The Eurasian Development Bank (EDB) has officially launched operations in Uzbekistan, opening a new representative office in Tashkent as the bank expands its footprint in Central Asia.

Speaking at the opening ceremony, EDB Chairman Nikolai Podguzov said the move follows Uzbekistan’s recent accession as the seventh member of the bank, The Caspian Post reports via Kun.uz.

“Today we officially begin our operations because Uzbekistan has only recently become the seventh participant of the Eurasian Development Bank,” Podguzov said.

He added that the bank plans to significantly increase its presence in the Uzbek market and aims to become one of the leading providers of non-sovereign financing in the country.

Uzbekistan joined the EDB in 2025 and now holds a 10% stake in the bank’s capital - the third-largest share after Russia and Kazakhstan.

The Eurasian Development Bank was founded by Russia and Kazakhstan in 2006. Armenia, Tajikistan, Belarus and Kyrgyzstan later joined the regional financial institution.