EBRD delegation holds negotiations in Turkmenistan
Turkmenistan, Ashgabat, Sept.17 / Trend H.Hasanov /
A delegation of the European Bank for Reconstruction and Development (EBRD), headed by senior advisor Paul Moffat, arrived in Ashgabat to hold talks with the Turkmen government.
One of the largest financial organizations will hold several meetings at the ministries to discuss the further expansion of the mutually beneficial cooperation, the Turkmen national Yashlyk TV channel reported.
The EBRD is not an agency of the European Union. The bank's shares are held by 60 countries and it does not hold a status of international organization. Turkmenistan is one full shareholders and founders of the bank.
The EBRD was established in 1991 during the breakdown of the Soviet Union to provide financial assistance to the development of the private sectors of the CIS countries, as well as the Central and the Eastern Europe, which were transiting from the planned administrative economy to the open market.
Under the Constitution adopted in 2008, Turkmenistan announced its intention to move gradually to market economy. The main activity of the bank is to promote the private sector development, including small and medium businesses.
According to goals determined by the Turkmen leadership, the country expected to develop the small and medium businesses during the transition. The target is to increase the share of private sector in the economy (excluding energy and other strategic industries) to 70%.
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