BAKU, Azerbaijan, October 19. Uzbekistan's accession to the Eurasian Development Bank (EDB) will give an additional impetus to the implementation of large-scale plans to develop the country's economy through new major investment projects, as well as serve to strengthen industrial cooperation with the bank's member states, Chairman of the EDB Board Nikolay Podguzov told Trend.
"Uzbekistan holds a strategically important geographical position in Central Asia, which opens up unique opportunities for various investment projects. The country shares borders with three of the six EDB member states and serves as an important transport hub for several Eurasian transport corridors. The coincidence of interests among our member states and Uzbekistan in the development of the Eurasian transport framework should facilitate the expansion of investment cooperation and the implementation of joint projects in the field of transport infrastructure," he said.
According to him, 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," Nikolay Podguzov said.
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 Nikolay Podguzov said that Uzbekistan may join the Eurasian Development Bank by the end of 2024.
Additionally, by the end of this year, an EDB country office will open in Tashkent, enhancing cooperation and accelerating the financing of priority projects.