ASHGABAT, Turkmenistan, June 29. The Government of Turkmenistan and the OPEC Fund for International Development have signed “Country Partnership Framework Program” for international development for the period 2024–2029, Trend reports.
According to an official source, the document was signed by Chairman of the Board of the State Bank for Foreign Economic Affairs of Turkmenistan Rahimberdi Jepbarov and President of the OPEC Fund for International Development Abdulhamid Alkhalifa within the framework of the third annual OPEC Fund Development Forum.
Within the framework of the forum, which gathered more than 400 delegates, the parties discussed issues of further development and strengthening long-term cooperation between Turkmenistan and the OPEC Fund for International Development.
The program is aimed at expanding bilateral cooperation with multilateral financial development institutions and includes the following areas:
- evaluation and financing of priority projects in the fields of transport, industry, telecommunications, healthcare, banking, and financial services, as well as other sectors;
- provision of financing and technical support (grants) for the development of the infrastructure of the city of Arkadag, the country's first 'smart city', including technology parks, research centers, medical centers, and other types of urban infrastructure;
- provision of technical assistance for capacity building, knowledge transfer, and technology transfer.
This agreement is intended to further strengthen economic cooperation between Turkmenistan and the OPEC Fund for International Development.
Meanwhile, the OPEC Fund for International Development, established in 1976, is a multilateral development finance institution comprising 12 member countries, including Algeria, Ecuador, Gabon, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, the UAE, and Venezuela.