The Eurasian Development Bank (EDB) has successfully raised 200 million UAE dirhams (approximately US$54 million) through a private bond placement in the United Arab Emirates, marking a significant step forward in strengthening financial cooperation between the Gulf region and Central Asia.
The bonds, denominated in dirhams, were arranged by First Abu Dhabi Bank (FAB), the UAE’s largest financial institution, in partnership with the Abu Dhabi Fund for Development (ADFD), the country’s leading national development institution, The Caspian Post reports, citing The Astana Times.
According to the EDB’s press service, the funds will be used to finance infrastructure and industrial projects across EDB member states, in line with the bank’s strategy to promote regional economic integration and sustainable development. The move also supports EDB’s broader efforts to expand the use of national currencies in cross-border financial operations.
The EDB’s strategy for 2022-2026 includes three flagship regional initiatives: the Central Asian Water-Energy Complex, the Eurasian Transport Framework, and the Eurasian Commodity Distribution Network. The bank views targeted infrastructure investments as essential for fostering economic stability, connectivity, and shared prosperity in Eurasia.
According to the Deputy Chairman of the EDB Management Board Daniyar Imangaliev, building trusted relationships with investors in the UAE capital market allows the bank not only to attract alternative financing but also to deepen economic ties between the two regions.
“This issuance is a consistent step in our efforts to diversify funding sources for sustainable development projects across Central Asia,” he added.
The transaction follows EDB’s successful debut placement of dirham-denominated bonds on Kazakhstan’s Astana International Exchange (AIX) in April 2025, where the bank became the first supranational issuer to offer public debt in the UAE currency.
According to the EDB, this latest issuance demonstrates growing interest in regional investment instruments and strengthens the financial bridge between the Gulf and Central Asia. It also highlights the increasing role of innovative funding tools in mobilizing capital for priority infrastructure development.
His Excellency Mohammed Saif Al Suwaidi, Director General of ADFD, said the initiative aligns with the fund’s mission to support sustainable economic development in emerging regions.
“By backing this debut bond issuance in UAE dirhams, we aim to facilitate impactful investment projects across Central Asia that foster resilience and regional cooperation,” he noted.
Linos Lekkas, head of Investment Banking and Markets at FAB, described the transaction as a breakthrough for regional capital markets.
“This is the first dirham-denominated bond issued by a supranational entity in the UAE. It sets a new benchmark for innovative financial solutions in the region and underscores our commitment to supporting transformational development in Central Asia,” he said.
The EDB is a multilateral institution that has supported regional integration and development across Eurasia for over 19 years. As of 2025, its portfolio includes 305 projects worth US$16.5 billion, primarily in transport, digital infrastructure, green energy, agriculture, and industry. The bank operates in line with the UN Sustainable Development Goals and ESG principles.
