Uzbekistan and BRICS New Development Bank Agree on $5 Billion Joint Projects

The board of governors of the BRICS New Development Bank has given its preliminary approval for Uzbekistan to become a member, according to Uzbekistan's presidential press service.

Uzbek President Shavkat Mirziyoyev and BRICS New Development Bank Governor Dilma Rousseff have discussed developing collaboration and the prospects for Uzbekistan to join the bank, The Caspian Post reports citing Interfax.

The press service said that the parties noted consistently implementing the agreements reached on the sidelines of the BRICS summit in October last year. "The bank's board of governors has given its consent in principle for Uzbekistan to join the countries participating in the New Development Bank. A program of priority joint projects totaling $5 billion has been formed," the press service said.

Mirziyoyev in turn stressed the importance of speedily preparing and implementing projects in such priority areas as modernizing irrigation systems, developing the mining industry, financing the private sector, and promoting public-private partnership projects in education and infrastructure.

Support was further expressed to implement large regional infrastructure projects, the press service said.

Rousseff arrived in Uzbekistan to participate in the events of the Tashkent International Investment Forum scheduled for June 10-12.

The New Development Bank was established based on an intergovernmental agreement signed during the sixth BRICS summit in Brazil in 2014 between Brazil, Russia, India, China and South Africa. Several other countries later became members of the bank, namely the United Arab Emirates and Egypt. Iran has previously announced plans to join the bank