Abu Dhabi Fund to Invest in Production Projects in Turkmenistan

Abu Dhabi Fund to Invest in Production Projects in Turkmenistan
Abu Dhabi Fund for Development, Abu Dhabi, UAE

President of Turkmenistan Gurbanguly Berdimuhamedov during the online cabinet meeting on Thursday approved proposal on authorizing the cooperation of State Bank for Foreign Economic Affairs of Turkmenistan with the Abu Dhabi Fund for Development (ADFD) to attract investments for production projects in Turkmenistan and creating a joint investment entity in the country.

The proposal was presented by the Deputy Chairman of the Government Serdar Berdimuhamedov, who is in charge of economic and financial issues, during his briefing, the Turkmen official media reports.

The Vice-Premier Berdimuhamedov briefed on the visit of the Turkmen delegation to the United Arab Emirates from August 27 to September 2.

Following the talks with the ADFD officials, the sides agreed to sign documents on investment and attracting loans for the implementation of three projects in Turkmenistan, the Vice-Premier Berdimuhamedov said in his briefing.

The documents included the Framework Agreement on the construction of a polyvinyl acetate plant in Dashoguz velayat, the Loan Agreement on financing the construction of a plant for the production of combined fertilizers at S.A.Niyazov Chemical Plant in Turkmenabat city, and the Agreement between the State Bank for Foreign Economic Affairs of Turkmenistan and the ADFD on the establishment of the joint investment entity.

The Turkmen delegation has also held talks with the leadership of the UAE’s Mubadala investment company, the Vice-Premier said. The sides discussed the issue of attracting investments for the implementation of oil and gas projects. They also exchanged views on the measures regarding the financing of the projects and agreed to draft a Memorandum of Understanding in this area.

The Turkmen officials in a meeting with the Emirati renewable energy company Masdar considered the possibility of financing the construction of a solar plant in Turkmenistan, agreeing on the issue of preparing a draft of the relevant Memorandum to this end.

Following the briefing, President Berdimuhamedov emphasized the importance of the successful implementation of the agreements and instructed to oversee the timely and proper implementation of the planned measures.