EDB Opens Office in Tashkent and Plans Billions in Investments

On May 18, the Eurasian Development Bank (EDB) opened a representative office in the Uzbek capital of Tashkent and announced investments of up to $1.5 billion by 2031. The opening coincides with the bank’s 20th anniversary.

At the same time, the EDB announced a $70 million investment in Uzum, Uzbekistan’s largest digital platform.

With this opening, the bank marks its formal entry into the Uzbek market. Uzbekistan joined the Development Bank in 2025 as its seventh member country and is also the most populous country in Central Asia.

Representatives of the Uzbek government and the EDB stated that the cooperation is intended to strengthen the financing of transportation, energy, mining, and digitalization projects in the country.

“From a regional initiative to a respected international financial institution that makes a significant contribution to the economic development of its member states—that is a remarkable anniversary,” said Uzbekistan’s Deputy Prime Minister Jamshid Khodjaev at the opening ceremony in Tashkent.

“It is symbolic that the bank is opening its representative office in Uzbekistan precisely in its anniversary year. We view this step as an important contribution to deepening the partnership between Uzbekistan and the EDB,” he added.

Focus on Infrastructure and Digitalization

Uzbek government officials emphasized that the EBRD’s expertise in infrastructure financing, export promotion, and digital systems aligns closely with the country’s economic policy priorities. Khodjaev explained that a permanent office in Tashkent would “increase the intensity of cooperation and shorten the time between idea and implementation.”

The EDB’s opening comes at a time when Uzbekistan aims to sustain its high economic growth while attracting more foreign capital. The government is promoting free trade zones, technology parks, and the expansion of transportation infrastructure as part of its reform program to open up the economy and strengthen regional trade links.

Nikolai Podguzov, Chairman of the EDB Board of Directors, said the bank aims to become one of the country’s leading investment financiers.

“In the year of our 20th anniversary, we are launching our activities in one of the region’s fastest-growing economies—Uzbekistan,” said Podguzov. “Over the past 20 years, the bank has gained unique experience. Our total portfolio reached $19.6 billion, and we have implemented 326 projects. Now we are ready to bring this expertise to Uzbekistan.”

The EDB plans to provide up to $1.5 billion in investments in Uzbekistan by 2031. Of this amount, nearly $800 million is to be allocated to projects with regional integration potential. Podguzov also outlined a long-term goal of at least $2 billion in total investments, with an annual financing volume of over $500 million.

“Our investments will focus primarily on transportation infrastructure, logistics, energy, and industry,” he said. “We have already identified several projects and are planning to sign the first contracts today, worth tens of millions of dollars.”

$70 million for Uzum

The announced investment of $70 million in Uzum is the EDB’s first IT investment in Uzbekistan.

The financing is intended to support the expansion of consumer credit, digital banking infrastructure, and fintech services. Uzbekistan is currently experiencing strong growth in cashless payments and digital financial services.

“Digital platforms have become a central component of modern economic infrastructure,” said Podguzov. “Through its partnership with Uzum, the EDB is expanding access to financial services, promoting entrepreneurship, and investing in a regional technology platform that can strengthen economic ties across Eurasia—including China and the Middle East.”

According to its own figures, Uzum has more than 20 million users in the areas of e-commerce, banking, and fintech. The company’s loan volume reached approximately $1.2 billion in 2025, nearly tripling within a year. The payment volume exceeded $11 billion.

“We are building a fintech infrastructure at the national level that is deeply integrated into everyday economic life,” said Uzum founder and CEO Djasur Djumaev. “This investment is an important recognition of Uzum’s role in developing Uzbekistan’s digital infrastructure.”

EDB Expects Strong Growth in Uzbekistan

As part of the opening ceremony, the EDB Academy hosted several workshops for representatives from politics, business, and the media. EDB Deputy Head and Chief Economist Evgeny Vinokurov presented a new macroeconomic forecast for Uzbekistan.

The bank expects economic growth of 7.9 percent for 2026.

“Uzbekistan will continue to be among the world’s fastest-growing economies,” said Vinokurov. “Growth of 7.9 percent could place the country among the global top ten this year.”

Inflation is expected to remain below seven percent through the end of 2026, despite external pressures, including higher global energy prices resulting from the crisis in the Gulf region.

Vinokurov also noted that the Uzbek som will continue to be supported by strong inflows of foreign investment and rising remittances.

In the long term, the EDB expects Uzbekistan’s economic output to rise to $200 billion by 2030 and to $300 billion by 2035. The greatest risks to the economy, however, are external rather than internal in nature.

“If the global economy weakens, demand for Uzbek exports will decline in nearly all commodity sectors,” warned Vinokurov. “The greatest threat to the Uzbek economy currently comes from outside and must be closely monitored.”

The latest EDB forecast assumes that Uzbekistan’s key interest rate will stand at around 13.5 percent by the end of 2026. In its December forecast for the period 2026 to 2028, the bank had still expected an average key interest rate of 13.7 percent for 2026, which was projected to fall to 11.6 percent by 2028.

Regarding inflation, the EDB anticipates a gradual decline from 7.4 percent in 2025 to 6.7 percent in 2026 and 6.3 percent by 2028.