Ashgabat, Turkmenistan, Jan. 12
By Huseyn Hasanov - Trend
Loan portfolio of the State Bank for Foreign Economic Affairs of Turkmenistan expanded by 1.5 times in 2017 compared to 2016, the Turkmen Dovlet Habarlary state news agency reported Jan. 12.
Among the main factors of Turkmenistan's growing attractiveness for foreign investors are the stable economic and political situation in the country, legislative guarantees, and state support.
The Turkmen bank signed a memorandum of understanding with Global Projects Development Holding Co. (Saudi Arabia) as well as agreements with Deere Credit Inc. (US) and Commerzbank AG (Germany).
Foreign investments were also attracted for the projects implemented by the Turkmen Ministry of Communications.
The State Bank for Foreign Economic Affairs and the Islamic Development Bank signed a loan agreement worth $273 million for 20 years in November 2017. A financial agreement on the supply of pipes was signed with the Saudi Fund for Development to accelerate the implementation of the Turkmenistan-Afghanistan-Pakistan-India (TAPI) pipeline project.
In December 2017, the Turkmen bank and the Abu Dhabi Fund for Development signed a memorandum of understanding for financing big investment projects for construction of various facilities in Turkmenistan.