WB to contribute to creation of favorable investment climate in Turkmenistan

Finance Materials 8 January 2021 10:10 (UTC +04:00)
WB to contribute to creation of favorable investment climate in Turkmenistan

BAKU, Azerbaijan, January 8

By Jeila Aliyeva - Trend:

The World Bank and Turkmenistan have discussed issues related to the implementation of long-term concessional lending projects, Trend reports with reference to Turkmenistan’s State News Agency.

The discussions were held during a videoconference between representatives of the Ministry of Health and Medical Industry of Turkmenistan and of the World Bank.

The above-mentioned projects of long-term concessional lending contribute to the creation of a favorable investment climate in Turkmenistan.

Thus, the investment climate provides ample opportunities for the development of fruitful cooperation with foreign financial institutions.

Earlier, World Bank’s representative told Trend that Turkmenistan and the World Bank are in early stages of discussions on potential activities to support private-sector producers of agricultural products in the country.

According to WB, such activities would foster economic diversification of Turkmenistan, increase food self-reliance, and boost export opportunities in the economy’s non-hydrocarbon sectors.

“World Bank will contribute to the strengthening of regional coordination and information sharing and services; the improvement of the technical and organizational capacity of the Executive Committee of the International Fund for Saving the Aral Sea and the Regional Center for Hydrology as coordination mechanism benefiting National Hydrometeorological Services; the enhancement of the regional system of (re-)training and professional development in the fields of meteorology, hydrology, and climate; and the overall increase in the quality of hydrometeorological services provided by National Hydrometeorological Services,” said the representative of WB.

In this regard, WB plans to carry out preparatory activities to draft terms of reference alongside work on developing technical specifications.

The sides also are cooperating in strengthening country's digital economy, said the bank.

“World Bank promotes the use of foundational and frontier digital technologies to transform the way public services are delivered and governments interact with citizens,” said the representative.

The joint work of Turkmenistan and WB in mentioned area could include technical advice and assistance to the banking sector, what would contribute for further digitization of banking services.

In addition, WB has shared views on the bank's priorities of its cooperation with Turkmenistan. It was noted that Turkmenistan has been requesting the World Bank for support in strengthening the capacity and functioning of institutions in banking and finance, statistics, and hydrometeorological services.

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