Turkmenistan stands for effective co-op with WB

Turkmenistan Materials 10 December 2014 20:10 (UTC +04:00)
Turkmenistan intends to expand the effective collaboration with the World Bank (WB).
Turkmenistan stands for effective co-op with WB

Ashgabat, Turkmenistan, Dec.10

By Huseyn Hasanov- Trend:

Turkmenistan intends to expand the effective collaboration with the World Bank (WB), the country's President Gurbanguly Berdimuhamedov said.

He made the remarks during a meeting with Laura Tuck, World Bank Vice President for Europe and Central Asia.

The WB representative reaffirmed that the bank is interested in cooperation with Turkmenistan which shows sustained economic growth and has proved itself to be a reliable and responsible business partner, a message from the government of Turkmenistan said.

The sides expressed support for the implementation of new joint projects.

During the meeting, the sides emphasized the dynamic partnership between Turkmenistan and the World Bank, according to the message.

The WB delegation was also received at Turkmenistan's Foreign Ministry. During the meeting, the sides also touched upon such issues as the improvement of the country's investment climate, expanding the access of private enterprises to financing and water resource management.

Turkmenistan joined the WB Group in September 1992. The government of Turkmenistan and the World Bank Group signed an agreement in November 2014 to open this influential financial organization's permanent mission in this country.

Turkmenistan is the first Central Asian country to sign such an agreement with the WB Group, which includes the International Bank for Reconstruction and Development (IBRD), The International Development Association (IDA), International Finance Corporation (IFC), Multilateral Investment Guarantee Agency (MIGA) and the International Centre for Settlement of Investment Disputes (ICSID).

Previously, the WB said it supports the reforms in Turkmenistan through an interim strategy for the period until 2015, which does not envisage borrowing. WB employees assist Turkmenistan in implementing long-term national program for the socio-economic development by rendering advisory and analytical services.

The WB's interim strategy for cooperation consists of two components. The first component focuses on the activities in the spheres proposed by the government of Turkmenistan, such as the macroeconomic statistics, development of financial and private sectors.

The second component includes a set of strategic analytical researches conducted by the WB in the spheres of diversification of economy, investment climate, privatization, as well as the issues related to Turkmenistan's accession to the World Trade Organization (WTO).

Edited by CN