Uzbekistan's accession to the New Development Bank (NDB) marks a transition for Central Asia to a new level of interaction with one of the BRICS multilateral financial institutions. Although the initial phase involves a portfolio of projects worth $4.5 billion, the potential of this cooperation extends beyond a single state.
On June 5, 2026, Uzbekistan officially joined the NDB, becoming the first Central Asian country in this financial structure and its tenth shareholder. The Bank confirmed its intention to support Uzbekistan's projects in the fields of clean energy, water resource management, and transport, as well as other strategically important areas.
For the capital of Uzbekistan, this opens an additional path for attracting funds for large investment and infrastructure projects. More broadly, for the entire region, it means gaining the first practical experience of a country participating in the NDB.
Concrete results of the cooperation have already taken shape: the Ministry of Investment, Industry, and Trade of Uzbekistan has prepared a package of projects worth $4.5 billion for possible financing through the NDB. These projects cover transport, energy, construction, and industry, and the possibility of attracting funds for the construction of a nuclear power plant is also being considered.
During negotiations between the President of Uzbekistan, Shavkat Mirziyoyev, and the President of the NDB, Dilma Rousseff, an agreement was reached to create a medium-term portfolio of joint initiatives. These initiatives will concern energy, water management, transport, and engineering infrastructure, as well as the private and social sectors, with the bank's expert missions planned for their implementation.
The NDB itself holds an AA+ credit rating and actively implements alternative financial mechanisms, including conducting settlements in local currencies. According to the press service of the President of Uzbekistan, membership in the bank will help the country diversify external financing sources and receive preferential investments for economic modernization.
The importance of Uzbekistan's accession is not limited to the national scale. Central Asian economies face common challenges, such as the need to modernize transport and energy infrastructure, water scarcity, climate risks, and the need for funding long-term programs.
In the declaration adopted after the BRICS summit in New Delhi, the goal of expanding lending in national currencies, diversifying funding sources, and accelerating the review of applications from new countries was enshrined. Point 115 provides for further work in this direction.
Thus, Uzbekistan's experience serves as an example for other Central Asian states, demonstrating how to interact with the NDB and utilize its tools to support infrastructure projects.
A separate section of the declaration is dedicated to cross-border payments. Point 90 obliges the BRICS payments group to work on creating fast, accessible, transparent, secure, and inexpensive cross-border and trade settlements in national currencies. It is emphasized that approaches must take into account specific national priorities and do not imply a unified model for all participants.
This issue is of practical importance for Central Asia, as the region is closely integrated into trade flows with China, Russia, and other neighboring countries. In the first half of 2026, China, Russia, and Kazakhstan entered the top three trading partners of Uzbekistan, providing trade volumes of $9.5 billion, $7 billion, and $2.8 billion, respectively.
In parallel, the BRICS countries supported the concept of sustainable supply chains, ensuring the uninterrupted movement of goods, and guaranteeing energy security.
Another area of the declaration directly addresses current challenges in Central Asia. Point 60 provides for measures to mitigate the effects of rising prices and fertilizer shortages, as well as the development of the BRICS grain exchange with the possibility of expanding product assortment, creating national food reserves, and introducing drought-resistant seed systems.
Points 61 and 62 relate to the formation of the AGRIN network, which will be linked to agricultural and genetic resources, as well as networks of agroecology centers and digital farming. For the region, where agriculture heavily depends on climate, yield, and water availability, these areas can become a platform for exchanging experience and technologies.
The declaration also discusses the financial obstacles faced by developing countries when implementing climate projects. Point 107 points to the need to increase budgetary space for investments in climate change adaptation, while point 96 focuses on increasing the 'bankability' of climate projects.
These aspects are particularly important for Central Asia against the backdrop of the Aral Sea problems, the condition of irrigation infrastructure, water scarcity, and the need to improve energy efficiency. Accordingly, the areas the NDB identified for cooperation with Uzbekistan—water resources, clean energy, transport, and infrastructure—align with the long-term goals of the entire region.
The BRICS summit in New Delhi demonstrated that the bloc's economic agenda is increasingly focusing on issues of trade, finance, infrastructure, and supply chains, although participants maintain differing views on some international issues, as reflected in the final document.
Indian Prime Minister Narendra Modi stated that BRICS is not anti-something, and called for transforming the existing 'pyramid of privileges' into a 'platform for partnership'. For Central Asia, the practical significance of this agenda lies primarily in financing, transport, and trade.
Firstly, the financial aspect: Uzbekistan has already prepared a portfolio of projects worth $4.5 billion for possible financing through the NDB. The practical implementation of these projects will demonstrate the effectiveness of the new financial channel for the region.
Secondly, transport: Uzbekistan is interested in large regional logistics and transport projects in which the NDB is already discussing its participation. This is critically important for Central Asia amid the development of routes connecting China, Europe, Russia, and South Asia.
Thirdly, technological and regulatory development: expanding settlements in national currencies, digitalization of agriculture, energy technologies, and climate finance are areas where the region's countries must adapt new mechanisms to their economic conditions.
The chairmanship of BRICS in 2027 will pass to China, which should hold the next summit. For Uzbekistan and Central Asia, the next stage will be determined not only by participation in new formats but also by actual results: signed agreements, attracted capital, and launched infrastructure facilities. Given that China, Russia, and Kazakhstan are Uzbekistan's main trading partners, this economic interdependence gains additional importance for Tashkent and the entire region.
