EDB's $70M Bet on Uzbekistan's Digital Finance Revolution

TASHKENT, Uzbekistan – May 19, 2026 – The Eurasian Development Bank (EDB) has made a decisive entry into Uzbekistan's burgeoning digital economy, signing a landmark $70 million investment loan agreement with Uzum, the nation's largest digital ecosystem. The deal, announced during the official opening of the EDB's new representative office in Tashkent, marks the bank's first-ever investment in Uzbekistan and signals a significant strategic pivot towards fostering digital infrastructure across the region.

The financing is earmarked to accelerate the growth of Uzum's financial technology (fintech) arm, a move set to deepen financial inclusion and supercharge the digital transformation sweeping through Central Asia's most populous country. For the EDB, this investment represents a calculated shift from its traditional focus on heavy industry and physical infrastructure to the dynamic, high-growth world of platform economies.

A Strategic Pivot for Development Finance

For two decades, the Eurasian Development Bank has been a key player in funding large-scale projects in transport, energy, and agriculture across its member states. With a cumulative portfolio exceeding $19.6 billion by the end of 2025, its influence on the region's physical landscape is undeniable. However, the $70 million deal with Uzum represents a clear evolution in its mission, aligning with its 2022-2026 strategy that explicitly prioritizes digital transformation.

This investment is the first since Uzbekistan ratified its membership in the EDB in April 2025, making the move symbolic of a new era of partnership. By choosing a digital champion for its inaugural project, the bank is making a statement about the future of development finance.

Nikolai Podguzov, Chairman of the EDB Management Board, framed the decision in the context of evolving economic paradigms. "Digital platforms are becoming a vital part of modern economic infrastructure," he stated. "By partnering with Uzum, the EDB is expanding access to financial services, fostering entrepreneurship, and investing in a regional technology platform that can strengthen economic connectivity across Eurasia – including with China and the Middle East."

This move reflects a broader trend among multilateral development banks, which are increasingly recognizing that digital infrastructure is as crucial to 21st-century economic growth as roads and power plants were to the 20th. The investment in Uzum is not just a loan to a single company; it is an investment in the foundational rails of Uzbekistan's future economy.

Fueling Uzbekistan's Digital Revolution

Uzbekistan is rapidly emerging as one of Eurasia's most dynamic digital markets. Driven by a young, tech-savvy population and strong government support, the country is experiencing a profound shift away from a cash-based economy. With internet penetration reaching 89% in 2024 and over 70 million bank cards in circulation, the groundwork for a digital explosion has been laid.

The government's "Digital Uzbekistan – 2030 Strategy" has been a key catalyst, allocating billions to improve connectivity and promote digital services. This has created a fertile environment for companies like Uzum to thrive. The nation's e-commerce market, which expanded more than fivefold in the last five years, is projected to hit $2.2 billion by 2027.

Uzum has positioned itself at the very center of this transformation. In a market with both local and international competitors, including giants like Wildberries and OLX, Uzum has successfully captured the top spot as the leading homegrown platform. Its integrated ecosystem, which seamlessly combines e-commerce, banking, and logistics, has proven to be a winning formula.

The Rise of a Digital Ecosystem

Since its launch in 2022, Uzum has become a household name, with its services being used by over 20 million people every month. Its ecosystem includes Uzum Market, the country's most popular e-commerce app; Uzum Tezkor for express delivery; and Uzum Bank, which offers both traditional and digital banking services. This integrated approach creates a powerful network effect, where each part of the business reinforces the others.

The new EDB funding will be channeled directly into its fintech vertical, which includes the highly popular Buy Now, Pay Later (BNPL) service, Uzum Nasiya. This service has been a game-changer, allowing consumers to make purchases in installments and providing a crucial entry point to credit for many.

Djasur Djumaev, Founder and CEO of Uzum, highlighted the national scale of their ambition. "We are building fintech infrastructure at a national scale — deeply embedded into everyday economic activity," he said. "This investment is an important recognition of Uzum's role in shaping the infrastructure for Uzbekistan's future development. It also reflects a broader shift, where digital platforms are becoming a key focus for development finance and international capital."

Bridging the Gap in Financial Inclusion

While Uzbekistan has made strides in expanding financial access, significant gaps remain. A 2025 study revealed that nearly 40% of the population is unable to save money, and many find formal banking procedures too complex, often relying on informal borrowing. This is precisely the gap that Uzum's fintech services are designed to fill.

By providing accessible digital payment tools, microloans, and installment plans, Uzum is lowering the barriers to financial participation for millions of citizens and small businesses. The BNPL service, Uzum Nasiya, is particularly impactful, offering a transparent and easy-to-understand form of credit to a population that has been historically underserved by traditional banks. The expansion of these services, powered by the EDB's investment, is expected to have a direct and positive impact on economic activity, empowering small entrepreneurs and helping households manage their finances more effectively.

Weaving a Digital Silk Road

The EDB's investment in Uzum carries implications that extend far beyond Uzbekistan's borders. It aligns with broader geopolitical initiatives aimed at enhancing regional connectivity, such as the Digital Silk Road, a component of China's Belt and Road Initiative (BRI).

Uzbekistan is strategically positioning itself as a central hub in Eurasia, not just for physical transport but for digital traffic as well. By strengthening its domestic digital economy, the country becomes a more valuable node in the network connecting Asia and Europe. The EDB's support for Uzum helps build the robust digital marketplace and payment systems necessary for Uzbekistan to fully participate in and benefit from these cross-border data and trade flows.

As digital trade, logistics, and financial services become increasingly integrated across the continent, platforms like Uzum will play a critical role. The EDB's $70 million bet is therefore not just on a single company, but on a vision of a more interconnected and digitally-powered Eurasia, with Uzbekistan playing a central part in that future.