Turkmenistan’s State Bank to Become Co-Founder of New Investment Company

BUSINESS TURKMENISTAN
Turkmenistan’s State Bank to Become Co-Founder of New Investment Company
State Bank for Foreign Economic Affairs of Turkmenistan

President of Turkmenistan Gurbanguly Berdimuhamedov signed a Resolution authorizing the State Bank for Foreign Economic Affairs of Turkmenistan, as the founder of the Türkmen maýa goýum kompaniýasy (Turkmen Investment Company) Closed Joint Stock Company, to take a stake of 50% in its share capital.

The draft of this Resolution was presented by Deputy Chairman of the Government Serdar Berdimuhamedov, who is in charge of economic and financial issues, during the online cabinet meeting on Friday.

The new investment company will be created in accordance with the agreement signed between the State Bank for Foreign Economic Affairs of Turkmenistan and the Abu Dhabi Fund for Development (ADFD) during the visit of the Turkmen government delegation to the United Arab Emirates on October 9 this year.

The Central Bank of Turkmenistan is expected to issue a relevant license in accordance with the established procedure to the new company for the implementation of its functions.

Focusing on the priority tasks of the new investment company, the Head of State emphasized the need to attract capital investments from the major international businesses and authoritative international financial organizations for the implementation of new projects of national and regional significance.

The Turkmen President instructed the Vice-Premier to pay constant attention to increasing the volume of investments and improving the efficiency of their development. At the same time, he also tasked to strengthen control over the targeted use of funds, to improve the relevant legal framework in order to attract foreign capital and ensure reliable protection of investments.