The Asian Development Bank (ADB) allocated $625 million for investment projects in Turkmenistan, one of which has been completed and another is ongoing.
Additionally, the ADB is providing $11 million in technical assistance to strengthen institutions and build capacity. This was reported by the nCa publication, citing a statement from ADB Country Director for Turkmenistan Artur Andrysiak during an online presentation at TIF2024 in Ashgabat.
In August 2024, the ADB approved a new country partnership strategy for Turkmenistan for 2024-2028. The overall goal of this strategy is to support Turkmenistan in its efforts to create a more stable, climate-resilient, and competitive economy.
As part of this strategy, the ADB plans to support the modernization and electrification of the railway network along the Turkmenabat-Mary-Dushak-Ashgabat-Turkmenbashi corridor.
ADB's involvement will also extend to the maritime industry, highways, and regional cooperation. By improving regional connectivity through interconnected railway networks and reducing trade barriers, ADB aims to promote Turkmenistan’s active participation in the Central Asia Regional Economic Cooperation (CAREC) Program.
The ADB is closely cooperating with the "Turkmen Railways" Agency in preparing the project to modernize the Trans-Turkmenistan Railway. This project holds strategic importance, emphasized Andrysiak.
From 2024 to 2027, the ADB and Turkmenistan plan to implement projects aimed at building the capacity of small and medium-sized exporters, improving the quality of medical services, developing the national power grid (with additional funding), professional education in tourism and services, supporting urban development, and advancing renewable energy sources, according to the source.
CentralasianLIGHT.org
September 13, 2024