Muscat – The Eurasian Development Bank (EDB), a multilateral development bank investing in Eurasia, and Oman’s Ministry of Finance signed an agreement on the Terms of Bank’s Presence in the sultanate on Tuesday.

The signing took place during the state visit of His Majesty Sultan Haitham bin Tarik to Kazakhstan, in his and Kazakhstan President Kassym-Jomart K Tokayev’s presence.

In a statement, EDB said that the agreement with Oman marks an important new chapter for the bank. Oman will become the eighth shareholder of the bank and the first member state from the Gulf region, EDB noted.

The existing members of EDB are Russia, Belarus, Tajikistan, Kyrgyzstan, Armenia and Uzbekistan, besides Kazakhstan.

The agreement was signed by Sultan bin Salem Al Habsi, Minister of Finance, and Nikolai Podguzov, Chairman of the Management Board of the bank.

“This agreement reflects our shared intention to build a bridge between Central Asia and the Gulf region. We see significant potential in this partnership and are committed to deepening our cooperation, which is fully aligned with the bank’s new strategy,” Podguzov said in the statement posted on EDB’s website.

The bank said that the agreement is a testament of the shared vision of Oman and the EDB to foster long-term economic partnership, promote sustainable investment and strengthen regional connectivity. It also marks an important step in the economic relationship between Oman, Kazakhstan and other countries of the Eurasian region.

For 20 years, the EDB has worked to strengthen and expand economic ties and foster comprehensive development in its member countries. By the end of June 2026, the EDB’s cumulative portfolio comprised 348 projects with a total investment of US$22.1bn. Its portfolio consists principally of projects with an integration effect in transport infrastructure, digital systems, green energy, agriculture, manufacturing and mechanical engineering. The bank adheres to the UN Sustainable Development Goals and ESG principles in its operations.