EBRD, EU to support small business program in Turkmenistan

Business Materials 15 November 2018 10:50 (UTC +04:00)

Baku, Azerbaijan, Nov.15

By Leman Zeynalova – Trend:

The European Bank for Reconstruction and Development (EBRD) and the European Union (EU) will support small business program in Turkmenistan, said a message from EBRD.

Scores of small and medium-sized enterprises (SMEs) in Turkmenistan will benefit from the EBRD’s Advice for Small Businesses program, funded by the EU. The EU is providing 5.34 million euros in support of the program.

A grant signing ceremony was held in Beijing in the presence of the EBRD President Suma Chakrabarti, and the EU Commissioner for International Cooperation and Development, Neven Mimica, during the Central Asian Investment Forum organized by the EBRD and the People‘s Bank of China .

“The initiative is part of an effort to help develop the private sector in Turkmenistan and diversify the economy. The program also aims at strengthening the local consultancy market by providing training to Turkmen business consultants,” said the message.

It will also disseminate best practices in key sectors such as agribusiness, construction, transport, textiles, tourism as well as manufacturing and services.

Turkmenistan joined EBRD in June 1992. To date, the EBRD has invested 262 million euros in Turkmenistan’s economy, with an overwhelming focus on supporting private entrepreneurship.


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