Chairman of the Board of the State Bank for Foreign Economic Affairs of Turkmenistan Rahimberdi Jepbarov, speaking at the international construction and industrial conference “Construction, Industry, Energy of Turkmenistan” (CIET 2024) in Ashgabat, presented an overview of cooperation with international financial institutions and cited some indicators of the development of the country’s construction and industrial sector.
The construction and industrial complex of Turkmenistan is one of the dynamically developing industries. Construction projects are being actively implemented across the country, using local raw materials for construction.
GDP growth in January-November of this year amounted to 6.3%, and in the construction sector this figure is 9.3%. Over the past period, the Ministry of Industry and Construction Production of Turkmenistan has produced products worth Manat 1.302 billion.
Cooperation with international financial organizations plays a vital role for the implementation of major investment projects, including in the oil and gas, industrial, communications, agricultural, and energy sectors of the country.
The important partners of Turkmenistan includes the American bank City Bank, the German bank Commerz Bank, the Korean bank Exim Bank, and many others.
Turkmenistan also works closely with various international banks such as the Asian Development Bank and the Islamic Development Bank.
One notable example of Turkmenistan’s cooperation with international financial institutions is a $10 million agreement with the Islamic Corporation for the Development of the Private Sector to support small and medium-sized enterprises. Additionally, a loan agreement was signed with the Islamic Development Bank to finance the construction of a section of the Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline within Turkmenistan’s territory.
Another successful partnership involves the Abu Dhabi Development Fund. Through this collaboration, Turkmenistan secured a loan to construct a plant for producing combined mineral fertilizers in Turkmenabad.
The State Bank for Foreign Economic Activity of Turkmenistan is actively engaged in financing social projects. The bank has partnered with the Islamic Development Bank to fund the construction of cancer hospitals in the Balkan, Lebap, and Mary regions. ///nCa, 4 November 2024