ArmInfo.Capital Intelligence Rating Agency Ltd (CI Ratings), regulated by the European Securities and Markets Authority (ESMA), has assigned first-time BBB long-term and A2 short-term foreign currency credit ratings to Eurasian Development Bank (EDB) with a stable outlook.
The investment-grade rating assigned to EDB reflects the high Bank's standalone rating, including strong capital position, robust asset quality, comfortable liquidity profile, and low refinancing risk.
According to CI Ratings press release, EDB's long-term credit rating of BBB is set at the same level as the Bank Standalone Rating with no rating uplift, as it is higher than the estimated average credit strength of the Bank's member states. At the same time, the Agency notes that shareholders exhibit willingness to provide extraordinary support to EDB if needed by committing to a high level of callable capital.
In CI Ratings' view, EDB's rating is supported by its solid capital position and balance sheet leverage ratio, low NPL ratio (Stage 3) and more than full loan-loss reserve coverage, reflecting effective risk management. Additional credit strengths cited by CI Ratings include the Bank's comfortable liquidity position, low refinancing risk, and sound earnings strength.
The Agency also highlights that EDB's business model has demonstrated resilience since its establishment twenty years ago. It is focused on long-term financing of projects with significant and measurable social and economic impact, including infrastructure and green energy initiatives. The Bank is currently the leader among MDBs in non-sovereign financing in the countries of operations in 2022-2025.
The Stable Outlook assigned to EDB's ratings reflects CI Ratings' expectation that EDB will maintain strong capital buffer, satisfactory earnings and liquidity, as well as good loan asset quality over the next 12 months.
CI Ratings is registered as a credit rating agency in the European Union and supervised by the European Securities and Markets Authority (ESMA). It is also formally recognised as an External Credit Assessment Institution (ECAI) by the European Banking Authority (EBA) and by supervisory authorities in a number of countries in the GCC and the broader MENA region. Established in 1982, it has deep expertise in emerging markets, particularly the Middle East and North Africa.
The assigned rating will facilitate primarily the development of EDB's operations in the Middle East capital markets. In December 2025, the Bank opened an office in the Abu Dhabi Global Market (ADGM) international financial center and aims to attract investment for projects in Central Asia.
Additional Information
The Eurasian Development Bank (EDB) is a multilateral development bank investing in Eurasia. For 20 years, the Bank has worked to strengthen and expand economic ties and foster comprehensive development in its member countries. By the end of December 2025, the EDB's cumulative portfolio comprised 326 projects with a total investment of US $19,6 billion. 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.
The EDB is implementing three mega-projects as part of its 2022-2026 Strategy: the Eurasian Transport Network, the Eurasian Agricultural Goods Distribution System and the Central Asian Water and Energy Complex.
