BAKU, Azerbaijan, June 29. The Eurasian Development Bank is entering a new phase of expansion that could reshape how investment flows across Central Asia.
At its Annual Meeting and Business Forum "Eurasia 2030+" in Almaty, the EDB unveiled its performance record and a new strategy for 2027-2031 covering a broader geographic footprint, higher infrastructure financing, and a deeper role in Central Asian economic integration.
Over two decades, the bank has grown from two offices and five staff to a $22 billion portfolio spanning 326 projects. Its mandate now extends well beyond lending into transport, energy, digital infrastructure, industry, and international capital mobilization.
The bank's core value to the region lies in building connectivity - through roads, power grids, supply chains, and new financial instruments.
Under the 2022–2026 strategy, total investment reached $9.2 billion, with $5.2 billion going to Kazakhstan - roughly matching what the country received in the previous 15 years combined. Prime Minister Olzhas Bektenov called the scale of cooperation a foundation for further foreign investment, pointing to the country's property rights protections, competitive environment, and open economy as key draws.
Kazakhstan remains the bank's largest single market. Foreign direct investment into the country rose 14.4% to $20.5 billion, while fixed capital investment climbed 13% to a record $43.5 billion.
The next strategic phase envisions expanding EDB operations into 11 new countries, including Georgia, Mongolia, and Gulf states. Deputy Chairman Madi Takiyev confirmed that Oman is expected to join this year, with Mongolia in early-stage talks.
"We are expanding our network of overseas offices, which opens up new opportunities for landmark projects - all of it done in the shared interests of member states," Takiyev said.
For Central Asia, this translates into potential access to new capital sources and international partners at a time when the region faces pressing infrastructure modernization needs, particularly in energy and transport.
UN ESCAP project officer Sergei Tulinov argued that energy connectivity requires more than new transmission lines. "What matters is whether a project actually increases grid capacity, reduces congestion, eases constraints on renewable energy connections, and improves system reliability," he said. Central Asia already has the physical foundations for energy integration, he noted, but the underlying model was designed for a different economic era. "Physical connections are no longer enough. You need modern rules, mechanisms, and institutions to ensure stable and reliable energy supply."
Kyrgyzstan sees the EDB as a key partner for scaling up its project pipeline. Economy and Commerce Minister Bakyt Sydykov reported GDP growth of 12.2% for January–May 2026, driven by domestic demand, investment, industry, construction, services, and trade. The country's strategic priorities through 2030 include reindustrialization, building a regional trade and logistics hub, unlocking hydropower potential, and developing sustainable tourism. "The binding constraint today is the ability to turn ideas into investment-ready projects that meet the standards of international financial institutions," Sydykov said. "That is where the EDB can play a distinctive role."
Uzbekistan is similarly looking to multilateral development banks to accelerate economic cooperation. Deputy Minister of Investment, Industry and Trade Khurram Teshabaev emphasized that the greatest impact comes when countries pool resources, markets, and expertise. "Cross-regional cooperation is what makes it possible to build shared production and logistics chains," he said, with transport connectivity, industrial cooperation, green energy, and the digital economy as the country's stated priorities.
The forum also produced concrete outcomes. The EDB and Griffin Partners signed a deal to develop the Griffin Logopark Almaty - a logistics complex valued at approximately $125 million, covering more than 125,000 square meters and expected to create around 1,000 jobs. Separately, the bank committed $90 million toward Kazakhstan's first Tier IV data center, to be built with AKASHI Data Center PLC as part of the country's broader digital infrastructure for business, government, and international tech companies. In transport, KazAvtoZhol has signed contracts worth roughly $3 billion for road reconstruction across Kazakhstan.
Forum participants also flagged structural bottlenecks. Around 35% of experts cited slow customs procedures and insufficient digitalization as the primary barriers to trade. According to IRU data, up to half of total transit time is spent at border crossings.
The EDB's expansion is poised to be one of several factors supporting Central Asia's economic momentum. The bank already shapes the region through infrastructure financing, industrial cooperation support, and international capital attraction. The 2027–2031 strategy extends that reach: more countries will gain access to its financial resources, technology, and expertise, and Central Asia will have stronger institutional backing to move from standalone national projects toward more integrated, cross-border initiatives.
