CAREC Member States Discuss Impact of COVID-19 on Their Economies

BUSINESS TURKMENISTAN
CAREC Member States Discuss Impact of COVID-19 on Their Economies
Asian Development Bank began working with Turkmenistan in 2000.

An online consultative meeting of the National Coordinators of Asian Development Bank’s (ADB) Central Asia Regional Economic Cooperation Program (CAREC) was held on Tuesday.

The Turkmen side was represented by the heads of the Ministry of Finance and Economy of Turkmenistan, according to the Turkmen Foreign Ministry’s press release.

The meeting participants got acquainted with the implemented projects of the CAREC program in economy, trade, energy, tourism, and with the measures taken by the ADB in response to COVID -19.

The discussion of the impact of COVID-19 on economy of CAREC member states, providing updated information on the ADB's response to the pandemic and evaluation of the activities and results of the CAREC program were the main objectives of the meeting.

ADB began working with Turkmenistan in 2000. Endorsed by the Government of Turkmenistan in January 2020, ADB’s country operations business plan, 2020–2022 outlines a firm lending program worth $150 million, alongside $690 million in standby projects. These investments are intended to contribute to increased power and gas exports, better roads and transport infrastructure, and improved access to finance for export-oriented small and medium-sized enterprises.