Uzbekistan has taken a step toward becoming a member of the Eurasian Development Bank (EDB). The Senate recently has reviewed and approved a draft law on the country’s accession to the EDB agreement, paving the way for formal participation in the regional financial institution.
The document, initially adopted by the lower house of the Oliy Majlis in January, establishes the legal foundation for Uzbekistan’s membership in the EDB. The bank will operate within the framework of international treaties, banking regulations, and financial norms.
The EDB’s charter, annexed to the agreement, defines the bank’s objectives, functions, benefits, and governance structure. It also outlines the bank’s authorized capital, subscription terms, and operational guidelines. Additionally, the bank will monitor and analyze economic trends, financial markets, investment opportunities, and regulatory frameworks across its member states.
In September 2024, Nikolai Podguzov, Chairman of the EDB Management Board, revealed that discussions were underway for several large countries to join the bank’s shareholders. He also met with Uzbekistan’s Minister of Investments, Industry, and Trade, Laziz Kudratov, to explore the opening of an EDB country office in Tashkent.
Uzbekistan previously submitted an application to join the bank as a founding member and intends to acquire a 10% stake in the institution. The legal formalities are expected to be finalized by the end of 2024.
EDB is an international financial institution established in 2006 by Russia and Kazakhstan to promote economic growth, strengthen trade relations, and enhance regional integration through investment.
The bank expanded its membership in subsequent years, with Armenia and Tajikistan joining in 2009, Belarus in 2010, and Kyrgyzstan in 2011. Headquartered in Almaty, the EDB also maintains a branch in St. Petersburg and representative offices in Astana, Bishkek, Dushanbe, Yerevan, Minsk, and Moscow.
The EDB’s authorized capital stands at $7bn, with $1.5bn in paid capital and $5.5bn available on demand.
In 2024, the EDB approved approximately 30 new projects, raising its total annual investment to $2.3bn—one of the highest amounts in its history. Chairman Nikolai Podguzov emphasized the bank’s 18-year presence in the region, with a portfolio encompassing nearly 300 projects.
