Turkmenistan and Abu Dhabi Development Fund signed major investment agreements
Three major agreements were signed today between Turkmenistan and the Abu Dhabi Development Fund in the capital of the United Arab Emirates. The first agreement, the Memorandum of Understanding on Cooperation between the Government of Turkmenistan and the Abu Dhabi Development Fund (ADFD), concerns joint creation of an investment company with a target capital of US $100 million, ORIENT reported. It was agreed that at the first stage the parties will invest USD 8 million each. The second memorandum - at the same level - relates to the financing of projects in Turkmenistan. These are the construction of an airport complex in Jebel (Balkan region) with a capacity of 100 passengers per hour and a cost of US $75 million and a renewable energy project worth US $25 million. And the third document - on financing industrial projects in Turkmenistan - was signed by the State Bank for Foreign Economic Affairs of Turkmenistan and the Abu Dhabi Development Fund, namely a project for construction of a gas chemical complex for the production of polyvinyl acetate (175 million US dollars) and NPK fertilizers production facility (18 million US dollars). During the talks, the parties discussed the importance of these projects for the economic development of not only Turkmenistan, but the entire region, their compliance with the strategic orientation of the Fund to promote regional integration and economic cooperation. The total amount of projects indicated in the documents signed today amounted to USD 393 million. The memoranda were signed by the Chairman of the Board of the State Bank for Foreign Economic Affairs of Turkmenistan Rakhimberdy Dzhepbarov and the General Director of the Abu Dhabi Development Fund Mohammed Saif Al Suwaidi.
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During the visit of the Turkmen delegation, Sheikh Abdullah bin Zayed Al Nahyan, the Minister of Foreign Affairs and International Cooperation of the UAE received the Deputy Foreign Minister of Turkmenistan Berdyniyaz Matiyev, the UAE media reported today. During the meeting, which took place at the ministry's general office in Abu Dhabi, they discussed bilateral relations and ways to expand cooperation in several areas, including economy, culture, agriculture and health, as well as in the fight against the consequences of the COVID-19 pandemic. Sheikh Abdullah bin Zayed Al Nahyan confirmed that bilateral relations between the UAE and Turkmenistan are experiencing a significant rise thanks to the will of the leaders of the two friendly countries.
