Turkmenistan, US DFC Mull Launch of Investment Fund

BUSINESS TURKMENISTAN
Turkmenistan, US DFC Mull Launch of Investment Fund
The meeting participants mainly discussed the creation of the fund for the further development of Central Asia (C5 Fund). (Photo: Orient)

Turkmen delegation held an online meeting with delegation of the U.S. International Development Finance Corporation (DFC) led by Counselor to the Chief Executive Officer Caleb McCarry, Orient news outlet reported on Tuesday.

Turkmen delegation included heads and leading specialists of the Ministry of Finance and Economy of Turkmenistan, the State Bank for Foreign Economic Affairs of Turkmenistan, and the Ministry of Foreign Affairs of Turkmenistan.

According to the report, the meeting participants mainly discussed the launch of the fund for the further development of Central Asia (C5 Fund).

“The prospects for creating such a Fund, in our opinion, are relevant and important for the progressive regional growth. Especially for the implementation of large regional projects and programs,” Minister of Finance and Economy of Turkmenistan Muhammetgeldi Serdarov said during the meeting.

The Minister noted that new fund will create a good basis for working out priority projects for the further development of industrial and transport infrastructure, agriculture, and for the use of innovative solutions.

Caleb McCarry, briefing on the activities of the DFC, paid special attention to support of the private sector. According to the Counselor, C5 Fund will facilitate investment in further development, which will become the basis for the economic success of the Central Asian region. He said all financing projects will be carried out by private parties and that all participants must prioritize projects, which will contribute to the prosperity of the entire region, and not just the interests of a separate state. The DFC representative also briefed on the C5 Fund’s organizational and financial resources, as well as on the timing of its creation.

In turn, the Chairman of the State Bank for Foreign Economic Affairs of Turkmenistan Rahymberdi Jepbarov proposed the DFC to participate in the creation of the International Investment Fund of Turkmenistan. Caleb McCarry expressed DFC's interest in the creation of such fund.