Uzbekistan secures record $1bn+ from EBRD in 2025, tops funding list again

Uzbekistan has ranked as the European Bank for Reconstruction and Development’s (EBRD) largest recipient of funding for the sixth consecutive year, attracting more than $1 billion in investments in 2025 – the highest annual figure in the history of cooperation between the two sides.

Photo: Ministry of Investment, Health and Defense

According to a press release provided by the EBRD, the bank’s total investment in Uzbekistan exceeded $1 billion in 2025, marking a record level of engagement. The country once again emerged as the EBRD’s leading investment destination globally, continuing a trend that has persisted since 2020.

Investment priorities

The EBRD’s operations in Uzbekistan in 2025 focused on three main areas.

More than 45% of total financing was directed toward the development of sustainable infrastructure. A further 39% was channeled through credit lines to local banks to support small and medium-sized enterprises (SMEs), women- and youth-led entrepreneurship, climate resilience initiatives, and improved resource efficiency. The remaining 16% went toward supporting private manufacturers and service providers.

Overall, 84% of the loans allocated in 2025 were aimed at strengthening private sector initiatives, while nearly 60% contributed to the development of the green economy.

Among the flagship projects financed by the EBRD is the construction of Central Asia’s largest solar power plant, with a capacity of 1 gigawatt, alongside a battery energy storage system (BESS) with a capacity of 1,336 megawatt-hours. The project is being implemented in partnership with Saudi energy company ACWA Power and is expected to significantly boost Uzbekistan’s renewable energy capacity.

Debt and future plans

According to the Ministry of Economy and Finance, as of October 1, 2025, Uzbekistan’s public external debt to the EBRD stood at $426 million.

Looking ahead, the EBRD is also expected to acquire a 15% stake in Asakabank in 2026, further expanding its presence in Uzbekistan’s financial sector.

The latest investment figures underscore Uzbekistan’s continued role as a key partner for the EBRD and highlight the bank’s focus on private sector development, sustainable infrastructure and green transformation in the country.