At the Turkmenistan Investment Forum held on September 18–19 in Awaza, Kenichiro Yamamoto, Head of the Project Finance Department at Mizuho Bank, reaffirmed the Japanese financial giant’s commitment to deepening cooperation with Turkmenistan. In his remarks, Yamamoto highlighted the two countries’ long-standing economic partnership and outlined Mizuho’s role in supporting Turkmenistan’s sustainable development and industrial diversification.
“Mizuho is proud to have supported Turkmenistan since 1998, standing alongside the country in its growth journey,” said Yamamoto.
Japan and Turkmenistan have built a relationship rooted in mutual respect and economic collaboration, particularly in strategic sectors such as energy, infrastructure, and technology.
Yamamoto noted that Japanese companies have been instrumental in providing advanced technology and equipment, including automobiles, construction machinery, and power generation facilities.
Recent high-level engagements, including the visit of Turkmenistan’s President to Japan earlier this year, underscore the growing importance of bilateral cooperation.
“These collaborations reflect the shared commitment of both countries to sustainable growth and long-term cooperation,” Yamamoto said.
A highlight of Mizuho’s work in Turkmenistan is its financial support for the Gas-to-Gasoline-1 (GtG-1) project, the world’s first industrial-scale plant converting natural gas into gasoline and other value-added products.
The project was carried out by a Japanese-Turkish consortium under an Engineering, Procurement, and Construction (EPC) agreement and represents a turning point in Turkmenistan’s strategy to diversify its energy sector.
Mizuho has been involved with the project since 2014, working in close cooperation with the State Bank for Foreign Economic Affairs of Turkmenistan (TFEB), the Japanese government, and several export credit agencies (ECAs).
According to Kenichiro Yamamoto, in this Project, Japan Bank for International Cooperation JBIC provided a direct loan while Nippon Export and Investment Insurance NEXI provided loan insurance over the commercial loan, which resulted in financing exceeding US$ 800million in total.
“This project demonstrates how ECA-backed financing can serve as a powerful catalyst for sustainable growth and international cooperation,” Yamamoto emphasized.
Looking ahead, Mizuho aims to continue working with Turkmenistan on new projects that align with the country’s strategic development goals, particularly in energy diversification, infrastructure modernization, and industrial innovation.
“We remain committed to partnering with Turkmenistan to support the country’s strategic initiatives and explore new opportunities together,” Kenichiro Yamamoto concluded. ///nCa, 23 September 2025