At the International Forum on Attracting Foreign Investments in Turkmenistan’s Economy (TEIF 2025) in Kuala Lumpur, Rakhimberdy Jepbarov, Chairman of the Board of the State Bank for Foreign Economic Affairs of Turkmenistan, presented the country’s strong economic performance and strategic investment opportunities.
Jepbarov reported that Turkmenistan’s foreign trade turnover reached $20 billion by the end of 2024, with exports totaling $12.7 billion. This resulted in a positive trade balance of $4.4 billion.
A cornerstone of Turkmenistan’s sustainable economic growth is its effective investment policy. According to Fitch Ratings, the country’s public debt decreased significantly from 10% of GDP in 2021 to 3.8% by the end of 2024. Projections indicate a further drop to 2.9% by the end of 2026, reflecting prudent fiscal management.
Investment volumes, both domestic and foreign, continue to grow. As of March 31, 2025, 40% of external obligations are allocated to infrastructure projects in power supply, transport, and communications, demonstrating a strategic focus on long-term development.
Strategic Partnerships with Global Financial Institutions
Jepbarov mentioned that Turkmenistan has implemented a number of projects with participation of well-known financial institutions.
Current Cooperation with Financial Institutions
- Abu Dhabi Fund for Development (ADFD)- 3 projects;
- Asian Development Bank (ADB)- 2 projects;
- Islamic Development Bank (IDB) – 7 projects;
- OPEC Fund for International Development (OFID) -1 project;
- Saudi Fund for Development (SFD)- 3 projects;
- The World Bank-1 project;
- Japan International Cooperation Agency (JICA)-1 project;
- Japan Bank for International Cooperation (JBIC) & Nippon Export and Investment Insurance (NEXI) -4 projects;
- The Export-Import bank of China-8 projects;
- Commerzbank AG & Euler Hermes -3 projects;
- Credit Suisse & Commerzbank AG & SERV Schweizerische Exportrisikoversicherung-1 project;
- Intesa Sanpaolo S.p.A, Milan & SACE-1 project;
- Banca Monte dei Paschi di Siena & SACE-1 project;
- ING, Tokyo with Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) – 3 projects;
- Deere Credit Inc. -5 projects;
- The European Bank for Reconstruction and Development – non-sovereign
Large Projects in Energy, Transport and Communication Sectors
Realized projects:
- Modernization of Railway Transportation system (Japan International Cooperation Agency);
- Installation of fiber-optic cables and related equipment (Islamic Development Bank);
- Supply of equipment for electrification and communications and equipment for railway maintenance on Bereket-Buzhun part of North-South Railway project (Asian Development Bank);
- Construction of Bereket-Etrek Railway and Locomotive Depot in Bereket of North-South project (Islamic Development Bank);
- Procurement of Telecommunication Equipment (The Export-Import bank of China);
- Procurement of Railway Passenger Carriage and Locomotives (The Export-Import bank of China);
- Construction of tankers (Islamic Development Bank);
- Telecommunication Enhancement Network Project (Islamic Development Bank).
- National Power Grid Straightening.
Large Projects in Energy and Transport Sectors
In final stage:
- International airport in Jebel;
- Hybrid Solar-wing 10 MWt Power station;
- Construction of Ashgabat-Turkmenabat Highway (PPP arrangement);
Projected:
- Construction of Ashgabat-Turkmenbashi Highway;
- Construction of 100 MWt Solar Power plant;
- Modernization of Turkmenabad-Mary-Ashgabat-Turkmenbashi Railway;
- Development of “Galkynysh” gas field;
- Construction of Serhetabad-Herat gas pipeline (part of TAPI pipeline).
Projects with Neighbouring Countries
Realized projects:
- Kerki – Ymamnazar Railway project including Railway stations;
- Ymamnazar – Akina Railway project;
- Akina – Andhoy Railway project;
- Serhetabat – Torghundi Railway project.
Projected:
- Construction of a Warehouse Complex or “Dry Port” in Torghundi railway station;
- Construction of Torghundi – Herat Railway;
- Fiber-optic cable line Serhetabat -Herat.
During Jepbarov’s speech, the following data were presented on the slides of his presentation:
The loan portfolio structure by economic sector as of 31 March 2025.
- Oil & Gas – 27%
- Power Supply – 25%
- Chemical and Textile – 23%
- Transport & communication – 15%
- Private Sector – 4%
- Healthcare – 1%
///nCa, 23 April 2025