Uzbekistan has become a shareholder in the Eurasian Development Bank. What stake did it acquire?

Uzbekistan has become a new member of the Eurasian Development Bank and has already acquired a stake in its capital. For now, this stake is modest—0.66%—which is lower than those held by Kyrgyzstan, Tajikistan, and Belarus.

The decision to join was made as early as July 16, 2024, but it was not publicly announced until the spring of 2025. At that time, the bank announced that Uzbekistan would become the seventh member of the EBRD.

The actual accession took place later—on October 10, 2025, after all domestic procedures were completed. At the end of the year, the country appeared for the first time in the bank’s capital structure with a 0.66% stake.

At first glance, this is a symbolic contribution. But even this has already shifted the balance within the bank.

The stakes of all existing members have decreased:

• Russia—from 44.79% to 44.49%;
• Kazakhstan—from 37.29% to 37.04%;
• Belarus—from 5.21% to 5.18%;
• Tajikistan—from 4.25% to 4.23%;
• Armenia and Kyrgyzstan—from 4.23% to 4.20%.

In fact, the arrival of a new shareholder diluted the stakes of all participants, despite the capital increase.

At the same time, the actual scale of Uzbekistan’s participation is still taking shape. As of the end of 2025, the country had contributed only $10 million to the paid-in capital.

The total subscription amount is significantly higher—$777.8 million, including:

• $609.4 million—capital payable on demand;
• $158.4 million—the additional payable portion.

Once all obligations are fulfilled, Uzbekistan’s share of voting shares will reach 10%.

This will lead to a new balance of power. The country will become the third-largest participant in the EDB, trailing only Russia and Kazakhstan. Belarus, accordingly, will drop to fourth place.

Interestingly, the admission of a new participant required the consent of at least 75% of shareholder votes. This means that existing members consciously agreed to dilute their own stakes for the sake of expanding the bank.

Thus, the current 0.66% is just the starting point. As Uzbekistan fully enters the Eurasian Development Bank’s capital, the stakes of the remaining members will continue to decline. With a proportional redistribution, the largest shareholders will be affected by the greatest “dilution.” Russia may lose about 4 percentage points, and Kazakhstan about 3 percentage points. Belarus’s share will likely fall below 5%, while Armenia, Kyrgyzstan, and Tajikistan will each fall below 4%.