Uzbekistan joins the shareholders of the BRICS New Development Bank

Uzbekistan has officially become a shareholder of the New Development Bank (NDB), created by the BRICS countries. Uzbekistan is the first Central Asian state to join the Bank.

Becoming a shareholder in the NDB will enable Uzbekistan to broaden its prospects for attracting long-term financial resources to support the execution of major infrastructure and investment projects.

As noted, a preliminary portfolio of projects valued at $4.5 billion has already been formed. It includes initiatives in transportation infrastructure, energy, industry, utilities, and water supply.

The New Development Bank was established in 2015 on the initiative of the BRICS countries – Brazil, Russia, India, China and South Africa. During its operations, the Bank has approved financing for 139 projects totaling about $43 billion, making it one of the key international institutions supporting infrastructure development.

It is expected that preparations for the first projects involving Uzbekistan will begin soon. The authorities expect that cooperation with the NDB will contribute to infrastructure modernization, attract investment, and ensure sustainable economic growth in the country.

Aziza Alimova, UzA