Eurasian Development Bank opens Uzbekistan office, plans $1.5 billion investment by 2031

The opening of the Eurasian Development Bank's representative office in Tashkent marks a significant step in deepening economic ties between Uzbekistan and the EDB's member states. This move, following Uzbekistan's accession to the EDB, signals a commitment to substantial investment and collaborative development across key sectors such as mining, transport, digital technologies, and water management.

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The EDB’s experience in infrastructure financing, export support, financial market development and digital transformation would help accelerate joint projects in mining, transport infrastructure, digital technologies and water management.

The EDB's chairman, Nikolay Podguzov, highlighted ambitious plans to invest up to $1.5 billion by 2031, with a focus on projects that foster integration and leverage international capital. The initial $70 million loan to Uzum for expanding digital financial services demonstrates a clear strategy to support the country's burgeoning fintech sector and enhance everyday economic activities.

Uzbekistan's Deputy Prime Minister Jamshid Khodjayev emphasized the EDB's crucial role in leveraging its expertise in infrastructure financing and digital transformation to accelerate joint projects. The permanent presence in Tashkent is expected to streamline investment processes, bolster cooperation with local institutions and businesses, and ultimately attract more foreign capital, positioning Uzbekistan as an attractive destination for international investors.

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The bank planned to invest up to $1.5 billion in Uzbekistan by 2031, including around $800 million in projects with high integration potential.

From Uzbekistan's perspective, this development is not just about financial investment; it's about strategic partnership. The EDB's focus on integration projects aligns with Uzbekistan's broader goals of regional economic development and enhanced connectivity. The bank's ability to tap into capital from Gulf and Asian countries further amplifies the potential for large-scale, impactful projects that can transform the nation's infrastructure and industrial landscape.

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The financing would be used to expand digital financial services for users and businesses, including digital payments, consumer financing and “other services for everyday needs”.