Uzbekistan has become the first member of the New Development Bank from Central Asia: what opportunities are opening up for the region?

Uzbekistan has become the first member of the New Development Bank from Central Asia: what prospects does this offer the region?

Uzbekistan's entry into the New Development Bank elevates Central Asia to a new level of interaction with one of the multilateral financial structures of the BRICS countries. At the initial stage, this involves a project portfolio of $4.5 billion, but the potential impact of the cooperation is significantly broader than a single state.

On June 5, 2026, Uzbekistan officially joined the New Development Bank (NDB) — becoming the first Central Asian state in this financial organization and its tenth shareholder. The NDB confirmed the country's accession and announced that the bank intends to support Uzbekistan's projects in clean energy, water resource management, transport, and other strategically important areas.

For Tashkent, this opens an additional channel for attracting funds for major infrastructure and investment initiatives. At the same time, for Central Asia, this decision has a broader meaning: the region gains its first practical experience of one of its countries participating in the NDB.

The first results of the cooperation have already taken concrete shape. The Ministry of Investment, Industry, and Trade of Uzbekistan has prepared a portfolio of projects worth $4.5 billion for potential financing through the NDB.

It includes projects in the fields of transport, energy, construction, and industry. In addition, the possibility of attracting bank funds for the construction of a nuclear power plant is being considered.

During negotiations between the President of Uzbekistan, Shavkat Mirziyoyev, and the President of the NDB, Dilma Rousseff, the parties agreed to form a medium-term portfolio of joint projects in energy, water management, transport and engineering infrastructure, as well as in the private and social sectors. It is planned to involve the bank's expert missions to implement these initiatives.

The NDB itself holds an AA+ credit rating and is developing alternative financial mechanisms, including settlements in national currencies. According to the press service of the President of Uzbekistan, membership in the bank will allow the country to diversify its sources of external financing and attract concessional investments to modernize the economy.

The significance of this step is not limited to the national level. The economies of Central Asia face common challenges — the modernization of transport and energy infrastructure, water scarcity, climate risks, and the need to finance long-term projects.

The declaration adopted following the BRICS summit in New Delhi specifically outlines the task of expanding lending in national currencies, diversifying sources of financing, and accelerating the review of applications from new countries. Paragraph 115 provides for further work in this direction.

For the countries of Central Asia, Uzbekistan's experience is becoming an example of how to build interaction with the NDB and use its instruments to finance infrastructure projects.

A separate section of the declaration is dedicated to cross-border payments. Paragraph 90 provides for the BRICS payment task force to work on developing fast, low-cost, accessible, transparent, and secure cross-border settlements, as well as trade settlements in national currencies. At the same time, the document emphasizes that approaches must take into account national priorities and do not imply a single model for all countries.

For Central Asia, this has practical significance: the region is closely linked by trade flows with China, Russia, and neighboring states. In the first half of 2026, China, Russia, and Kazakhstan were among Uzbekistan's top three trading partners. The volume of trade with them amounted to $9.5 billion, $7 billion, and $2.8 billion, respectively.

At the same time, the BRICS countries advocated for resilient supply chains, the uninterrupted movement of goods, and energy security.

Another direction of the declaration is directly related to tasks relevant to Central Asia.

Paragraph 60 provides for measures to mitigate the consequences of price spikes and fertilizer shortages, the development of the BRICS grain exchange with potential expansion to other types of products, the creation of national food reserves, and the development of drought-resistant seed systems.

Paragraphs 61 and 62 provide for the creation of the AGRIN network, related to agricultural resources and genetic resources, as well as networks of centers for agroecology and digital agriculture.

For a region where agriculture largely depends on water availability, climatic conditions, and crop yields, these areas could become a platform for exchanging technologies and practices.

The declaration separately addresses the financial constraints faced by developing countries in implementing climate projects. Paragraph 107 notes the need to expand fiscal space for investments in climate change adaptation, while Paragraph 96 is dedicated to improving the "bankability" of climate projects.

For Central Asia, these issues are particularly relevant against the backdrop of the Aral Sea problems, the state of irrigation infrastructure, water scarcity, and the need to increase energy efficiency.

In this context, the areas designated by the NDB for cooperation with Uzbekistan — water resources, clean energy, transport, and infrastructure — align with a number of long-term tasks for the entire region.

The BRICS summit in New Delhi showed that the association's economic agenda is increasingly linked to issues of trade, finance, supply chains, and infrastructure. At the same time, members maintain differing positions on a number of international issues, which is also reflected in the final declaration.

Indian Prime Minister Narendra Modi stated that BRICS is not directed against anyone and called for turning the existing "pyramid of privilege" into a "platform of partnership."

For Central Asia, the practical part of this agenda boils down primarily to finance, transport, and trade.

Uzbekistan has already formed a portfolio of projects worth $4.5 billion for potential financing through the NDB. The implementation of these projects will show how effectively this new financial channel for the region can operate in practice.

Uzbekistan is interested in major regional transport and logistics projects, and the NDB is already discussing participation in such initiatives. For Central Asia, this is particularly important against the backdrop of developing routes connecting China, South Asia, Russia, and Europe.

The expansion of settlements in national currencies, the digitalization of agriculture, energy technologies, and climate finance form areas where the region's countries will have to adapt new mechanisms to their own economic conditions.

In 2027, the BRICS presidency will pass to China, which is set to host the next summit.

For Uzbekistan and Central Asia, the next stage will be associated not only with participation in new formats, but also with practical results — concluded agreements, attracted financing, and launched infrastructure projects. Given that China, Russia, and Kazakhstan are Uzbekistan's largest trading partners, this economic link acquires additional significance for Tashkent and the entire region.