The Deputy Prime Minister and Minister of Economy and Finance of Uzbekistan, Jamshid Kuchkarov, met with the President of the New Development Bank (NDB), Dilma Russeff, on September 12. The purpose of the meeting was to discuss bilateral cooperation and opportunities for its expansion.
The main focus of the negotiations was on the potential for financing priority projects in Uzbekistan, including the energy and infrastructure sectors. The parties also discussed ways to improve investment partnership mechanisms and implement strategically important initiatives.
During the dialogue, participants emphasized the need to increase the effectiveness of current interaction, jointly prepare new projects, and maintain regular communication on financial cooperation issues.
Following the meeting, Kuchkarov and Russeff confirmed their readiness to develop mutually beneficial partnerships, expand areas of cooperation, and support projects aligned with the long-term goals of Uzbekistan's economic development.
The New Development Bank is a multilateral financial institution established by BRICS countries in 2015. The bank's activities are focused on financing infrastructure projects and sustainable development initiatives in developing and emerging market countries.
In May 2026, the President of Uzbekistan, Shavkat Mirziyoyev, signed a law on the country's accession to the New Development Bank Agreement, which was adopted in Fortaleza in 2014. The Oliy Majlis legislative body approved the document on April 21, and the Senate ratified it on May 19, 2026.
Accession to the agreement opens up opportunities to expand trade, economic, and investment cooperation through joint projects and financial support mechanisms. Participation in the NDB also provides additional chances to attract investments and finance large projects in the field of infrastructure and sustainable development.
The Bank uses various financial instruments to support both the public and private sectors, including lending, guarantees, and investment financing.
As part of the accession process, Uzbekistan prepared proposals for a portfolio of more than 20 investment projects totaling $4.5 billion. This was stated by the Deputy Minister of Investment, Industry, and Trade, Shohrukh Gulomov, at a Senate meeting on May 19.