Nikolai Podguzov: 'We expect Azerbaijan to join EDB in 2026' - INTERVIEW

Azerbaijan is increasingly pursuing a dialogue with international development institutions, viewing them as a tool for accelerating economic diversification and implementing major infrastructure projects. Against this backdrop, discussions regarding the country's possible accession to the Eurasian Development Bank (EDB)-an institution focused on financing cross-border initiatives, transport logistics, energy, and sustainable growth-are becoming increasingly substantive.

Nikolai Podguzov, chairman of the Management Board of the Eurasian Development Bank, told Report about the current stage of this dialogue, which sectors of the Azerbaijani economy are of interest to the bank, and the prospects for joint regional projects.

Report presents the interview:

- Are there any substantive consultations underway regarding Azerbaijan's possible accession to the Eurasian Development Bank? What stage is this dialogue at, and are there any tentative estimates regarding the timing or process for accession?

- Yes, such a dialogue is underway. We visited Azerbaijan in 2025, and, as far as I know, some information on this matter has already emerged. We met with representatives of the Ministries of Finance and Economy. Following these meetings, as I understand it, the Ministry of Economy prepared a corresponding update for the government. I assume that Azerbaijan's potential plan for joining the EDB was supported.

Obviously, certain domestic approvals are still required, and we are patiently awaiting them from the shareholder countries. Overall, there is full support for Azerbaijan's accession to the bank. However, it's difficult for me to predict the timeline, since, for example, with Uzbekistan, although the decision was made in 2025, the process itself began in late 2021 or early 2022 and took about three years.

I hope that the process will be faster this time, especially since the bank hasn't expanded since 2011. Accordingly, other countries can now move forward with this process somewhat more quickly. I very much hope that this will happen in 2026, although it's impossible to give firm guarantees yet.

Overall, the bank's strategy fits well with Azerbaijan's plans-both in terms of developing transport infrastructure and logistics, as well as food security and other areas.

- Which sectors of the Azerbaijani economy are of greatest interest to the EDB? Are negotiations underway on specific initiatives, for example, in transport, energy, agro-industrial complex, or digital technologies?

- Azerbaijan clearly has significant revenues from the oil and gas sector. At the same time, the country faces the challenge of diversifying its economy and ensuring more sustainable growth by developing other sectors. We can certainly facilitate such investments.

In particular, we met with representatives of the recently established AZCON holding, which has significant demand for projects in telecommunications and transport. We are open to substantive discussions on specific initiatives here. Furthermore, Baku is actively and dynamically developing its infrastructure, and we could also play an active role in urban infrastructure projects. Therefore, there are more than enough potential areas for cooperation.

- What prospects do you see for financing cross-border infrastructure projects involving Azerbaijan and its regional partners?

- The bank has been focused on implementing cross-border projects from the outset. In my view, initiatives of this kind involving international development banks primarily contribute to the restoration and strengthening of economic ties that may have been lost in previous periods. We are readily prepared to participate in such projects and support traditional areas of economic cooperation.

Considering that the bank's founders are Russia and Kazakhstan, and Armenia is an active participant, very promising projects can be implemented in the Caspian Basin region. There is truly significant potential for investment initiatives here.