Uzbekistan Plans to Join New Development Bank

Tashkent, Uzbekistan (UzDaily.com) — Uzbekistan is moving toward joining the New Development Bank following the рассмотрение a draft law by the Legislative Chamber of the Oliy Majlis on 21 April.

The document is seen as an important step in advancing the country’s economic development and continuing a policy of openness and pragmatic investment attraction while safeguarding national interests.

According to the draft law, accession to the international financial institution, established in 2014 by BRICS countries, will enable Uzbekistan to expand its participation in global investment processes. Cooperation with the bank is expected to create additional opportunities for modernizing key sectors of the economy, developing modern infrastructure and attracting long-term concessional financing.

The New Development Bank focuses on supporting infrastructure projects and sustainable development initiatives in emerging economies, operating on principles of mutual benefit for member states.

Lawmakers noted that membership would provide access to alternative sources of financing and preferential investment resources needed for economic modernization.

These opportunities are expected to be utilized in sectors such as energy, transport, water management and infrastructure development, contributing to the creation of new enterprises and jobs.

The draft law has been approved by the lower house and submitted to the Senate for further consideration.

The New Development Bank, headquartered in Shanghai, finances infrastructure and sustainable development projects in BRICS countries as well as other emerging markets.