IDB has opportunity to draw investors to Turkmenistan: IDB president
Turkmenistan, Ashgabat, October 19 / Trend H. Hasanov /
The Islamic Development Bank has many opportunities to draw investors to Turkmenistan, president of the bank Ahmad Muhammed Ali Al-Madani told 'Neutral Turkmenistan' newspaper on October 19.
He said that a round table of the united fund will be held in Ashgabat in December. Its participants include Saudi Arabian, Abu-Dhabi's, Kuwait's, Qatar's development funds and OPEC development fund.
Madani said that IDB charter is based on policy of non-interference in internal affairs of participant-countries. All social-economic factors and risks that can affect successful completion of projects invested by IDB are taken into account.
"Political and financial stability, increase of gross national product, diversification of industrial sectors, creation of export-oriented and import-replacing production in Turkmenistan demonstrating rapid economic growth to the world community promoted intensification of cooperation of our bank with Turkmenistan," head of IDB said.
IDB directly finances Turkmen economy with both own funds and participation of co-financers by establishment of consortiums. The projects are large-scale and need huge financial funds.
Madani said that Turkmenistan has natural resources allowing fully diversify investment opportunities. Investors are rather interested in large-scale projects in transport, telecommunication and fuel-energy spheres.
It deals with so-called 'regional effect' when development of a country directly or indirectly impacts on development of neighboring countries and lead to general prosperity.
He sited as an example the gas pipeline Turkmenistan-Uzbekistan-Kazakhstan-China stretching through territories of several countries that will improve financial state of each of them.
He said that flow of goods transported via new railroad mainline Bereket-Etrek-Gorgan will promote development of not only Turkmen economy but Kazakh and Iranian ones.
Turkmenistan plays key, leading role in these projects. IDB is ready for cooperation with all investors intending to invest funds in Turkmen economy, Madani said.
There is a special organization in IDB. Its activity is directed to develop private sector, as well as corporation specializing on development of trade operations and insurance of export loans and investments. We give our guarantees under these loans and investments.