President of Uzbekistan Shavkat Mirziyoyev signed a law on the republic’s accession to the Eurasian Development Bank. This country will become the seventh founder of the bank. It was previously reported that its share will be 10 percent.
Chairman of the Management Board of the Eurasian Development Bank Nikolay Podguzov reported in June last year that Uzbekistan had applied to become a founder and planned to acquire a share of the bank. The legal aspects were planned to be settled by the end of 2024.
The Eurasian Development Bank is an international financial institution designed to promote economic growth of member states, expand their trade and economic ties and develop integration in the Eurasian space through investment.
The agreement on the establishment of the Eurasian Development Bank was signed in January 2006 between Russia and Kazakhstan. In 2009, Armenia and Tajikistan became members of the bank, in 2010 — Belarus, and in 2011 — Kyrgyzstan.
The bank’s headquarters are in Almaty, there is a branch in St. Petersburg, representative offices in Astana, Bishkek, Dushanbe, Yerevan, Minsk and Moscow. The authorized capital of the bank is $7 billion: paid — $1.5 billion, on demand — $5.5 billion.
