Uzbekistan Becomes First Central Asian Member of New Development Bank

Uzbekistan has officially become the first Central Asian country to join the New Development Bank (NDB) and it marked the significant milestone in the expansion of the BRICS backed multilateral financial institution. The Republic of Uzbekistan formally became the shareholder of the NDB on5th of June, 2026 after completing all the necessary accession procedures and ratifying the bank’s Articles of the Agreement.

Uzbekistan Officially Joins the New Development Bank

The announcement was made by the Andrey Bokarev, Director General of the NDB Eurasian Regional Centre who has confirmed that the Uzbekistan completed all the required formalities and officially entered the bank’s shareholder structure on 5th June, 2026.

With its accession, Uzbekistan becomes the 10th member of the New Development Bank and it is the first country from the Central Asia to join the institution.

The development reflects the country’s growing economic importance and the its efforts to expand the international financial and investment partnerships.

What Is the New Development Bank?

The New Development Bank is the multilateral development financial institution which was established in the year 2015 by the BRICS countries,

• Brazil (B)
• Russia (R)
• India (I)
• China (C)
• South Africa (S)

The bank was created to mobilize the resources for the infrastructure and sustainable development projects in the emerging economies and developing countries.

Since the establishment of the NDB it has approved total 139 projects worth nearly US$43 billion across various sectors that includes the transport, renewable energy, water management, urban development and social infrastructure.

In recent years, the bank has also expanded the its membership beyond the original BRICS nations, welcoming the countries like,

• Egypt
• United Arab Emirates
• Bangladesh
• Algeria

Uzbekistan is now the latest member to this growing group.

Why Uzbekistan’s Membership Matters

Uzbekistan’s accession is the strategically important for both the country and the New Development Bank.

Central Asia has emerged as one of the fastest-growing economic regions in the recent years.

According to NDB officials, Uzbekistan has recorded the average annual economic growth of more than 6.7 per cent between 2023 and 2025.

The country’s population also increased by more than 1.5 million people during the same period that created the growing demand for infrastructure, energy, transportation and public services.

By joining the NDB, Uzbekistan gains the access to an additional source of the long-term development financing which can support the its ambitious modernization and infrastructure goals.

How Uzbekistan Joined the NDB

Uzbekistan’s accession process has gained the momentum earlier this year.

On 21st May, 2026, President Shavkat Mirziyoyev signed the law and approving the country’s accession to the Agreement on the New Development Bank.

This law was subsequently published through the Uzbekistan’s National Centre for Legal Information.

During the discussions on the agreement, lawmakers emphasized that membership would helps to expand trade, economic cooperation, and investment relations with participating countries via development-oriented financing.

About New Development Bank

• The New Development Bank (NDB) which is known as the BRICS Development Bank is the multilateral development bank established by Brazil, Russia, India, China, and South Africa (BRICS).
• NDB aims to mobilize the resources for infrastructure and sustainable development projects in BRICS countries and other emerging economies and developing countries.
• The idea of setting up NDB was first conceived in the year 2012 during the BRICS Summit in New Delhi, India.
• The agreement for establishing the NDB was signed during the BRICS Summit held in the Fortaleza on July 15, 2014, and the Bank started operations on July 21, 2015.
• The bank is headquartered in the Shanghai, China, with regional offices in South Africa and Brazil.
• Membership of NDB is open to any member of the United Nations.