Vneshekonobank of Turkmenistan makes new appointment

Finance Materials 2 July 2019 16:45 (UTC +04:00)
Begley Myratnazarov appointed Deputy Chairman of the State Bank for Foreign Economic Affairs (Vnesheconombank) of Turkmenistan
Vneshekonobank of Turkmenistan makes new appointment

Ashgabat, Turkmenistan, July 2

By Huseyn Hasanov- Trend:

Begley Myratnazarov is appointed a Deputy Chairman of the State Bank for Foreign Economic Affairs (Vnesheconombank) of Turkmenistan, Trend reports with reference to a published decree of the president of the country.

Vnesheconombank of Turkmenistan is the official agent of the country's government on the international capital market and attracts medium-term and long-term foreign loans to finance strategic investment projects.

In 2018, the bank increased its assets by five percent. Net profit growth for this period amounted to 6.2 percent, income increased 1.4 times, growth in the loan portfolio amounted to 8.7 percent, and equity capital increased by 15.67 percent. By the end of 2018, the number of clients reached 436,398 people.

During the past year, the bank signed loan agreements with the German Commerzbank, the Japan Bank for International Cooperation, the Asian Development Bank (ADB) and other financial institutions.

Cooperation agreements were signed with the Dubai Islamic Economic Development Centre, the Abu Dhabi Development Fund, the Al Qamra Holding Group (Qatar), and the Global Projects Development Holding Co. and Riva Development Company (Saudi Arabia).

With the support of the United Nations Development Program, a medium-term bank development strategy was developed, including the introduction of digital banking and a document was prepared on the procedure for lending to projects financed by international and foreign financial institutions.