Uzbekistan to receive approximately 10% of EDB capital

Legal issues regarding Uzbekistan’s accession to the Eurasian Development Bank (EDB) will be settled by the end of the year, the country will receive approximately 10% of the bank’s capital, Nikolay Podguzov, head of the development bank, said.

“Uzbekistan’s participation in the bank will be approximately 10%. We hope that this year all legal issues of entry will be completed. This is diversification, which, of course, will proportionally affect changes in the shares of participants, shareholders in our bank,” Podguzov said at the EDB business forum in Almaty.

The Eurasian Development Bank was created in 2006 by Russia and Kazakhstan. Armenia and Tajikistan joined in 2009, Belarus in 2010, and Kyrgyzstan in 2011. The authorized capital is $7 billion. The main share in the EDB portfolio is occupied by projects with an integration effect in the areas of transport infrastructure, digital systems, green energy, agriculture, industry and mechanical engineering.

On June 26, Nikolay Podguzov was reappointed to the position of EDB Board Chairman with an extension of the term until 2028.

#Uzbekistan #EDB