On December 18, Nikolai Podguzov, the Chairman of the Management Board of the Eurasian Development Bank, spoke about the status of discussions on Azerbaijan’s potential accession to the bank, priority sectors of interest, and prospects for regional cooperation. During the interview, Podguzov stated that substantive dialogue on Azerbaijan’s possible membership in the Eurasian Development Bank was ongoing, noting that a bank delegation had visited Azerbaijan in 2025 and held meetings with representatives of the Ministries of Finance and Economy.

He emphasized that following these discussions, the Ministry of Economy had prepared relevant materials for the government, and that Azerbaijan’s potential accession was generally supported, although certain internal approval procedures were still pending. Podguzov emphasized that while there was overall backing among shareholder countries for Azerbaijan’s accession, it was difficult to predict specific timelines, recalling that Uzbekistan’s decision-making process, although finalized in 2025, had begun in late 2021 or early 2022 and lasted around three years.

He expressed hope that the process could move faster this time, stressing that the bank had not expanded since 2011, and stated that he hoped Azerbaijan’s accession could take place in 2026, while underlining that firm guarantees could not yet be given. He emphasized that the Eurasian Development Bank’s strategic priorities aligned well with Azerbaijan’s development plans, particularly in transport infrastructure, logistics, food security, and related areas, which created a solid basis for closer cooperation.

Addressing sectors of interest, Podguzov stated that while Azerbaijan benefited from substantial oil and gas revenues, the country faced the task of diversifying its economy and ensuring sustainable growth through the development of other sectors, adding that the bank was ready to support such investments. He noted meetings with representatives of the newly established AZCON holding, emphasizing strong demand for projects in telecommunications and transport.

Podguzov further emphasized that Azerbaijan was actively developing its infrastructure, particularly in urban areas, and stated that the bank could also take part in urban infrastructure initiatives, stressing that there were numerous promising areas for potential cooperation. Speaking about cross-border infrastructure projects, Podguzov emphasized that the bank had focused on such initiatives since its establishment, noting that projects involving international development banks helped restore and strengthen economic ties weakened in earlier periods.

He stated that the bank was prepared to actively participate in and support traditional areas of economic cooperation. He emphasized that given the composition of the bank’s founders, including Russia and Kazakhstan, and the active participation of Armenia, significant opportunities existed for implementing promising projects in the Caspian Basin region, adding that the potential for investment initiatives there remained substantial.