Abu Dhabi, United Arab Emirates
The Eurasian Development Bank (EDB), a supranational financial institution headquartered in Almaty, Kazakhstan, has issued a private placement bond, denominated in dirhams, on the local UAE capital market. This pioneering issuance of AED 200 million (equivalent to c. US$ 54 million), was arranged by First Abu Dhabi Bank (FAB), the largest bank in the UAE, in partnership with Abu Dhabi Fund for Development (ADFD), a leading national development finance institution.
This issuance supports the EDB’s strategic objective of enhancing regional infrastructure, trade, and industrial projects, while also promoting the use of local currency in cross-border transactions. The proceeds will be channeled into high-impact development initiatives across the Bank’s member states, furthering economic resilience and integration in Central Asia.
This transaction marks an important stage in the financial cooperation between Central Asia and the United Arab Emirates. In April 2025, the EDB successfully placed its debut AED-denominated bonds on the Astana International Exchange (AIX), becoming the first issuer of UAE dirham bonds in Kazakhstan.
The new issuance carries several milestones, including:
- A collaborative effort with ADFD and FAB, strengthening UAE-Kazakhstan financial ties.
- Supporting the EDB’s mission to drive economic growth and prosperity in Central Asia.
Daniyar Imangaliev, Vice-Chairman of the EDB Management Board, commented:
“Raising AED financing on the UAE capital market is a consistent step for the EDB to finance sustainable development in our member states, especially following our recent dirham issue listed on the Astana International Exchange in Kazakhstan.
By building strong and mutually beneficial relationships with local investors of the dynamically developing financial market in the UAE, we not only diversify our sources of financing, but also deepen economic cooperation between Central Asia and the Middle East. This transaction is ideally aligned with our mission to invest in the prosperity of Eurasia.”
His Excellency Mohammed Saif Al Suwaidi, Director General of Abu Dhabi Fund for Development, said “This strategic collaboration with the Eurasian Development Bank and First Abu Dhabi Bank underscores ADFD’s commitment to strengthening global development partnerships and leveraging the UAE’s financial ecosystem to support sustainable growth beyond our borders. By enabling this pioneering AED-denominated issuance, we aim to support high-impact investments across Central Asia that align with our mission to drive economic progress, resilience, and integration through innovative development financing.”
Linos Lekkas, Group Head of Investment Banking and Markets with FAB, said: “FAB’s exclusive mandate to arrange the Eurasian Development Bank’s AED-denominated private placement marks a breakthrough for regional capital markets. This AED 200Mtransaction, co-invested with the Abu Dhabi Fund for Development, strengthens our partnership with the EDB and reinforces our commitment to advancing innovative financing solutions across the region. As the first AED issuance by a supranational in the UAE, it sets a new benchmark for regional capital markets and supports high-impact development across Central Asia.”
