President of Uzbekistan Shavkat Mirziyoyev signed the law on Uzbekistan's accession to the Agreement on the Establishment of the Eurasian Development Bank (EDB), the EDB press service reported.
"Uzbekistan will become the seventh participant of the Bank and the third largest shareholder with a share in the capital of 10%," the statement said.
The Chairman of the Management Board of the EDB Nikolay Podguzov welcomed Uzbekistan's decision to become a participant of the EDB. He emphasized that the partnership between Uzbekistan and the EDB opens up great opportunities for the economic development of the republic and the entire region.
Podguzov noted that the EDB has already begun developing investment projects in Uzbekistan. The first projects are planned to be financed this year.
"Uzbekistan's accession will create new opportunities for the modernization of transport infrastructure, the energy complex, the water sector, and will accelerate the industrial and agricultural development of the country," the statement said.
Along with the positive prospects for Uzbekistan, the expansion of the bank's membership also brings benefits to its current member countries. It is specified that the effect will be observed in industrial cooperation, development of trade relations and food security.
Deputy Prime Minister of the Russian Federation Alexey Overchuk said that Uzbekistan's accession to the EDB indicates the strengthening of integration processes in the Eurasian region.
"The Republic of Uzbekistan is a dynamically developing economy of Central Asia, its accession to the Eurasian Development Bank is of great importance both for Uzbekistan itself and for the processes of economic integration in Eurasia," Overchuk said.
The decision to accept Uzbekistan as a member of the EDB was made by the bank's council in July 2024. In December 2024, at a meeting of the Supreme Eurasian Economic Council, the President of Uzbekistan announced his intention to complete all necessary procedures for joining the EDB in early 2025.
CentralasianLIGHT.org
April 11, 2025