The European Bank for Reconstruction and Development (EBRD) says it is supporting the development of small businesses owned or led by women and the deployment of green technologies in Kyrgyzstan by providing a financial package of US$ 8 million (€ 7.6 million) to the country’s major microlender FINCA Bank Kyrgyzstan (FINCA). The package will consist of
The Eurasian Development Bank (EDB), the Islamic Development Bank (IsDB) Institute, and the London Stock Exchange Group have published a joint report, “The Future of Islamic Finance in Central Asia”. The report provides a comprehensive analysis of the current status and prospects of Islamic finance in Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan. According to the
Uzbekistan will host the Asian Development Bank’s (ADB) 59th Annual Meeting on 3 to 6 May 2026. The meeting will be held in the historic city of Samarkand, one of the oldest continuously inhabited cities in the world. This is the second time that Uzbekistan will host the ADB Annual Meeting, following the successful 43rd
The Asian Development Bank (ADB) has welcomed Türkiye as its newest regional member, strengthening ADB’s engagement in Central and West Asia. In a ceremony during ADB’s 58th Annual Meeting in Milan, ADB Director General for Central and West Asia Yevgeniy Zhukov said Türkiye’s transition to regional membership would provide the country with development opportunities through
President of Uzbekistan Shavkat Mirziyoyev has signed a law on Uzbekistan’s accession to the Agreement Establishing the Eurasian Development Bank (EDB). Uzbekistan has become the seventh member of the Bank and its third largest shareholder with a 10% equity stake. The EDB’s other members are Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia, and Tajikistan. “We welcome Uzbekistan’s
On February 26, Olzhas Bektenov, Prime Minister of Kazakhstan, met with Nikolai Podguzov, Chairman of the Eurasian Development Bank’s (EDB) Management Board, to discuss further cooperation on joint projects. In 2024, the Bank allocated nearly US $1.4 billion to projects in Kazakhstan. Over the past three years, the Bank’s total investment in the country has reached
On February 24, the UK announced new sanctions targeting those who continue to aid Russia’s invasion of Ukraine. The sanctions target Russia’s military machine and entities in third countries who support it. In particular, the UK has imposed sanctions on the Kyrgyzstan-based OJSC Keremet Bank for its alleged role in supporting Russia’s war machine. On
The Eurasian Development Bank (EDB), the Islamic Development Bank (IsDB) Institute, and the London Stock Exchange Group (LSEG), in the spirit of promoting Islamic Finance in Central Asia, have held a panel discussion, “Bridging the Capital Road: CIS & GCC,” as part of the Islamic Banking program at Abu Dhabi Finance Week (ADFW). This panel highlighted the transformative
The Asian Infrastructure Investment Bank (AIIB) says it further solidified its long-standing partnership with Uzbekistan through a series of agreements signed at the Bank’s 9th Annual Meeting in Samarkand on September 25-26. The agreements follow the signing of a three-year rolling pipeline for sovereign-backed financed projects by Uzbekistan President Shavkat Mirziyoyev and AIIB President Jin Liqun in Beijing. This
The Asian Infrastructure Investment Bank (AIIB) has announced the program for its Ninth Annual Meeting of the Board of Governors, to take place on September 25-26 in Samarkand, Uzbekistan. The AIIB is a multilateral development bank whose mission is financing infrastructure in Asia and beyond. The Bank began operations in Beijing in 2016 and has
Ahead of the Asian Infrastructure Investment Bank’s (AIIB) Ninth Annual Meeting of the Board of Governors in Uzbekistan, AIIB and the Government of Kazakhstan have committed to expand and strengthen cooperation to promote sustainable infrastructure development in Kazakhstan. On September 19 in Astana, Nurlan Baibazarov, Deputy Prime Minister and Minister of National Economy of Kazakhstan, who also
The Asian Development Bank (ADB) on 19 September approved a $300 million sector development program to support the Government of Uzbekistan’s efforts to expand access to finance for unbanked and underbanked microenterprises, fostering sustainable and inclusive growth in the country. “An inclusive and sustainable microfinance sector is essential to support micro and small businesses which
The Keremet Bank in Kyrgyzstan said it suspended money transactions to several major Russian banks, RFE/RL’s Kyrgyz Service reported. Last week, another bank in Kyrgyzstan, MBank, made a similar move. The 24.kg website reported on August 21 that after visiting 16 banks in Bishkek, the news agency’s journalists found that in all, 13 banks have suspended monetary transactions to major Russian
The Asian Development Bank (ADB) has approved two policy-based loans totaling $400 million that support the Government of Uzbekistan’s initiatives to enhance the country’s financial markets and develop a sustainable, market-led power sector. “Strong participation of the private sector is vital to Uzbekistan’s economic growth and transformation,” said ADB Director General for Central and West
