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The OPEC Fund for International Development has signed a US$45 million loan agreement with Turkmenistan to support the construction of three sea-going vessels to carry railroad cars, passengers and dry cargo in order to develop trade and strengthen the country's shipbuilding potential. This was reported on the Fund's website.

As part of the Merchant Sea Fleet project, which is also co-financed by the Islamic Development Bank, Turkmenistan is seeking to expand its role in maritime transport in the Caspian Sea region by increasing the capacity of ships and effectively using the potential of the Turkmenbashi International Seaport.

The new ships will be built at the Balkan shipyard, which is part of the port of Turkmenbashi, which, in turn, is an important component of the Europe-Caucasus-Asia transport corridor.

Upon completion of the project, the annual freight capacity is expected to increase by one million tons, and the number of passengers will increase by 20,000 people per year, as well as reduce freight costs and cargo waiting times.

Shipbuilding and repair training will also provide technology transfer and create additional employment opportunities, especially for young graduates.

“This project is an important catalyst for enhancing the potential of Turkmenistan as a maritime power in the Caspian Sea region and will help unlock significant potential in trade and economic activity. New, faster and improved transport links will contribute to sustainable development and economic growth. The OPEC Fund is pleased to strengthen its relationship with Turkmenistan,” said OPEC Fund CEO Dr. Abdulhamid Alkhalifa.

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