Turkmen Foreign Economic Affairs Bank's Net Profit Rises 4.9%

BUSINESS TURKMENISTAN
Turkmen Foreign Economic Affairs Bank's Net Profit Rises 4.9%
In 2020, in partnership with international financial institutions, the bank intensified its efforts to support the private sector.

The net profit of the State Bank for Foreign Economic Affairs of Turkmenistan increased by 4.9% in 2020. The bank’s equity capital increased by about 27.1% during the period, according to the information on the official website of the bank.

Most of the foreign investments in Turkmenistan were directed to the country’s oil and gas sector (58%), followed by chemicals (17%), transport and communications (9%), agriculture (11%) and electricity (4%) spheres.

Japan accounts for 43% of all foreign investments in Turkmenistan. The South Korea ranks second with 20%, followed by countries such as China, Germany, Saudi Arabia and the United States.

A number of socially significant projects were financed through the bank as a result of active cooperation with the Islamic Development Bank, the OPEC Fund and the Saudi Development Fund. For the financing of the Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline the Islamic Development Bank allocated $700 million, and the Saudi Development Fund allocated $100 million, signing agreements with the Government of Turkmenistan.

In 2020, in partnership with international financial institutions, the bank intensified its efforts to support the private sector. As a result, the Turkmen bank signed several loan agreements with the U.S.-based Deer Credit Inc., the OPEC Fund, and the Islamic Corporation for the Development of the Private Sector.

In December 2020, the Banker magazine awarded the State Bank for Foreign Economic Affairs of Turkmenistan the 2020 Bank of the Year award, recognizing the bank as the best bank in Turkmenistan.