The EDB's Session at the Astana International Forum: New Horizons for Partnership and Integration in the Eurasian Region
Astana, May 30, 2025. The Eurasian Development Bank (EDB) held a session entitled "Eurasia: Unlocking Growth, Embracing Global Trends" at the Astana International Forum (AIF 2025). The session was held as part of the largest business event in the Central Asian region, chaired by the President of Kazakhstan Kassym-Jomart Tokayev.
The session was moderated by Nikolai Podguzov, Chairman of the EDB Management Board. The discussion brought together high-ranking government officials from Central Asian countries and top managers of transnational companies.
"For more than 20 years, Kazakhstan and Central Asia have been demonstrating high rates of economic growth. They are higher than those shown by global economy and developing countries, on average. In 2024, the combined GDP of Central Asian countries exceeded $0.5 trillion. The foreign trade turnover has increased almost 9-fold since 2000. The foreign direct investment have increased 17-fold. To further maintain high growth rates, Kazakhstan and Central Asia need to use all the opportunities provided by the global economy. The task can be formulated as follows: act locally and unleash your inner potential while relying on global trends," Nikolai Podguzov said in his welcoming speech.
The participants discussed the transformational potential of the Eurasian region and its role in the global economy of the future. Particular attention was paid to the issues of energy innovation, sustainable water resource management and transport infrastructure development. The specific examples of how EDB's megaprojects are changing the economic landscape of Eurasia were presented during the session.
"We have reached an important historical milestone: the combination of solar energy and batteries is accelerating the development of renewable energy. Today, technological progress in the field of energy storage has reached a level that makes it possible to compete with traditional sources — without subsidies or cost increases. We see Central Asia as a promising region for such solutions and are ready to support governments and partners to accelerate this growth," said Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, one of the world's fastest-growing renewable energy companies from the UAE and a leader in the production of environmentally friendly hydrogen.
The session also featured an update on the EDB's activities in the region. In 2024, the bank invested $1.4 billion in the economy of Kazakhstan. In 2025, projects worth more than $4.5 billion are under consideration. A significant event was Uzbekistan's accession as the EDB's seventh member country in 2025.
Mustafa Adil, Head of Islamic Finance, Data and Analytics at the London Stock Exchange, emphasized the growing role of Islamic finance in the global economy:
"Whenever we discuss global trends in sustainable development or financing economic activity, Islamic finance should not be overlooked. I think it is worth noting for those who are unfamiliar with this sphere that Islamic finance has long ceased to be a niche segment — it is now an industry worth more than $5 trillion within the financial services sector."
Rae Kwon Chung, Nobel Prize Laureate and Board Director of Ban Ki-moon Foundation for a Better Future, presented a promising project on sustainable cotton production in Central Asia. The concept involves creating smart farms that run on their own green energy, thus saving up to 90% of water. Given the growing demand for carbon-free products from global brands, this approach will not only solve environmental problems, but also open up new export opportunities.
«This is a very interesting global trend and I believe Central Asian countries can take advantage of this change of market. Producing carbon-free energy, carbon-free products and selling all that at a higher price is a very concrete strategy for green growth, because we are investing in green and making money. This is the project which is being promoted in Kazakhstan and Uzbekistan right now, and I'm very much looking forward to further development of relationship and support," Rae Kwon Chung noted.
At the end of the session, the participants unanimously agreed that Central Asia is the region of new opportunities that can be realised through mutually beneficial cooperation. During the interactive voting, the experts identified the key drivers of growth in the region, including external and domestic demand, human capital development, green economy and innovative technologies.
"We can see that human capital is still our top priority. Nothing happens without people, without competent professionals. I guess that is the foundation for everything. Domestic demand remains a very significant driving factor. Naturally, the green economy is essential. The share of the green economy in our vote increased against the backdrop of speeches given by Masdar representatives and the esteemed Mr. Chung,” Nikolai Podguzov summed up.
Additional Information:
The Eurasian Development Bank (EDB) is a multilateral development bank investing in Eurasia. For more than 18 years, the Bank has worked to strengthen and expand economic ties and foster comprehensive development in its member countries. By 2025, the EDB’s cumulative portfolio comprised 305 projects with a total investment of US $16.5 billion. The Bank's portfolio consists principally of projects with an integration effect in transport infrastructure, digital systems, green energy, agriculture, manufacturing, and mechanical engineering. The Bank’s operations are guided by the UN Sustainable Development Goals and ESG principles.
As part of its 2022–2026 Strategy, the EDB is implementing 3 mega-projects: The Water and Energy Complex of Central Asia, The Eurasian Transport Network, and The Eurasian Commodity Distribution Network.
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