Turkmenistan aims to intensify co-op with int’l financial institutions

Business Materials 17 January 2020 14:37 (UTC +04:00)
Turkmenistan aims to intensify co-op with int’l financial institutions

ASHGABAT, Turkmenistan, Jan. 17

By Huseyn Hasanov– Trend:

Turkmenistan is ready to intensify cooperation with such international financial institutions as World Bank (WB), Asian Development Bank (ADB), European Bank for Reconstruction and Development (EBRD) and Islamic Development Bank (IDB), Trend reports with reference to the local Altyn Asyr TV channel.

“Last year, we also intensified our work on studying the rules and procedures for joining the World Trade Organization (WTO),” Turkmen President Gurbanguly Berdimuhamedov said at an international forum on the celebration of the 25th anniversary of Turkmenistan’s neutrality status.

The WB offers Turkmenistan consultations on improving the banking system and achieving international financial standards in the country.

Turkmenistan has been cooperating with ADB since 2000. In November 2018, ADB approved a business plan for its work in Turkmenistan for 2019–2021.

As of November 2019, EBRD invested a total of 280 million euros in various sectors of the Turkmen economy as part of 72 investment projects across the country.

IDB supports Turkmenistan in financing projects that are envisaged for implementation in the transport and communications sector and in the field of supporting small and medium-sized businesses.

In addition, IDB is involved in financing the Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline project.