Eurasian Development Bank of the EDB
Russia
Belarus
Kazakhstan
Almaty
Top managers:
Podguzov Nikolai Radievich
Imangaliev Daniyar Tletaevich
Owners:
Government of the Russian Federation - 44,8%
Government of Kazakhstan - 37,3%
Government of Armenia - 4,2%
Government of Kyrgyzstan - 4,2%
Government of Belarus - 5,2%
Government of Tajikistan - 4,3%
Ministry of Investment, Industry and Trade of Uzbekistan
Content |
The Bank was established on the basis of an interstate agreement signed on January 12, 2006 by authorized representatives of the Russian Federation and the Republic of Kazakhstan. The initiative to create the Bank belongs to the presidents of Russia and Kazakhstan.
EDB headquarters is located in Almaty. As of June 2017, the bank has a branch in St. Petersburg, representative offices in Astana, Bishkek, Dushanbe, Yerevan, Minsk and Moscow.
The EDB is open to new entrants. States and international organizations become its participants by decision of the Bank's Board upon their accession to the Agreement on Establishment of the EDB and payment of purchased shares of the Bank in accordance with the established procedure.
Priorities
The Bank's activities are aimed both at creating conditions for sustainable economic development and deepening integration processes between the member states of the EDB, and at solving the problems of overcoming the consequences of the global financial and economic crisis.
The priorities of the EDB for June 2017 are:
- attracting new States parties;
- financing of investment projects that have an integration effect;
- providing technical assistance in the implementation of projects that have an integration effect;
- conducting studies on economic integration;
- ensuring a balanced diversification of the investment portfolio by regions of the participating states.
- EDB is the Managing Fund of the Eurasian Fund for Stabilization and Development (EFSR).
Performance indicators
2024: Net profit growth 1.8 times to $229.3 million
The Eurasian Development Bank ended 2024 with a net profit under IFRS of $229.3 million, 1.8 times the 2023 figure, when profit was $125.2 million. Net interest income of the bank during the reporting period increased by 4.3% to $197.6 million, which reflects the improvement in the operating activities of the credit institution in the context of the changing economic situation. This is evidenced by the bank's reporting data published in March 2025.
According to Finmarket, the restoration of reserves for interest-bearing assets in the amount of $62.4 million in 2024 had a significant impact on financial results. This is fundamentally different from the situation in 2023, when the bank created reserves for $17 million, which demonstrates an improvement in the quality of the loan portfolio.
The bank's expenses on reserves for issued guarantees and letters of credit amounted to $10.5 million in 2024 against $5.5 million in 2023, showing a twofold increase. This indicates an increase in the bank's activity in the field of trade financing and the provision of warranty services.
Foreign exchange transactions made a particularly significant contribution to improving financial performance. The EDB received $125.3 million in net profit from foreign exchange transactions in 2024, which is fundamentally different from the loss of $45.1 million recorded in 2023.
The bank's assets as of December 31, 2024 amounted to $5.995 billion, having decreased by 27% since the beginning of the year from $8.167 billion. The decrease in assets reflects strategic changes in the bank's business model and optimization of the balance sheet structure.
The structure of the bank's liabilities has undergone significant changes. The amount of funds raised from financial institutions decreased 3.6 times to $857 million in 2024. At the same time, customer deposits doubled to $292 million, which indicates a reorientation of funding from institutional sources to a retail customer base.
The EDB shareholder structure includes six states with different interests. Russia is the largest shareholder with a share of 44.79%, Kazakhstan ranks second with 37.29% of the shares. Belarus owns 5.21% of the bank's shares, while Tajikistan, Armenia and Kyrgyzstan have equal shares of 4.25%, 4.23% and 4.23%, respectively.[1]
History
2025
Euroclear has unblocked more than $600 million of bank funds
For the period from 2023 to 2025, the Belgian depository Euroclear unblocked a significant part of the funds of the Eurasian Development Bank (EDB) - more than $600 million. They were frozen as accounts of the Russian Federation. This was announced on December 23, 2025 by the Deputy Minister of Finance of Kazakhstan Dauren Kenbeil.
In a message to the RIA Novosti news agency, Kenbeil noted that the unblocking of funds took place on the terms of their use exclusively to finance projects in Kazakhstan under the control of Euroclear. Astana expects Euroclear to defrost the remaining $120 million of the total blocked amount of $733 million in 2026, Kenbeil added.
RIA Novosti reminds that in 2022 the European Union imposed sanctions against the Russian National Settlement Depository (NSD), which acts as a central depository. As part of these sanctions, Euroclear froze the account, where, along with other assets, the EDB funds owned by Kazakhstan were taken into account.
With the start of a special military operation, the countries European Union and the G7 froze about half of Russia's foreign exchange reserves. More than €200 billion of these funds are in, European Union mainly in the accounts of the Belgian depository Euroclear.
Russia has introduced retaliatory restrictive measures, in which the assets of investors from unfriendly states are credited to special accounts of type "C." Their conclusion is possible only by decision of the government commission.
According to RIA Novosti, in December 2025, the Bank of Russia filed a lawsuit against Euroclear with the Moscow Arbitration Court in the amount of over 18 trillion rubles (about $227.9 billion) due to damage from the inability to dispose of assets. This amount is equivalent to about a third of Belgium's gross domestic product (GDP) for 2024, which amounted to $664.6 billion.
On December 19, 2025, following the summit, the European Union decided to temporarily abandon the confiscation of frozen Russian assets to help Ukraine. Instead, a loan to Ukraine in the amount of €90 billion from the EU budget was approved.[2]
MIPT of Uzbekistan bought out a stake in the Eurasian Development Bank for $168.4 million
President of Uzbekistan Shavkat Mirziyoyev signed a decree approving the schedule for the purchase of a stake in the Eurasian Development Bank (EDB) with a total value of $168.4 million. The document in September 2025 is published on Lex.uz. According to the decree, the Ministry of Investment, Industry and Trade (MIPT) of the republic will acquire a stake of 777,777 shares of the bank with a par value of $1,000. Of these, 168,411 shares (21.7%) will be paid, the remaining securities will be payable on demand.[3]
2023: The share of the EDB in KamAZ passed to the Russians
On January 18, 2023, it became known about the withdrawal of the Eurasian Development Bank (EDB) from the authorized capital of KamAZ. As part of the transaction, a 3.72 percent share of the Russian truck manufacturer was transferred to its subsidiary, KamAZ Financial Leasing Company LLC. The bank acquired these shares as part of financing the project for the development of the Kamaz model range. Read more here.
2022
Decrease in Russia's share in the bank by a third
Russia's share in the Eurasian Development Bank (EDB) in 2022 decreased by a third - from 66% to 44.8%. This was announced by the press service of the Government of Kazakhstan on July 1, 2023.
 | On June 28 [2023], the decisions made on the redistribution of authorized capital between the states parties were fully implemented. As a result, part of the stake in Russia in the paid-up authorized capital is evenly redistributed between the other participating states.... The share of Kazakhstan increased from 33% to 37.3%, - said the Kazakh government. |  |
In January 2023, the Eurasian Development Bank reported that according to the results of the redistribution in 2022, the participating states in the paid authorized capital of the EDB were: the Republic of Kazakhstan - 37.2865%, the Republic of Armenia - 4.2291%, Kyrgyzstan - 4.2291%, Belarus - 5.2121%, the Republic of Tajikistan - 4.2555%.
On August 9, 2022, Bloomberg, citing sources, reported that Russia intends to reduce its stake in the EDB below the control in favor of Kazakhstan so that the bank does not fall under sanctions. Later, the head of the Ministry of Finance of Kazakhstan Yerulan Zhamaubayev said that the republic is considering the purchase of a 4.2% stake in the EDB portfolio from Russia for $54-65 million.
In early July 2023, the chairman of the board of the EDB Nikolai Podguzov said that in 2022 the bank strengthened its role as a leading development institution in the Eurasian space. The accumulated investment portfolio reached $13.4 billion, which was a record figure and significantly exceeded plans for the reporting period. Of these, $2.5 billion was raised by signing new projects.[4]
Sale of the National Reserve Bank for 3.89 billion rubles
The Eurasian Development Bank (EDB) sold the National Reserve Bank for 3.89 billion rubles. The EDB said this in its financial report published in February 2023. Read more here.
2021: Expansion of cooperation with Rostelecom in the Eurasian space
On June 3, 2021, the Eurasian Development Bank (EDB) and PJSC Rostelecom reached an agreement on the joint implementation of Eurasian interstate infrastructure and digital projects. The memorandum was signed by Deputy Chairman of the Board of the EDB Tigran Sargsyan and Senior Vice President, Chief of Staff of the President of Rostelecom Anna Shumeiko.
Cooperation will be developed within the framework of the activities of the EDB Digital Initiatives Fund (EDB FCI). The signed document enshrines the implementation of interstate infrastructure, digital and innovative projects, as well as the development, support of joint products in the countries participating in the EDB: in Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia and Tajikistan.
| | "The signed document expands our cooperation with Rostelecom, which is already being conducted in the interests of the Bank's countries. For a number of projects, including the application "Traveling without COVID-19" developed by the FCI EDB and the application being developed "Working in the EAEU" use the infrastructure of Rostelecom. The memorandum also provides an opportunity to create joint ventures between the Bank and the leading Russian provider of digital services and services, "said Tigran Sargsyan, Deputy Chairman of the EDB Management Board. | |
| | According to Anna Shumeyko, Senior Vice President, Chief of Staff of Rostelecom PJSC, "this memorandum establishes partnerships and is aimed at developing long-term, effective and mutually beneficial cooperation between Rostelecom and the Bank within the framework of the Bank's Digital Initiatives Fund. There are a lot of activities of mutual interest. Our joint projects on the territory of the member states of the Bank will contribute to the digitalization of the Eurasian Economic Union. " | |
2020
Nikolay Podguzov - a new chapter
On June 26, 2020, it was officially announced the appointment of Nikolai Podguzov as the new chairman of the board of the Eurasian Development Bank (EDB). The relevant information is published on the government website. Read more here.
ISO/IEC 27001 Certification: 2013
TÜV AUSTRIA conducted an audit of the information security system of the Eurasian Development Bank (EDB), as a result of which the Bank was certified for compliance with the international standard ISO/IEC 27001:2013.
ISO/IEC 27001:2013 contains the best world practices in the field of information security management.
| | "We have introduced a system of information security management primarily in relation to project activities, all types of lending and financing of the real, financial sectors of the economy, bond projects, financing of banking institutions," Chairman of the Board of the EDB Andrei Belyaninov said at the certificate ceremony. - Ensuring the confidentiality, integrity and availability of assets used in banking processes is the key to the continuity and reliability of our operations. | |
2019: Loan agreement with Hevel to finance construction of Nura SES in Kazakhstan
"Hevel" On November 6, 2019, the Group of Companies and the Eurasian Development Bank (EDB) announced that they had signed a loan agreement for the opening of a long-term multi-currency credit line in the amount of 65.2 million euros for financings constructions solar the Nura power plant project with an installed capacity of 100 MW in the Akmola region of the Republic. Kazakhstan More. here
2017
The Bank finances investment projects in the participating states for a total amount of over 5.3 billion. dollars USA
International agencies have assigned credit ratings to the Bank at the level of sovereign ratings of the founding states of the EDB and higher. This provides the Bank with comfortable access to international and national financial markets.
The authorized capital of the Bank is 7 billion US dollars, including paid - 1.5 billion US dollars and demand capital - 5.5 billion US dollars.
2009-2011
In 2009, the Republic of Armenia and the Republic of Tajikistan, in 2010 - the Republic of Belarus, and in 2011 - the Kyrgyz Republic became full members of the Bank.
Notes
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