Uzbekistan officially joined the New Development Bank (NDB) this Thursday, with President Shavkat Mirziyoyev signing the enabling law.

This strategic move aims to attract vital foreign investments for infrastructure and sustainable development projects, fostering broader economic cooperation among member states. The law’s text was published on the National Legal Information Center of Uzbekistan portal, formalizing the nation’s participation in the BRICS-backed financial institution.

The country’s Legislative Chamber approved the adhesion to the bank in late April, followed by the Senate’s final approval on May 19. Senators emphasized that the primary objective of this agreement with the NDB is to expand trade, economic and investment relations among member states through comprehensive financing and investment activities.

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During the Senate’s plenary session, as reported by the official website of Uzbekistan’s upper house of Parliament, it was highlighted that “being a member of the New Development Bank expands our country’s opportunities to attract foreign investments and finance large infrastructure and sustainable development projects.”

Legislators underscored that the approval of this law will enable Uzbekistan to strengthen its cooperation with other international financial institutions, further enhancing its capacity to attract crucial investments for infrastructure development and ensuring sustained economic growth. This proactive engagement with global financial entities positions Uzbekistan as an increasingly attractive destination for international capital and partnerships.

The Chairman of the NDB’s Board of Governors, Anton Siluanov, had previously mentioned Uzbekistan among the countries whose adhesion was under evaluation during the bank’s annual meeting in Moscow in mid-May. Concurrently, NDB President Dilma Rousseff announced that the institution would begin developing a new five-year strategy, with particular attention to expanding its operations in new member countries.

A significant precursor to this official entry was a meeting between Rousseff and President Mirziyoyev in June 2025. During this engagement, a program of joint priority projects valued at 5 billion U.S. dollars was elaborated, as detailed on the website of the President of Uzbekistan. Key areas of discussion included the modernization of irrigation systems, the advancement of the mining industry and the establishment of public-private partnerships in the crucial sectors of education and infrastructure. These identified areas represent critical investment opportunities that will now be accelerated with Uzbekistan’s full membership in the NDB.

The New Development Bank was established in 2015 on the initiative of the BRICS countries -Brazil, Russia, India, China, and South Africa. Its foundational mission is to mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging economies.

To date, the NDB has approved 139 projects, collectively valued at nearly 42 billion U.S. dollars, demonstrating its significant impact on global development finance. Uzbekistan’s accession reinforces the NDB’s expanding influence and its commitment to fostering economic growth and cooperation among a diverse group of nations.

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