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ADB eyes to allocate loan to Turkmenistan for development of electricity grids

Oil&Gas Materials 15 November 2018 14:07 (UTC +04:00)

Ashgabat, Turkmenistan, Nov. 15

By Huseyn Hasanov – Trend:

The State Bank for Foreign Economic Affairs of Turkmenistan plans to sign a loan agreement with the Asian Development Bank (ADB), the Turkmen government said in a message.

The loan agreement envisages financing the construction of high-voltage power lines in the Ahal-Balkan and Balkan-Dashoguz directions.

In accordance with a decree of the Turkmen president, the state power corporation, Turkmenenergo, is instructed to sign an appropriate internal loan agreement with Russia’s Vnesheconombank and a project agreement with ADB.

In late October, it was reported that ADB is willing to invest heavily in the transport and communications, energy, oil and gas, as well as private sectors of Turkmenistan.

The plan proposed by the bank envisages investments worth about $1 billion in the Turkmen economy in 2019-2021. At the same time, it is expected that in the project’s implementation this volume may increase significantly.

Turkmenistan has been cooperating with ADB since 2000.

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