BAKU, Azerbaijan, January 15
By Amina Nazarli - Trend:
Three ships for the Turkmen fleet will be built with funds from the OPEC Fund for International Development and the Islamic Development Bank (IDB), Trend reports citing Orient news.
President of Turkmenistan Gurbanguly Berdymukhamedov signed the documents on January 14 allowing Turkmenistan's State Bank for Foreign Affairs to start cooperating with the IDB and the OPEC Fund to build two Ro-Ro vessels (for transporting goods on a wheelbase as well as passengers) and one cargo vessel as part of Turkmenistan’s Marine Merchant Fleet Project.
The OPEC Fund financing is expected to cover approximately 30 percent ($45 million) of the total project cost, with the IDB financing the remaining 60 percent ($90.15 million).
The agreements will also cover activities related to the operation of these vessels after their commissioning.
Earlier it was noted that once operational the new ships will increase the utilization of the Turkmenbashi seaport on the Caspian Sea, part of the Europe-Caucasus-Asia transport corridor and one of the largest ports in the country.
The project will also provide technology transfer by training the shipyard's staff in shipbuilding and repair.