Uzbekistan Joins Eurasian Development Bank, Boosting Regional Economic Ties
Uzbekistan has signed a decree to join the Eurasian Development Bank, committing $168.411 million for a 10% stake. This move is seen as fostering economic growth in the region. The bank, originally set up by Russia and Kazakhstan, aims to strengthen financial integration among its seven member states.
- Country:
- Uzbekistan
This week, Uzbek President Shavkat Mirziyoyev signed a decree enabling the country to join the Eurasian Development Bank (EDB), marking a significant step in regional economic collaboration. Uzbekistan has agreed to contribute $168.411 million from its state budget, securing a 10% stake in the Russian-backed bank.
The EDB, created in 2006 by Russia and Kazakhstan, stands as a notable alternative to the European Bank of Reconstruction and Development. According to EDB board chairman Nikolai Podguzov, Uzbekistan's membership opens up 'significant opportunities for economic growth' not only within the nation but across the region.
Historically holding the majority stake, Russia recently reduced its share to avoid sanctions linked to the Ukrainian conflict. This strategic financial maneuver aligns with President Mirziyoyev's ongoing economic reforms since 2016, balancing domestic control and fostering international relations.
(With inputs from agencies.)
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