On August 28, 2024, the Asian Development Bank (ADB) launched a new partnership strategy with Turkmenistan, aimed at helping the country develop a competitive, diversified, and knowledge-based economy driven by an innovative private sector.
According to the bank's country office, the new strategy, covering the period from 2024 to 2028, will focus ADB's assistance on three strategic priorities: supporting a "green" transition towards a sustainable and climate-resilient economy; enhancing economic competitiveness through diversification with an emphasis on the private sector and human capital development; and promoting structural reforms and institutional development.
The new strategy will include ADB's support for the country's green transformation, including investments in energy efficiency, renewable energy, low-carbon pilot projects, and policy reforms.
The bank will also continue to assist Turkmenistan in developing long-term decarbonization plans and in reducing methane emissions in line with the country’s climate goals.
ADB will support the development of sustainable and integrated transport networks, with a particular focus on railways along key trade corridors, including those of the Central Asia Regional Economic Cooperation (CAREC).
The bank will help establish an export-oriented private sector and will continue to support domestic financial institutions, including improving access to capital for small and medium-sized enterprises targeting export markets. ADB will also continue to support Turkmenistan's accession to the World Trade Organization.
To support human capital development, ADB will assist in reforming the healthcare sector, continue strengthening public institutions to accelerate the reforms necessary for sustainable economic development, and transition to a modern market economy. This includes helping the government improve its forecasting tools and capabilities in macroeconomic analysis and management.
Source: THP
