ADB allocates Turkmenistan major loan to develop power industry

Business Materials 17 April 2019 17:18 (UTC +04:00)

Ashgabat, Turkmenistan, April 17

By Huseyn Hasanov – Trend:

The Asian Development Bank (ADB) has allocated $500 million for an electric power industry project in Turkmenistan, Trend reports with reference to the bank’s annual report.

“A main transmission line for Turkmenistan will be created as part of the project, and this will increase the reliability of energy supply for both domestic consumers and neighboring countries importing electricity, including Afghanistan,” the report said.

On the part of the recipient, this loan will be formalized by the State Bank for Foreign Economic Affairs of Turkmenistan. The loan is for financing construction of high-voltage power lines in the directions of Ahal-Balkan and Balkan-Dashoguz regions.

The ADB earlier expressed its willingness to invest in the transport and communications, energy, oil and gas industries, as well as the private sector of Turkmenistan.

The work plan proposed by the bank provides for investments worth about $1 billion in the Turkmen economy in 2019-2021. At the same time, it is expected that during the implementation of projects this volume may grow significantly.

Turkmenistan has been cooperating with ADB since 2000. Earlier it was reported that the total electricity volume produced in Turkmenistan is planned to increase to 33 billion kilowatt-hours by 2024, and this is by almost 30 percent more than in 2018.

Turkmenistan sells electricity to Afghanistan and Iran. Ashgabat is also exploring prospects for supplies to the markets of the Caucasus, Central and South Asia.