of the Eurasian region with actively developing markets in Asia and the Middle East will increase,” Podguzov stressed.
The chairman of the bank's board also stated that Uzbekistan's participation in the EDB will contribute to the implementation of major projects in Central Asia's water and energy complex. This area of cooperation is especially critical for Uzbekistan, which provides 47 percent of irrigated land, 46 percent of water withdrawal, and 43 percent of the region's generating capacity.
“Thus, Uzbekistan's accession to the EDB opens up broad prospects for deepening regional cooperation and implementation of major cross-border projects in the areas of transport infrastructure, food security, water, and energy complex, which will be important for increasing the competitiveness of the entire Central Asia,” he added.
Earlier, EDB Board Chairman Nikolai Podguzov said that Uzbekistan may join the Eurasian Development Bank by the end of 2024.
Additionally, by year-end, a strategic EDB country office will launch in Tashkent, driving collaboration and fast-tracking the funding of key initiatives.