Tashkent, Uzbekistan (UzDaily.com) —  The Eurasian Development Bank (EDB) expressed hope that Uzbekistan will officially become a member of the bank starting next year. This was stated by Nikolai Podguzov, Chairman of the EDB Management Board.

"We have been in negotiations with Uzbekistan for a long time. At the end of June, the Bank’s Council approved its application for membership. The government of Uzbekistan sent an official appeal, which was approved with a 10% share," he said.

"We have sent an official response, and currently, Uzbekistan’s parliament is considering the law on joining the EDB. We expect that this law will be adopted during the autumn session of parliament," Podguzov added.

He emphasized that currently, the EDB has six member countries representing the Eurasian region. However, according to him, there are other countries in the region that could also become participants in the bank.

The Eurasian Development Bank (EDB) was founded in 2006 by Russia and Kazakhstan. Armenia and Tajikistan joined the bank in 2009, Belarus in 2010, and Kyrgyzstan in 2011.

The bank’s headquarters is located in Almaty. In addition, the EDB has a branch in St. Petersburg and representations in Astana, Bishkek, Dushanbe, Yerevan, Minsk, and Moscow.

The bank’s authorized capital is US$7 billion: US$1.5 billion paid-up and US$5.5 billion unpaid.