IDB studying private business investment projects in Turkmenistan

By  Trend

A meeting with representatives of the private sector development corporation of the Islamic Development Bank (IDB) was held at the Ashgabat headquarters of the Union of Industrialists and Entrepreneurs of Turkmenistan (UIET), the UIET said in a message.

An exchange of views took place on defining potential areas for the IDB’s cooperation with the UIET and the Turkmen Joint-Stock Commercial Bank Rysgal, in particular in terms of the implementation of investment projects.

The meeting participants stressed the importance of a memorandum of understanding between the government of Turkmenistan and the IDB on intensifying cooperation on participation in the financing of promising development projects signed during the official visit of Turkmen President Gurbanguly Berdimuhamedov to Saudi Arabia in May 2016, the message said.

It was noted at the meeting that Turkmen entrepreneurs make significant contribution to the socio-economic development of Turkmenistan, increasing the export potential of the country, and that they are entrusted with the implementation of important projects in various fields.

In November 2017, it became known that the IDB allocated $273 million to expand the telecommunications network in Turkmenistan.

Besides, the IDB issued a loan for Turkmenistan in 2016 to finance the construction of the Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline. An agreement worth $700 million was signed with the State Bank for Foreign Economic Affairs of Turkmenistan.

In June 2015, it was reported that Turkmenistan and IDB are discussing the possibilities for the bank’s participation in financing eight projects that are envisaged for implementation in the transport and communications sector and for supporting small and medium-sized businesses.