Uzbekistan Approves Bill On Membership In Eurasian Development Bank
Date
1/21/2025 6:10:17 AM
(MENAFN- Trend News Agency)
TASHKENT, Uzbekistan, January 21. Uzbekistan's
Oliy Majlis (Parliament) approved a bill in its third reading to
join the Eurasian Development bank (EDB), Trend reports.
The bill was approved at a regular meeting of the Legislative
Chamber of the Parliament of Uzbekistan, marking the country's
intention to become a member of EDB.
The move is part of Uzbekistan's broader strategy to diversify
long-term investment sources in key sectors such as infrastructure,
energy, and industry while enhancing the financing opportunities
necessary for the development of the national economy. By joining
the EDB, Uzbekistan aims to tap into new avenues for funding
large-scale projects and drive its economic growth forward.
The Eurasian Development Bank, with a charter capital of $7
billion, plays a crucial role in financing investment projects
across its member states. It focuses on areas such as green
economy, transport and logistics, alternative energy, digital
transformation, and agriculture. Since its inception in 2016, the
bank has allocated $15 billion in funding to various projects.
Additionally, the EDB has implemented a system for conducting
transactions in the national currencies of its member countries, a
move that further facilitates trade and investment in the
region.
Earlier, the Chairman of the Management Board of the EDB,
Nikolai Podguzov, said that the bank hopes Uzbekistan will
officially join the bank in early 2025.
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