EDB eyes to invest in 70 projects in Uzbekistan

The Eurasian Development Bank (EDB) is considering the possibility of investing in 70 projects in Uzbekistan with a total funding of at least $2 billion, Interfax reported.

“In general, the bank is considering various options, about 70 projects are under consideration. The total amount is not less than $2 billion,” deputy chairman of the bank Amangeldy Isenov said.

He emphasized that it is still difficult to say which of these projects will reach the final stage and what will be the participation of the bank in their financing. The main part of the projects falls on two EDB founders – Russia and Kazakhstan.

“In terms of shares, we approximately maintain parity between the major shareholders,” the deputy chairman of the board noted, adding that the bank has also become active in the markets of other participating countries.

The EDB is also considering the possibility of financing projects in countries that are not its participants, in particular in Uzbekistan. “This involves a slightly different procedure, but in principle this issue is being considered,” Isenov said. “We are talking about three to five projects related to Russian investments in Uzbekistan.”

The deputy chairman added that the issue of Uzbekistan’s membership in the EDB is currently being discussed, but this is a rather lengthy process, requiring a number of internal procedures in the member countries of the bank.

It should be recalled that the EDB also plans to open a representative office in Uzbekistan.