Uzbekistan Senate Approves Joining New Development Bank

Tashkent, Uzbekistan (UzDaily.com) — Uzbekistan’s Senate of the Oliy Majlis has approved a law on the country’s accession to the Agreement on the New Development Bank, signed in the Brazilian city of Fortaleza on 15 July 2014, during its fifteenth plenary session.

During discussions, lawmakers said the agreement is aimed at expanding trade, economic, and investment cooperation among member states through the implementation of joint investment projects and financial support mechanisms.

Senators emphasized that Uzbekistan’s participation in the New Development Bank would broaden opportunities to attract foreign investment and finance large-scale infrastructure projects, as well as initiatives in sustainable development.

They noted that the bank uses modern financial instruments to support both public and private sector projects, including lending, guarantees, and investment financing.

Members of the Senate said the adoption of the law would further strengthen Uzbekistan’s cooperation with international financial institutions, support modernization across economic sectors, develop infrastructure, and ensure sustainable economic growth.

The law was approved by senators following the review process.