Ashgabat, Turkmenistan, July 5
By Huseyn Hasanov – Trend:
The European Bank for Reconstruction and Development (EBRD) invested a total of 280 million euros in various sectors of the Turkmen economy as part of 72 investment projects throughout the country, Trend reports referring to the bank.
“In Turkmenistan, we focus on expanding private sector operations in the corporate and financial institutions sectors, targeted policy dialogue and fostering coordination among international financial institutions and donor organizations,” the report said.
The EBRD expects real GDP growth in Turkmenistan at 6.3 percent in 2019 and 6 percent in 2020, provided the external demand for gas remains favorable.
The resumption of gas exports to Russia following a three-year interruption is expected to improve growth prospects, according to the EBRD report.
However, in the short term, growth will be weighed down by fiscal restraint, restricted access to foreign exchange except for priority projects, difficult business environment and limited FDI (foreign direct investment) inflows.
Foreign exchange scarcity has remained severe in Turkmenistan, the report noted.
The EBRD was established in 1991 and its investment instruments are used to establish a market economy and democracy in 30 countries - from Central Europe to Central Asia.