The OPEC Fund for International Development (the OPEC Fund) will loan $45 million for the Marine Merchant Fleet Project in Turkmenistan.
The loan is part of the $352 million approved by the OPEC Fund for sustainable development operations across the world. The allocation of funds was agreed at the organization’s 178th Session of the Governing Board, held virtually on Wednesday, according to the OPEC Fund’s press release.
The project in Turkmenistan will include the construction of three new vessels for rail, passenger and dry cargo, the statement said, adding that “once operational the new ships will increase the utilization of the Turkmenbashi seaport on the Caspian Sea, part of the Europe-Caucasus-Asia transport corridor and one of the largest ports in the country”.
The OPEC Fund said the project will also offer technology-transfer by providing training in shipbuilding and repair to the shipyard’s staff. In addition to boosting trade and economic activity, the project is also expected to create job opportunities, particularly for young graduates.
The OPEC Fund is the intergovernmental development finance institution established in 1976 by the member states of the Organization of the Petroleum Exporting Countries (OPEC). It is the only development institution that provides financing from member countries to non-member countries exclusively.