Uzbekistan Seeks US$4.5bn via New Development Bank

Tashkent, Uzbekistan (UzDaily.com) — Uzbekistan has prepared proposals for a portfolio of more than 20 investment projects worth US$4.5 billion as part of its accession process to the New Development Bank, Acting Deputy Minister of Investment, Industry and Trade Shokhrukh Gulamov said during a Senate meeting on May 19.

According to Gulamov, the proposed initiatives cover infrastructure, energy, urban development, industry, banking, education and healthcare. He said the effective use of the bank’s financial resources is viewed as an important priority for Uzbekistan amid the changing global economic environment.

The largest share of the proposed portfolio — around US$2.8 billion — is allocated to infrastructure projects, primarily in the transport sector. These include public-private partnership projects involving railway construction and the development of toll roads.

In the energy sector, financing for nuclear energy projects is under consideration. Resources from the New Development Bank may also be used to develop infrastructure for the construction of New Tashkent.

Additional projects in the social sector, including education and healthcare, have been prepared with a combined value of around US$450 million. Another US$500 million is expected to be attracted to support commercial banks.

Industrial development projects account for approximately US$750 million. The funds are expected to be directed toward the development of industrial and economic zones in the country’s regions.

According to the presented data, cooperation with the New Development Bank is planned through three main mechanisms: sovereign financing under state guarantees, direct non-sovereign financing for private projects, and project financing under public-private partnership arrangements.

It was also noted that cooperation with international financial institutions is being carried out in accordance with a presidential decree dated February 11, 2025. Under this mechanism, профильные ministries and agencies prepare project concepts and assessment documents jointly with the bank.

It was separately reported that Uzbekistan is also considering the possibility of receiving technical assistance and grant support from the New Development Bank. During the same Senate session, lawmakers approved the law on Uzbekistan’s accession to the agreement establishing the financial institution.