(MENAFN- Trend News Agency)
BAKU, Azerbaijan, October 15. The Eurasian
Development bank (EDB) plans to open a direct account with
Uzbekistan to participate in stock trading, Chairman of the Board
of the EDB Nikolai Podguzov told Trend in an exclusive interview.
He claims that the bank and the leadership of the Uzbek
Republican Currency Exchange previously discussed opportunities for
mutual cooperation.
“We will develop our cooperation, as the integration of
financial markets is one of the key mandates of the EDB,” he
said.
Nikolai Podguzov pointed out that Uzbekistan joining the EDB
would kickstart the wheels of progress for the country's economic
development, paving the way for significant investment projects and
bolstering industrial ties with the bank's member states.
“The bank may start Uzbekistan projects with green energy. We
understand how important green energy is for Uzbekistan, as the
country plans to increase the share of renewable energy sources in
electricity generation to 15 percent by the end of 2024 and is
considering ways to transition to carbon-neutral energy by 2050. We
are ready to be a reliable partner in achieving these goals,” said
the chairman.
He emphasized that the potential projects include the creation
of logistics centers,“dry” ports, and border points. These
initiatives aim to enhance Central Asia's overall transportation
and logistics system, thereby reducing the time and cost associated
with the delivery of goods, particularly food. Improving the
North-South corridor's accessibility through Uzbekistan and
Turkmenistan could also open up new trade opportunities, including
projects under the One Belt, One Road initiative.
“By developing new transportation routes, eliminating
bottlenecks in the transport and logistics system, and improving
the soft infrastructure, the transport connectivity of the
countries of the Eurasian region with actively developing markets
in Asia and the Middle East will increase,” Podguzov stressed.
The chairman of the bank's board also stated that Uzbekistan's
participation in the EDB will contribute to the implementation of
major projects in Central Asia's water and energy complex. This
area of cooperation is especially critical for Uzbekistan, which
provides 47 percent of irrigated land, 46 percent of water
withdrawal, and 43 percent of the region's generating capacity.
“Thus, Uzbekistan's accession to the EDB opens up broad
prospects for deepening regional cooperation and implementation of
major cross-border projects in the areas of transport
infrastructure, food security, water, and energy complex, which
will be important for increasing the competitiveness of the entire
Central Asia,” he added.
Earlier, EDB Board Chairman Nikolai Podguzov said that
Uzbekistan may join the Eurasian Development Bank by the end of
2024.
Additionally, by year-end, a strategic EDB country office will
launch in Tashkent, driving collaboration and fast-tracking the
funding of key initiatives.
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