BAKU, Azerbaijan, January 13
By Jeila Aliyeva - Trend:
Turkmenistan has significantly expanded its relations with international financial and economic structures, including the European Bank for Reconstruction and Development (EBRD), Trend reports with reference to Turkmenistan’s State News Agency.
This was said during an online meeting of representatives of Turkmenistan at the EBRD.
The parties discussed the activation of investment activities on the basis of the climate formed in Turkmenistan to attract foreign investment and funds of the domestic business sector.
In addition, the participants discussed the implementation of measures to support modern business models and corporate governance in the banking sector.
The important role of Turkmenistan’s Halkbank Joint Stock Commercial Bank in the development of the private sector of the Turkmen economy was emphasized.
As earlier the representative of EBRD Anton Usov told Trend, EBRD and Turkmenistan will implement new join projects in 2021.
Usov noted that new projects are planned for mid-January of 2021.
In terms of investment plans with Turkmenistan for next year, Usov said that EBRD never have investment plans for future periods in advance because bank’s activity is demand driven.
According to the latest data, also given earlier by Usov, EBRD’s portfolio for Turkmenistan amounts to 59 million euros and 34 projects in mid-November.
There were 6 signings with the total value of 11 million Euros with private Turkmen companies in 2019, he says, adding that since the beginning of the EBRD’s operations in the country, the bank has signed 80 projects with the total cumulative Bank investment of 292 million euros.
Supporting private sector development is one of the key strategic priorities for the EBRD in Turkmenistan, he noted earlier.
“In Turkmenistan the Bank offers a range of products and services to entrepreneurs including long-term finance directly to local private sector firms, guarantees to help borrowers gain access to financing through our Trade Facilitation Programme via local partner-banks, and business advisory services,” added Usov.
Usov earlier said, that EBRD provide financing to private companies engaged in manufacturing, food processing and distribution, logistics, transport services, packaging, furniture, hospitality and other.
“Financial investment projects are at the heart of our operations. But finance alone often cannot meet all challenges facing small and medium-sized businesses. That's why in addition to finance the EBRD helps SMEs access the business advice they need to grow and succeed,” he said.
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