ADB Reaffirms Its Support for Turkmenistan’s TAPI, Electricity Transmission Projects

BUSINESS TURKMENISTAN
ADB Reaffirms Its Support for Turkmenistan’s TAPI, Electricity Transmission Projects
ADB Country Director for Turkmenistan Chang Ching Yu: "The main goal of our bank's cooperation with Turkmenistan is to diversify the economy of the country." (Photo: Centralasia.news)

Asian Development Bank (ADB) is ready to become a reliable partner for Turkmenistan, to support its electricity transmission projects and the construction of the TAPI gas pipeline, announced the ADB Country Director for Turkmenistan Chang Ching Yu in an interview with representatives of the Turkmen press.

The main goal of ADB’s cooperation with Turkmenistan is to diversify the economy of the country, as well as to transform Turkmenistan into an important link in regional cooperation, said Mr. Yu, adding that “to achieve these strategic goals, we have implemented numerous projects with the country’s government and are currently continuing this work.”

“According to the program of cooperation between Turkmenistan and the ADB in 2020–2022, we envisage the implementation of such important tasks as supporting the country's power lines and the Turkmenistan-Afghanistan-Pakistan-India gas pipeline, improving railway operations, increasing the volume of local banks’ loans to representatives of small and medium-sized enterprises, promoting the development of the healthcare sector,” said Mr. Yu regarding the bank’s plans for the near future.

Chang Ching Yu, who has been the ADB Country Director for Turkmenistan since August last year, also emphasized that Turkmenistan, located in a favorable geopolitical and geoeconomic zone, with huge reserves of natural resources, plays an important role in ensuring peace and sustainable development in the region.

ADB’s development partnership with Turkmenistan began in 2000. In November 2018, ADB approved the Country Operations Business Plan, 2019–2021, for Turkmenistan, with committed lending amounting to $150 million and another $690 million for prospective projects to develop the country’s transport and transit potential, promote energy exports, and advance private sector operations.