Uzbekistan has joined the Eurasian Development Bank (EDB) as its seventh member and third-largest shareholder. The collaboration aims to bolster economic growth and improve citizen welfare through various investment projects. The EDB plans to enhance Uzbekistan’s infrastructure and sectors such as energy and agriculture, while managing a portfolio of $16.5 billion in projects by 2025.

Uzbekistan has formally joined the Eurasian Development Bank (EDB) following the signing of a legal agreement by President Shavkat Mirziyoyev. This move designates Uzbekistan as the seventh member and third-largest shareholder of the EDB, holding a 10% stake. The current shareholders include Russia (44.8%), Kazakhstan (37.3%), Belarus (5.2%), Armenia (4.3%), Tajikistan (4.3%), and Kyrgyzstan (4.2%).

The partnership is expected to present new economic opportunities for Uzbekistan and the broader region. Nikolay Podguzov, the chairman of the management board of the EDB, stated, “The partnership offers new opportunities for the economic development of Uzbekistan and the entire region. The EDB will support Uzbekistan’s pursuit of sustainable growth and the rapid improvement of the welfare of Uzbek citizens.”

Moreover, the EDB has already begun to initiate several investment projects within Uzbekistan, with funding for some expected to commence within the year. The EDB aims to enhance Uzbekistan’s transport infrastructure and bolster developments in the energy, water, industrial, and agricultural sectors.

As a multipurpose development entity, the EDB engages in a variety of investment initiatives across Eurasia. By 2025, the bank’s portfolio is projected to consist of 305 projects, amounting to $16.5 billion in investments.

Uzbekistan’s accession to the Eurasian Development Bank significantly enhances its investment capabilities and economic growth potential. The collaboration will facilitate vital infrastructure and sectoral development, while also improving the overall welfare of its citizens. With ongoing and upcoming projects, Uzbekistan is set to benefit greatly from this partnership.

Original Source: kz.kursiv.media

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