Saturday, 03 June 2023 08:25 GMT

ADB Country Director Talks Project Portfolio For Turkmenistan

(MENAFN- Trend News Agency) BAKU, Azerbaijan, March 24. The Asian Development Bank (ADB) has allocated hundreds of millions of dollars for investment projects in Turkmenistan, Country Director of the Asian Development Bank for Turkmenistan Artur Andrysiak, told trend .

"ADB has committed $625 million for two investment projects in energy and transport sectors since the beginning of 2000 and $10 million in technical assistance grants for Turkmenistan. Furthermore, ADB topped up by $225,000 its existing transaction technical assistance portfolio to help prepare bankable projects in Turkmenistan. With that, ADB's valid transaction and knowledge technical assistance portfolios for the Turkmenistan reached $3.7 million and $500,000, respectively," Andrysiak said.

He noted that regional technical assistance complements ADB's efforts to achieve stimulating the development of Turkmenistan, and also added that within the framework of one of such regional technical assistance programs, the bank supports Turkmenistan in the process of joining the World Trade Organization (WTO).

"At the same time, the ongoing ADB National Power Grid Strengthening Project is supporting the rehabilitation of 2,000 kilometers of power transmission lines and 11 substations. This project supports the creation of an interconnected national electricity grid and increases its reliability and energy efficiency, as well as increase the export of electricity to other countries. Currently, the bank has started preparing its next five-year country partnership strategy for Turkmenistan," the country director said.


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