Uzbekistan to Join Eurasian Development Bank in 2025

Uzbekistan is expected to complete the procedures for joining the Eurasian Development Bank (EDB) by early 2025, as announced during an expanded meeting of the Supreme Eurasian Economic Council (EAEC), The Caspian Post reports citing foreign media.

Uzbekistan has held observer status in the Eurasian Economic Union (EAEU) since 2020, and is preparing to deepen its engagement in regional economic projects.

The country is already participating in several sectoral programs between the EAEU member states. These programs focus on areas such as the digitalization of trade, cargo transportation, e-commerce development, and combating climate change.

The Eurasian Development Bank was founded in 2006 by Russia and Kazakhstan. Its current members are Armenia, Belarus, Kyrgyzstan, and Tajikistan. The EDB’s primary mission is to promote economic growth and strengthen integration among its member states by financing major investment projects across various sectors.

As of June 30, 2024, the EDB’s investment portfolio stood at USD 4.8 billion, comprising 78 projects throughout the member states. The Bank prioritizes projects with integration effects, including cross-country infrastructure development, enhanced trade and economic ties, and the creation of common markets. It also supports “green” financing initiatives to promote sustainable development and environmental safety across the region.

Experts view Uzbekistan’s plans to join the EDB as a strategic move to bolster its economic cooperation with neighboring countries. Membership in the Bank would provide Tashkent with access to new financial opportunities, facilitating the implementation of joint initiatives and strengthening its role in regional economic integration.