ALMATY, Kazakhstan, December 10. Azerbaijan has the potential to become one of the Eurasian Development Bank’s (EDB) most significant partners, said Nikolai Podguzov, Chairman of the EDB Management Board, in an interview with TurkicWorld following the bank’s session in Almaty.
"Azerbaijan could be a key player in our bank. We see many promising projects that could be implemented there. I believe Azerbaijan's membership would be beneficial not just for the country itself but also for other member states. It’s not just about access to investment resources, although that is very important - it’s also about the expertise we’ve developed within the bank that allows for the swift and effective execution of projects," Podguzov explained.
He emphasized that EDB membership offers more than financial benefits. "Being part of a bank doesn’t automatically lead to positive outcomes unless there’s an active effort to drive change. With the Eurasian Development Bank, I am confident we can significantly enhance the investment activity of international organizations in Azerbaijan if it decides to join," he added.
Uzbekistan’s accession to the bank
Podguzov also highlighted the progress made with Uzbekistan, noting that discussions have been ongoing for some time.
"In late June, the bank’s board approved Uzbekistan’s accession following an official application from its government. The application was approved with a 10% equity share. We’ve since provided an official response, and Uzbekistan’s parliament is now reviewing the necessary legislation for joining. We’re optimistic that the law will be passed during the autumn parliamentary session," he said.
Expanding EDB membership
Currently, the EDB comprises six member countries from the Eurasian region, but Podguzov emphasized the importance of including more nations from the area.
"Today’s discussions underscored that many challenges can only be addressed collectively. For instance, we talked about improving transport connectivity, including key routes like the North-South corridor and the Middle Corridor, which run through Kazakhstan and Azerbaijan.
Other critical issues include energy, water management, and food security, which are shared concerns across the region. To work more effectively, it’s essential to expand our membership. Ideally, countries like Turkmenistan, Uzbekistan, Azerbaijan, Türkiye, Georgia, and Mongolia should join. We’d welcome their participation, as it would help us implement projects that benefit them directly," he explained.
2024 achievements and 2025 goals
"We expect this year’s financing volume to exceed $2 billion, one of the highest figures in the bank’s history. Looking ahead, we aim to maintain this momentum. Next year, we plan to allocate approximately $2 billion to new projects," Podguzov concluded.
