ADB to finance projects of Turkmen entrepreneurs

At a cabinet meeting on November 26, Deputy Prime Minister for Economic, Banking and International Financial Organizations Serdar Berdimuhamedov presented to President Gurbanguly Berdimuhamedov a proposal to conclude a Memorandum of Understanding and financial conditions between Vnesheconombank and the Asian Development Bank (ADB) to finance projects for the development of small and medium-sized businesses ... The state information agency TDH reports .

The publication notes that the projects of Turkmen entrepreneurs proposed for financing will be analyzed by the State Commission.

The head of state noted that in recent years, special attention has been paid to the creation of import-substituting and export-oriented industries with the participation of domestic companies and individual enterprises.

"Today, members of the UIET are successfully working in new market segments, actively participating in the implementation of industry programs and various projects, producing a wide range of products competitive in foreign markets," Berdimuhamedov said, approved the proposal and instructed to continue financing projects of Turkmen entrepreneurs.

Earlier at the meeting, during the report of the Deputy Prime Minister for Trade Chary Gylydzhov on the work of the supervised structures, Gurbanguly Berdimuhamedov once again instructed to ensure food abundance in the domestic market at the expense of goods of his own production. The President not only ordered the Deputy Prime Minister to create conditions for the further development of entrepreneurship in the country, but also to strengthen the work of the UIET .

In June 2021, it became known that ADB is holding consultations with Turkmenistan on the deployment of a three-year lending cycle on an annual basis. Then the representatives of the bank discussed with the Turkmen side expanding the coverage of their sector of activity to include financing of small and medium-sized enterprises through local banks, training of nurses and paramedics, as well as the development of railways.

Source: Chronicles of Turkmenistan