The State Bank for Foreign Economic Affairs to be Founder of “Turkmen Investment Company”
The State Bank for Foreign Economic Affairs, as the founder of the Closed Joint Stock Company "Turkmen Investment Company" (Turkmen maýa goýum kompaniýasy), will take 50% share of the fixed capital of its fund.
The creation of this company is envisaged by an agreement between the State Bank for Foreign Economic Affairs of Turkmenistan and the Abu Dhabi Fund for Development (ADFD), signed on October 9 in Dubai during the visit of President Gurbanguly Berdimuhamedov.
The Prime Minister Serdar Berdimuhamedov reported on the implementation of the agreement to the Head of State at a government meeting on Friday. The President signed a decree authorizing the State Bank for Foreign Economic Affairs of Turkmenistan to act as a founder of the Closed Joint Stock Company “Turkmen Investment Company”, for which the country's Central Bank will issue a relevant license .
Gurbanguly Berdimuhamedov noted that the task of this structure is to attract investments in projects of national and regional significance. He also instructed to strengthen control over the targeted use of these funds and stressed the importance of strengthening the legislative framework to ensure guaranteed protection of foreign capital investments.
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