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EBRD supports diversification of Turkmenistan's economy

Business Materials 13 August 2019 14:11 (UTC +04:00)

Ashgabat, Turkmenistan, Aug. 13

By Huseyn Hasanov– Trend:

Vice Prime Minister and Minister of Foreign Affairs of Turkmenistan Rashid Meredov met with Vice President Risk and Compliance and Chief Risk Officer of European Bank for Reconstruction and Development (EBRD) Betsy Nelson, Trend reports referring to Turkmen Foreign Ministry.

The parties noted the effectiveness of long-term partnership and EBRD is ready to further assist in attracting foreign direct investment to support diversification of the economy of Turkmenistan, the report said..

In particular, Nelson noted that joint projects positively affect sustainable economic and social development not only of Turkmenistan, but also other countries of the region.

According to the Foreign Ministry of Turkmenistan, over the years of cooperation, much has been done in the development of the private sector, strengthening the financial base of public and private institutions, improving transport links in the region.

EBRD has invested a total of 280 million euros in various sectors of the Turkmen economy as part of 72 investment projects throughout the country.

"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 bank earlier reported.

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.

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