The process of Uzbekistan obtaining the status of a member of the EDB was launched in 2021 as part of a meeting between representatives of the government of the country and the bank, at which the progress of cooperation on the development and implementation of joint projects and other issues were reviewed.

The parties agreed to send an expert bank group to Uzbekistan to discuss projects, reach specific agreements, and develop interaction areas.

In the same year, the bank’s experts presented a report in which they noted that Uzbekistan is attractive from the point of view of expanding business and directing foreign direct investment from existing EAEU+ member states. The corporate sector of the EAEU countries is already actively interested in strengthening cooperation with companies of the country. It can also be noted that in terms of the volume of growth in generating capacity and the volume of investment in the energy sector, Uzbekistan is one of the leaders in the region.

In June this year, the bank announced plans to invest $21 million in constructing a solar power plant in Uzbekistan. This should be the first project in the CIS with the right to sell electricity directly to the end consumer.

According to the Chief Economist at the Eurasian Development Bank Evgeny Vinokurov, without the participation of Uzbekistan as a large and strategically located player in Central Asia, resolving issues of development of the region is difficult. The Chairman of the Management Board of the Eurasian Development Bank Nikolai Podguzov, also mentioned this during the press approach, noting that the country is the EDB’s most important partner. He also expressed confidence that the negotiation process soon will end with Uzbekistan joining the Eurasian Development Bank.

Experts say this would mean getting the opportunity to use all the tools that the bank and the Fund for Digital Initiatives have. Such instruments include credit resources, participation in capital, grants, and analytical support. This will also allow the promotion of the goods and services of Uzbekistan manufacturers in the Eurasian market.

Alpomish Mashrabkhanov, UzA