(MENAFN- Trend News Agency)
BAKU, Azerbaijan, October 8. ADB is set to
enhance the competitiveness of small and medium-sized enterprises
(SMEs) in Turkmenistan through targeted financial and technical
support, Asian Development Bank's (ADB) Country Director Artur
Andrysiak told Trend .
"Following the Country Partnership Strategy for Turkmenistan,
2024-2028, ADB will support the government's efforts to increase
the economy's competitiveness through diversification and private
sector and human development," Andrysiak said outlining that ADB's
support will include investments, policy, and regulatory reforms,
and institutional development.
According to the country director, a key component of this
support is the Building Capacity of SMEs Exporters Project, which
aims to enhance the capacity of SMEs involved in export
activities.
"The project will increase credit availability for these
businesses, improve SME credit underwriting and risk management,
and incorporate climate change considerations into the banking
sector", he said.
Additionally, the Bank will provide knowledge support and
capacity building to improve the business environment, reduce the
dominant role of state-owned enterprises, and foster private sector
development through Public-Private Partnerships (PPPs).
"ADB is collaborating with the Ministry of Finance and Economy
on a comprehensive diagnostic study to identify opportunities and
restrictions in private sector participation and PPPs As part of
this initiative, the Bank is also developing a roadmap for PPPs to
create a more conducive working environment for private sector
operations", Andrysiak said.
He added that ADB is prepared to invest in the private sector
and support the development of innovative and transformational
opportunities.
This comprehensive approach aims to strengthen the financial
access of SMEs, improve the regulatory framework, and stimulate
private sector growth, thereby contributing to Turkmenistan's
economic diversification and competitiveness.
The Asian Development Bank (ADB) is a key partner to
Turkmenistan, supporting improvements in transport infrastructure,
economic diversification, human capital, and climate action.
In 2023, ADB approved a small-scale technical assistance project
worth $225,000 to enhance private sector involvement and develop a
roadmap for public-private partnerships in Turkmenistan. As of
December 31, 2023, ADB had committed $634 million through 14 public
sector loans, grants, and technical assistance projects to
Turkmenistan.
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