A series of investment announcements by the European Bank for Reconstruction and Development over the past week have highlighted a deepening focus on private sector-led growth and infrastructure development in emerging Central Asian markets.
The bank has committed nearly to €5.9bn across 208 projects, with around 60% of funding directed to private companies in Uzbekistan. The bank’s current exposure in the country exceeds €3.2bn.
In 2025 alone, investment in the country exceeded $1bn (€860mn), the majority of it flowing to private enterprises.
While such figures underline the scale of activity, the latest round of deals also offers insight into how the EBRD is shaping its strategy on the ground.
The European Bank for Reconstruction and Development plays a central role in supporting economic development in countries in Central Asia, the Middle East and parts of Africa.
“We’re very focused on energy transition and infrastructure, support for SMEs and start-ups, and policy work including capital markets development, privatisation and governance,” said Greg Guyett, EBRD’s first vice president and head of its Client Services Group, during a visit to Tashkent last week.
Targeted investments in retail and industry
Recent financing agreements in retail and industry point to a broader effort to support domestic demand and production capacity.
An €8.6m loan to Texnomart, a major electronics retailer, is aimed at expanding digital services and modernising operations.
Part of the financing will also go into workforce development. Training programmes and internships will be introduced in cooperation with local educational institutions.
In the industrial sector, up to €14m in financing for beverage producer UzCarlsberg will fund new production facilities and efficiency upgrades.
The project includes a sustainability component focused on water and energy efficiency.
An additional €200,000 is being provided through the EBRD’s Agrifood Nexus programme, financed by Germany, to support climate-related technologies.
Talks on reforms and infrastructure
Alongside investments, the EBRD is working with the Uzbek government on economic reforms.
Talks in Tashkent, including meetings with Deputy Prime Minister Jamshid Khodjaev, focused on priorities for 2026. These include private sector development, infrastructure expansion and wider use of digital solutions.
Areas under discussion include upgrades to energy networks, improvements to irrigation, and the digitalisation of the railway system. Proposals for electric buses in cities such as Nukus and Samarkand are also being considered.
Both sides are also exploring new financing models for infrastructure, particularly in special economic zones.
“The fiscal position is strong, borrowing levels are relatively low, and reserves are attractive,” Guyett said about the country. Credit rating agencies have taken a generally positive view of the country’s trajectory.
Growing role for early-stage finance
The EBRD is also increasing its focus on start-ups, particularly in fintech, digital banking and payments through its Star Venture programme.
“We’re supporting entrepreneurial companies, particularly in the technology area,” Guyett continued.
This reflects a wider shift toward supporting innovation and entrepreneurship, as digitalisation becomes a more prominent driver of economic growth.
Looking ahead, the bank is exploring further opportunities in renewable energy, infrastructure and mining.
With more than 118 active projects and a growing pipeline, the EBRD is expected to maintain a central role in Uzbekistan’s economic development.
