The Eurasian Development Bank (EDB), a supranational financial institution headquartered in Almaty, Kazakhstan, issued a private placement bond, denominated in dirham, in the local UAE capital markets. This pioneering issuance of AED 200 million (equivalent to c. US$54 million), was arranged by First Abu Dhabi Bank (FAB), the largest bank in the UAE, in partnership with Abu Dhabi Fund for Development (ADFD), a leading national development finance institution.
This issuance supports the EDB’s strategic objective of enhancing regional infrastructure, trade, and industrial projects, while also promoting the use of local currency in cross-border transactions. The proceeds will be channeled into high-impact development initiatives across the Bank’s member states, furthering economic resilience and integration in Central Asia.
The EDB member states are Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia, Tajikistan, and Uzbekistan.
This transaction marks an important stage in the financial cooperation between Central Asia and the United Arab Emirates. In April 2025, the EDB successfully placed its debut AED-denominated bonds on the Astana International Exchange (AIX), becoming the first issuer of UAE Dirham bonds in Kazakhstan.
The new issuance carries several milestones, including:
Collaborative effort with ADFD and FAB, strengthening UAE-Kazakhstan financial ties.
Supporting the EDB’s mission of driving economic growth and prosperity in Central Asia.
Daniyar Imangaliev, Vice-Chairman of the EDB Management Board, commented: “Raising AED financing on the UAE capital market is a consistent step by EDB to finance sustainable development in our member states, especially following our recent dirham issue listed on the Astana International Exchange in Kazakhstan. By building strong and mutually beneficial relationships with local investors of the dynamically developing financial market in the UAE, we not only diversify our sources of financing, but also deepen economic cooperation between Central Asia and the Middle East. This transaction is ideally aligned with our mission to invest in the prosperity of Eurasia.”
