EBRD Invested Over US$1 Billion in Projects in Uzbekistan in 2025

Tashkent, Uzbekistan (UzDaily.com) — In 2025, the European Bank for Reconstruction and Development (EBRD) invested nearly US$2 billion across Central Asia and Mongolia, implementing 120 projects. For the sixth consecutive year, Uzbekistan remained the largest recipient of EBRD financing in the region.

According to EBRD data, more than US$1 billion was directed to projects in Uzbekistan, underscoring the country’s key role in the Bank’s investment portfolio and its status as one of the institution’s primary partners.

The year 2025 proved to be one of the most productive for the EBRD in the region in over a decade. A significant portion of funds was allocated to sustainable infrastructure development, private sector support, and green economy initiatives.

Overall, 68% of EBRD loans in Central Asia and Mongolia supported private entrepreneurial activity, while more than half of the investments focused on projects related to environmental sustainability and resource efficiency.

In Uzbekistan, one of the largest renewable energy projects involved US$142 million in financing for the creation of Central Asia’s largest 1 GW combined solar photovoltaic generation facility, featuring a 1,336 MWh energy storage system. The project is being implemented in partnership with ACWA Power and marks the country’s first renewable energy and energy storage investment with Japanese partners.

Additionally, the EBRD arranged up to US$195.5 million in funding for the construction of a 300 MW solar power plant and energy storage system in the Kashkadarya region. The project is carried out by Masdar, a global leader in clean energy.

Sustainable infrastructure remains a key area of cooperation with Uzbekistan. In 2025, the EBRD provided a sovereign loan of up to US$250 million to modernize 110 irrigation pumping stations across ten regions. The implementation of energy-efficient technologies is expected to significantly reduce electricity consumption and lower greenhouse gas emissions, benefiting both agriculture and the country’s climate agenda.

A substantial portion of EBRD operations in Uzbekistan involved projects with local banks. Nearly 39% of the Bank’s annual investments in the country were in collaboration with the financial sector, including transactions with Hamkorbank, Ipak Yuli Bank, and Universalbank totaling US$125 million. These initiatives supported small and medium-sized businesses and green investments, expanding access to finance for entrepreneurs and attracting foreign direct investment.

In total, in 2025, the EBRD supported over 4,600 small and medium-sized enterprises in Central Asia and Mongolia, providing advisory services, training, and mentorship.

The Bank also launched the first regional Star Venture program in Central Asia, bringing together high-potential startups from Kazakhstan, Kyrgyzstan, Tajikistan, and Uzbekistan into a single cluster to accelerate innovation and expand their reach beyond the region.

The EBRD pays particular attention to inclusive growth. Last year marked the 10th anniversary of the Women in Business program in Central Asia and Mongolia. Over this period, more than 100,000 women entrepreneurs received financial support totaling approximately US$365 million, while over 17,000 women benefited from advisory and educational programs. In Uzbekistan, the initiative has become an important tool for expanding women’s economic opportunities and developing the private sector.

The EBRD remains the largest institutional investor in Central Asia. To date, the Bank has financed 1,250 projects in the region totaling over €21 billion, with Uzbekistan continuing to occupy a central place in its strategy, combining large-scale infrastructure initiatives, renewable energy development, and private sector support.