Senate approves Uzbekistan's accession to BRICS New Development Bank

Alisher Agzamkhodjaev, Chairman of the Senate Committee on International Relations, Foreign Economic Relations, Foreign Investments, and Tourism, presented the bill during a parliamentary session on May 19. He noted that the bank was established in Fortaleza, Brazil, in July 2014, at a time when the global financial landscape was predominantly shaped by Western institutions like the World Bank and the International Monetary Fund. The formation of this entity created an alternative financial platform structured to represent the economic interests of the Global South.

The initial subscribed capital of the institution was set at $100 billion, with the founding nations – Brazil, Russia, India, China, and South Africa – agreeing to an equal distribution of shares. The current membership has expanded to include the United Arab Emirates, Bangladesh, Egypt, and Algeria, while Uruguay, Colombia, Ethiopia, and Uzbekistan are currently in the process of finalizing their accession.

The primary objective of joining the agreement is to accelerate domestic economic growth by tapping into long-term investment resources for critical infrastructure and sustainable development initiatives. The bank focuses heavily on high-efficiency, climate-resilient projects that incorporate modern technologies and socially inclusive frameworks. Its broader investment mandate covers transport networks, clean energy, water supply systems, green economy transitions, and digital innovations.

The alignment with the bank is expected to yield substantial financial backing for national development. Shokhrukh Gulamov, Acting Deputy Minister of Investment, Industry, and Trade, announced that Uzbekistan has already compiled a diverse project portfolio valued at $4.5 billion for potential funding. The capital is intended to finance major transport and energy initiatives, including nuclear power plant infrastructure, alongside development projects in the New Tashkent district, the social sphere, local commercial banks, and industrial zones.

This legislative milestone follows preliminary high-level talks held last year. In June 2025, President Shavkat Mirziyoyev hosted the President of the New Development Bank, Dilma Rousseff, in Tashkent, where the two parties successfully outlined an initial roadmap of joint projects valued at $5 billion.