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EBRD in talks with Turkmenistan on participation in sovereign projects

Finance Materials 15 February 2021 16:53
EBRD in talks with Turkmenistan on participation in sovereign projects

BAKU, Azerbaijan, February 15

By Jeila Aliyeva - Trend:

The European Bank for Reconstruction and Development (EBRD) is conducting policy dialogue with the Turkmen government about potential involvement in sovereign projects, the representative of EBRD Anton Usov told Trend.

“Those discussions are still in early stages,” said the bank.

Overall EBRD said that the bank is developing private sector projects in Turkmenistan.

In terms of EBRD’s separate participation in Turkmenistan’s private sector, the bank provided data on the projects with separate companies.

Thus, 2 latest projects provided by EBRD involved manufacturing and services sector. One of them is Turkmenistan’s 'Bir Dunya 2', the project status of which has been approved. Meanwhile, the second one is the 'Ak Bulut' project.

The representative of EBRD Anton Usov told earlier Trend, that the 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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