Tashkent, Uzbekistan (UzDaily.com) — The Eurasian Development Bank (EDB) has welcomed Uzbekistan’s decision to become its seventh member and expressed its readiness to finance the first projects in 2025, as stated in the bank’s announcement.

President of Uzbekistan Shavkat Mirziyoyev signed the law approving the country’s accession to the Agreement on the Establishment of the EDB. The law was passed by the Legislative Chamber of the Oliy Majlis in January and approved by the Senate of the Republic of Uzbekistan in March.

By becoming the seventh member, Uzbekistan has become the third-largest shareholder of the EDB, with a 10% stake in the bank’s capital. The adoption of the law allows the country to fully and effectively participate in the bank’s activities.

“We welcome Uzbekistan’s decision to become a member of the Eurasian Development Bank. This partnership provides extensive opportunities for the economic growth of Uzbekistan and the entire region. The EDB will support Uzbekistan in its efforts to develop quickly and sustainably, improving the well-being of its citizens. We have already started working on investment projects in the country and plan to finance the first ones in 2025. With each new project and participant, we continue our mission of fostering sustainable development in the Eurasian region,” said Nikolai Podguzov, Chairman of the Board of EDB.

Uzbekistan’s accession to the EDB will open new opportunities for modernizing transport infrastructure, energy, and water sectors, as well as accelerating the development of industry and agriculture. This will also benefit the existing member states of the bank, including in the areas of industrial cooperation, trade development, and ensuring food security.

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 the meeting of the Supreme Eurasian Economic Council in St. Petersburg, President Shavkat Mirziyoyev announced the country’s intention to complete all necessary procedures and join the EDB at the beginning of 2025.

The Eurasian Development Bank (EDB) is a multilateral institution engaged in investment activities in the Eurasian space. For over 18 years, the bank has been strengthening economic ties and fostering the comprehensive development of its member countries.

By 2025, the bank’s portfolio will include 305 projects with a total value of $16.5 billion. The majority of the projects focus on improving transport infrastructure, developing digital systems, green energy, agriculture, industry, and machine engineering. In its activities, the EDB adheres to the UN Sustainable Development Goals and ESG principles.