According to information from MiddleAsianNews, the European Bank for Reconstruction and Development (EBRD) invested around $2 billion (€1.72 billion) in 120 projects covering Central Asia and Mongolia. This has become one of the bank's best results in the region over the past ten years.
Uzbekistan has maintained its status as the main recipient of EBRD funding for six years, receiving over $1 billion (€880 million) in 2025. Kazakhstan received about $440 million (€378 million), Mongolia — $218 million (€188 million), the Kyrgyz Republic — $212 million (€183 million), and Tajikistan — $100 million (€88 million).
About one-third of all EBRD funds were directed towards supporting sustainable infrastructure, while another third went to financing local banks that provide loans to small and medium-sized enterprises, as well as women and youth. 15 percent of the funding was allocated to private companies engaged in manufacturing and providing services in Central Asia, which contributed to attracting foreign investments. 68 percent of all loans were directed towards private initiatives, and 53 percent of all EBRD investments were used for projects related to the "green economy".
Renewable Energy
In Uzbekistan, the EBRD allocated a financing package of $142 million (€121 million) for the implementation of the largest combined solar photovoltaic station (1 GW) and energy storage system (BESS, 1336 MWh), which will be built in partnership with ACWA Power. This will be the first project with Japanese partners in the field of renewable energy in Uzbekistan.
Additionally, the bank organized financing of up to $195.5 million (€168.5 million) for the construction of a new solar power plant with a capacity of 300 MW and a 75 MWh energy storage system in the Kashkadarya region, being developed by Masdar, a leading global player in renewable energy.
In Tajikistan, a project to modernize all six hydro units of the Kairakkum HPP has been completed, increasing the station's installed capacity from 126 MW to 174 MW, providing reliable electricity supply for 500,000 residents of the Sughd region.
Sustainable Infrastructure
In Uzbekistan, the EBRD allocated up to $250 million (€240 million) for the modernization of 110 irrigation pumping stations, which will significantly reduce electricity consumption by 251,000 MWh and decrease carbon dioxide emissions by more than 117,000 tons per year.
A financial package of up to €45 million from the EBRD and the European Union will be directed towards increasing the capacity of the Aktau port, a key maritime port of Kazakhstan on the Caspian Sea, which has become an important part of the Trans-Caspian Corridor.
In Tajikistan, a sovereign loan from the EBRD of up to €38 million and a grant from the Asian Development Bank of $86.7 million (€83.5 million) will help modernize and expand the road from Dangara to Gulishton, which is important for connecting the northern and southern parts of the Khatlon region, where more than 53 percent of the country's agricultural production is produced.
In the Kyrgyz Republic, the EBRD provided a sovereign loan of €62 million for the construction of a new 500 kV transmission line 53 km long between Kemin and Balakchy, as well as for the creation of a 500 kV substation in Balakchy.
The funding program of up to €23.8 million from the EBRD and the EU will support the reconstruction and automation of the Western Big Chui Canal, the largest irrigation system in Kyrgyzstan. Up to €38 million is also planned for the modernization of critical infrastructure, including water intakes and pumping stations in the Jalalabad and Naryn regions.
The EBRD's "Green Cities" program promotes sustainable urban infrastructure development. The city of Osh in Kyrgyzstan joined this initiative with plans to improve wastewater treatment and transition to environmentally friendly public transport, receiving a loan of up to €14.7 million and a grant of €8.3 million.
In Mongolia, a specialized cardiology hospital is planned to be built in the capital Ulaanbaatar, financed by a sovereign loan from the EBRD of up to $34.9 million (€33.5 million) as part of the "green cities" program.
Financial Sector and Support for Small Business
In Mongolia, nearly 74 percent of the EBRD's annual investments were directed into the real economy through partner financial institutions. This also spurred the development of local businesses.
Among the projects, loans of category A/B of up to $147 million (€135 million) were issued to XacBank under the "Youth in Business" program. This deal became the largest for the EBRD with a Mongolian bank. A loan of $20 million (€16.8 million) for Khan Bank became the first specialized loan for agribusiness from the EBRD in Mongolia and Central Asia; a package of $20 million (€17.2 million) provided to Golomt Bank supported businesses run by women and youth.
In Uzbekistan, projects with partner banks accounted for nearly 39 percent of the total volume of EBRD operations in the country, including deals with Hamkorbank, Ipak Yuli Bank, and Universalbank totaling $125 million ($108 million) to support small and medium-sized businesses and sustainable investments.
In Kazakhstan, the bank "CenterCredit" received three loans totaling $60 million (€57.6 million), which will help develop micro, small, and medium enterprises run by young people and women. KMF Bank also received a loan of up to $25 million (€22.9 million) to support women entrepreneurs, while the microfinance fund Arnur Credit received up to $7 million (€6 million) under the "Youth in Business" program.
In 2025, the EBRD supported over 4,600 small and medium-sized enterprises in Central Asia and Mongolia, providing consultations, training, and mentoring opportunities. Three companies from the region (the logistics company Jana Post from Kazakhstan, the greenhouse vegetable producer LST Agro, and the Tajik company Oilai Barakat) became part of the "Blue Ribbon" program for fast-growing small and medium enterprises.
The EBRD launched its first regional Star Venture program in Central Asia, bringing together promising startups from Kazakhstan, Kyrgyzstan, Tajikistan, and Uzbekistan to strengthen regional ties and stimulate innovation.
In 2025, the bank signed 31 risk-sharing agreements with 26 companies in Central Asia, which will expand opportunities for local businesses by sharing risks on loans with partner banks.
Last year, the EBRD celebrated the tenth anniversary of its "Women in Business" program, during which more than 100,000 women entrepreneurs from the region received financial support totaling about $365 million (€305 million), and over 17,000 women benefited from consultations, training, and mentoring services.
To date, the EBRD is the largest institutional investor in Central Asia, financing 1,250 projects totaling over €21 billion.
