The EBD issued one of its largest loans to Uzbekistan even before the country became a shareholder in the bank

The Eurasian Development Bank’s cooperation with Uzbekistan began long before the country officially became a shareholder in the bank. In fact, as early as 2023, the EDB provided one of its largest loans to a borrower from Uzbekistan—even though the republic was not yet a member state of the bank at that time.

According to the document, as of December 31, 2023, the bank had three major borrowers, each of whose debt exceeded 10% of the EDB’s equity capital.

The largest of these was located in Uzbekistan. The net book value of the loan was $396.6 million. At the same time, the borrower’s internal rating was assessed at “BB-”.

For comparison, the second-largest borrower was located in Kazakhstan—with a loan of $299.9 million and a “B” rating—and the third was in Russia with a loan of $218.8 million and a “B-” rating.

The issuance of a large loan to a borrower in Uzbekistan raises questions, since in 2023 the republic was not yet a shareholder of the EDB. The decision to admit the country to the bank was made only on July 16, 2024, and Uzbekistan became a full-fledged member state only on October 10, 2025—after completing all domestic procedures and making its first contribution to the EDB’s capital.

Thus, one of the largest loans in the EDB’s portfolio was issued to a country that was not yet a member of the bank.

Against this backdrop, the question arises as to whether such transactions are consistent with the mandate of the Eurasian Development Bank, which positions itself as a development institution for financing the economies of member states.

“Akchabar” sent a corresponding inquiry to the bank, but the editorial office never received a response.