ADB to Finance Export Projects of Turkmen Businesses

ADB to Finance Export Projects of Turkmen Businesses
ADB headquarters, Manila, the Philippines

State Bank for Foreign Economic Affairs of Turkmenistan will sign a Memorandum of Understanding and Financial Conditions with the Asian Development Bank (ADB) to finance projects planned for the development of small and medium-sized businesses in Turkmenistan.

President of Turkmenistan Gurbanguly Berdimuhamedov approved the relevant proposal during the online cabinet meeting on Friday.

The proposal was presented by the Deputy Chairman of the Government Serdar Berdimuhamedov, who is in charge of economic and financial issues.

The Vice-Premier Serdar Berdimuhamedov also briefed on the activities of institutions of the financial and economic complex, and on practical steps taken to expand cooperation with international financial organizations and banks to attract credit funds and foreign investment and support entrepreneurship.

Export-oriented projects of domestic entrepreneurs proposed for financing with ADB funds will be analyzed in accordance with the established procedure by the relevant State Commission, created in accordance with the Decree of the Turkmen Leader.

Following the briefing, the Turkmen Leader emphasized the necessity of continuing work to support and finance private sector projects.     

The government meeting also considered other important issues of state life.