Uzbekistan Partners with Eurasian Development Bank for Economic Growth
The Senate of Oliy Majlis in Uzbekistan recently held its fifth plenary session where they reviewed and approved the Law “On the Accession of Uzbekistan to the Agreement on the Establishment of the Eurasian Development Bank.”
The Eurasian Development Bank will operate in accordance with international agreements, international law norms, and generally accepted banking principles. Its charter, which is annexed to the Agreement, regulates its activities, including its objectives, functions, authorized capital, and management procedures.
One of the key responsibilities of the Eurasian Development Bank will be to collect, analyze, and systematize data on the economic conditions, financial markets, investment opportunities, and monetary and foreign exchange relations of its member states.
Uzbekistan’s accession to the Agreement paves the way for the country to fully participate in the activities of the bank. This move is expected to strengthen economic ties, promote economic growth, and support integration processes across the Eurasian region through investment cooperation.
Prior to the Senate’s approval, the Legislative Chamber of Oliy Majlis also gave their stamp of approval for Uzbekistan’s accession.
With an authorized capital of $7 billion, the Eurasian Development Bank finances investment projects in its member states. It focuses on supporting projects in the areas of green economy, transportation and logistics, alternative energy, digital transformation, and agriculture.
Overall, Uzbekistan’s accession to the Eurasian Development Bank signifies a step towards increased economic cooperation, growth, and integration within the Eurasian region.
