TASHKENT, Uzbekistan, March 18. The Senate of Uzbekistan gave the green light to the law paving the way for the country to join the Eurasian Development Bank (EDB), TurkicWorld reports.
The recent communiqué emerged in the wake of the fifth plenary assembly of the Senate of Uzbekistan.
The main goal of the Eurasian Development Bank is to foster economic growth among its member states and enhance trade and economic relations through investment activities. The Bank will operate in accordance with international treaties, international law, and globally accepted banking principles. Additionally, its charter, which outlines its objectives, activities, and governance procedures, was ratified as part of the agreement.
As part of its duties, the EDB will also gather and analyze data on the economic and financial conditions of its member states, including investment opportunities, monetary policies, foreign exchange relations, and banking regulations. This will further support the development of a unified economic space across Eurasia.
By passing the law, Uzbekistan shall establish a legal framework for its full membership in the Eurasian Development Bank, ensuring that it can fully participate in its activities and contribute to the Bank's mission of fostering regional economic growth, strengthening trade, and supporting integration processes through investment initiatives.
In a prior session, the Oliy Majlis of Uzbekistan ratified a legislative proposal in its tertiary review to affiliate with the Eurasian Development Bank.
The Eurasian Development Bank, endowed with a charter capital of $7 billion, serves as a pivotal entity in the facilitation of financial resources for investment initiatives throughout its member jurisdictions. The initiative emphasizes sectors including sustainable economic frameworks, transportation and supply chain optimization, renewable energy solutions, digital innovation paradigms, and agronomic advancements. Since its establishment in 2016, the financial institution has deployed $15 billion in capital towards a diverse array of initiatives.
