International financing for Uzbekistan falls nearly 80% in one year
International financial institutions approved just $108mn in new financing for Uzbekistan in the third quarter of 2026, down from $504mn during the same period last year, according to a report by the Eurasian Development Bank (EDB).
The decline of nearly 79% placed Uzbekistan among the Eurasian countries that saw the sharpest reductions in international funding.
Between January and September 2026, Uzbekistan received $840mn in approved financing, compared with $986mn a year earlier. The figures cover non-sovereign financing, including funding for private companies and commercial banks rather than direct loans to governments.
Among the largest transactions was a $60mn financing package for Asakabank from the Islamic Corporation for the Development of the Private Sector (ICD).
The European Bank for Reconstruction and Development (EBRD) also provided Davr Bank with a loan in Uzbek soums equivalent to $25 mn. The funds will support micro, small and medium-sized enterprises.
How Uzbekistan compares with other Eurasian countries
Uzbekistan, Armenia and Georgia recorded a combined $1bn drop in international financing during the third quarter, while several other countries attracted more funding.
Kazakhstan recorded an increase of $207 mn, followed by Azerbaijan with $143 mn and Mongolia with $48 mn.
Across nine Eurasian countries, international financial institutions approved $1.07bn for new projects between July and September 2026, a 36% decline from the previous year.
The EDB attributed the slowdown mainly to fewer large transactions. However, the wider regional picture remained positive, with financing for the first nine months of 2026 rising 50% year on year to $6.79bn.
The bank expects investment activity to recover in the final quarter of 2026, with new projects potentially receiving support from the EDB, EBRD, Asian Infrastructure Investment Bank and Asian Development Bank.
