Turkmenistan and the World Bank discuss new projects on development of the private sector of the country

Turkmenistan and the World Bank discuss new projects on development of the private sector of the country

Issues of interaction of Turkmenistan with the World Bank to support development of the private sector of the country were discussed at the meeting of Minister of Finance and Economy of Muhammetgeldi Serdarov with World Bank Vice President for Europe and Central Asia Anna Bjerde.

In particular, one of perspective areas of this interaction was outlined as development of the project on fruit-and-vegetable growing. This segment of the Turkmen agro-industrial complex has recently obtained an export orientation thanks to the activity of local business and has all possibilities of further growth, including the favourable climate for plant growing.

Now under this project designated for 100 million US dollar working negotiations between Turkmen experts and experts of the World Bank are carried on, five meetings in an online mode have taken place and three more meetings in April and three in May are planned to take place.

Other important issue is conduction of estimation of business of regulation within the limits of WB’s Doing Business (DB) project.

– With a view of expansion of possibilities of attraction of investments into the economy of Turkmenistan for us a high-grade estimation is important from business by financial institutions in the country, – the minister said.

Turkmenistan consistently realises market reforms, expanding the sphere of private business, including in cooperation with foreign partners. In recent years diversification of branches of economy which is reoriented from raw materials to the priority of processing capacities, including in non-hydrocarbon sector, has been carried out and free economic zones are created.

All it creates new possibilities for partnership with the World Bank, including support in implementation of the Doing Business project in the country.

At the present meeting the issue of preparation of a new Strategy of cooperation between Turkmenistan and WB, expansion of partnership with the International Financial Corporation was also touched upon. In August, 2019 the Memorandum of Cooperation between the Ministry of Finance and Economy of Turkmenistan and the International Financial Corporation (IFC) was been signed.

Practical realisation of the document provides interaction of IFC with the country’s private sector. In this context the Turkmen side expressed readiness to organise a meeting of representatives of IFC with businessmen in the mode of videoconferences for determination of requirements of the private sector and conditions of financing.

– For us important areas of assistance are support of export branches of Turkmenistan, development of the marketing policy and domestic production advancement in foreign markets, – as noted by Muhammetgeldi Serdarov. He also expressed interest in paid consulting services of WB experts in the field of cyber security and modernisation of payment system.