The Eurasian Development Bank (EDB) plans to invest at least $500 million annually in Uzbekistan as it expands operations in the country following the official opening of its representative office in Tashkent.

The announcement was made during the EDB Day event in Tashkent, marking the bank’s growing presence after Uzbekistan joined the institution in 2025, The Caspian Post reports via UzDaily.

EDB Chairman Nikolai Podguzov said the bank has already prepared a project pipeline worth between $2 billion and $3 billion, including dozens of initiatives across strategic sectors of the Uzbek economy.

Podguzov said that one project has already been finalized through a credit agreement and is ready for financing, while additional projects will gradually move into implementation as the new office expands operations.

The bank aims to provide at least $500 million in direct investments annually, while also leveraging additional international financing through co-investment mechanisms. Podguzov said this could create a multiplier effect of three-to-four times the original investment volume.

Key financing priorities will include transport infrastructure, roads, railways, logistics, water management, irrigation, energy, food security and agricultural logistics.

The EDB also plans to develop a dedicated country strategy for Uzbekistan by September, with full-scale implementation expected to begin in 2027.

Podguzov noted that the bank has already financed several projects in Uzbekistan during earlier stages of cooperation, including a $400 million investment in the Navoi Mining and Metallurgical Company, chemical industry initiatives, logistics projects and airport infrastructure upgrades such as Bukhara International Airport.

Among the bank’s future anchor projects are the Almalyk Mining and Metallurgical Complex, airport modernization programs and transport corridors linking Uzbekistan with neighboring countries, including the Uchkuduk-Kyzylorda route.

The EDB emphasized that its main focus will be on financing non-sovereign projects without state guarantees, meaning loans will be issued directly to companies rather than governments, reducing pressure on the national budget.

The bank also highlighted logistics and water management as strategic priorities for Uzbekistan’s long-term development, including irrigation modernization and improving water efficiency in agriculture amid regional challenges linked to the Qosh Tepa Canal project.