Eurasian Development Bank approves potential entry of 11 countries into its rank

ALMATY. June 25 (Interfax) - The Eurasian Development Bank's (EDB) Council has approved the potential expansion of the financial institution's membership to include 11 countries, EDB Chairman Nikolay Podguzov told reporters on the sidelines of the bank's annual meeting and business forum.

"The bank's Council has approved our potential geographic expansion to 11 countries," Podguzov said.

New members could include Mongolia, Azerbaijan, Georgia, Turkey, Turkmenistan and several Gulf states - Bahrain, Oman, Qatar, Saudi Arabia and the United Arab Emirates, he said.

"On Oman, we're in the final stretch. We've agreed on the terms and timeline, the council has approved and sent the invitation, and we've finished our internal procedures. It's now up to Oman. We're hoping to wrap it up this year - ideally within the next two to three months," Podguzov said.

He said the EDB wants to become a full-fledged regional development bank, and that means getting all member countries involved in shaping investment policy.

"Opening our Abu Dhabi office last year was no accident. Food and security are major concerns for the Gulf States, while they also have strong expertise in irrigation technology. That's why we see our future in expanding to these 11 countries - though not all will necessarily join as members. We have three new shareholders penciled in for the next strategic period," Podguzov said.

The EDB is a development bank operating across the Eurasian region. Its largest shareholders are Russia and Kazakhstan, with Armenia, Belarus, Kyrgyzstan, Tajikistan and Uzbekistan also as members.

By the end of 2025, the EDB's cumulative portfolio included 326 projects totaling $19.6 billion in investments, with the bulk focused on transport infrastructure, digital systems, green energy, agriculture, industry and machine building.