Loan portfolio of Turkmen State Bank for Foreign Economic Affairs revealed
ASHGABAT, Turkmenistan, Nov. 8
By Huseyn Hasanov– Trend:
Attracting foreign capital to the Turkmen economy is of great importance for the success of the country's investment policy, Trend reports Nov. 8 with reference to the Neutral Turkmenistan newspaper.
The functions of the Turkmen government agent in international financial markets are performed by the Turkmen State Bank for Foreign Economic Affairs, which is purposefully working to attract investments to finance projects in the areas of industrialization, transport and telecommunications infrastructure and the development of the private sector in the country.
The report contains data on the state of the bank’s loan portfolio, in the structure of which, in the period from January through September 2019, the gas chemical industry holds 56 percent, the oil and gas extractive industry - 31 percent, transport and communications - 6 percent, agriculture - 5 percent and the chemical industry - 2 percent.
It is also noted that in August, the bank signed five agreements with foreign financial organizations for a total of about $575 million. These funds will be used to finance projects in the electricity, agricultural sectors, and the implementation of small and medium-sized business projects.
Turkmenistan draws the attention of potential investors to such large-scale projects as the next stage of the development of the Galkynysh gas field in Mary province, the construction of a second gas-to-gasoline processing complex in the Akhal province, a second urea plant in Garabogaz city and another gas chemical plant for the production of polymers in the Balkan region.