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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