Uzbekistan joins the Agreement on the New Development Bank

The Law “On the accession of the Republic of Uzbekistan to the Agreement on the New Development Bank (Fortaleza, July 15, 2014)” was considered at the Plenary Session of the Senate.

Chairman of the Senate Committee on International Relations, Foreign Economic Relations, Foreign Investment and Tourism, Alisher Azamkhodjayev, stressed that the main purpose of the agreement is to promote the expansion of trade, economic, and investment ties between the participating states through investment activities.

Membership in the New Development Bank expands Uzbekistan’s opportunities to attract foreign investment and to finance major infrastructure and sustainable development projects.

The Bank uses modern financial instruments, including loans, guarantees, and investments, to support public- and private-sector projects.

The law approved by the senators will help expand the country’s cooperation with international financial institutions, modernize its economic sectors, and ensure sustainable economic growth.

N.Abduraimova, photos by N.Khaydarov, UzA