Turkmenistan, EBRD expand cooperation in banking, energy and transport
Turkmenistan and the European Bank for Reconstruction and Development (EBRD) have formalized an expanded partnership across several key sectors, signing five memorandums of understanding (MoUs). These agreements target enhanced collaboration in banking, energy, transport, environmental protection, and urban development.
The signing followed a July 28 meeting between Rashid Meredov, Turkmenistan’s Foreign Minister, and Odile Renaud-Basso, President of the EBRD, as reported by the country’s Foreign Ministry.
Two of the MoUs specifically address cooperation between the EBRD and the Central Bank of Turkmenistan. The first outlines the EBRD’s primary strategic goals for Turkmenistan from 2027 to 2032. The second establishes a strategic partnership designed to bolster Turkmenistan’s banking sector and foster economic diversification driven by exports.
Another memorandum focuses on sustainable energy, environmental protection, and the efficient management of water resources. This agreement was signed by the EBRD, Turkmenistan’s Ministry of Environmental Protection, Ministry of Energy, and prominent state-owned enterprises such as Turkmengaz, Turkmennebit, and Turkmenhimiya. This framework is anticipated to promote more sustainable energy practices and reinforce environmental initiatives across vital economic sectors within the country.
Furthermore, Turkmenistan’s Ministry of Railways and Ministry of Automobile Roads entered into an agreement with the EBRD concerning the modernization of transport corridors and the development of the nation’s transit capabilities. This memorandum aims to enhance transport infrastructure and solidify Turkmenistan’s position as a regional transit hub. Situated strategically between Central Asia, the Caspian region, and major Middle Eastern markets, Turkmenistan has been actively working to expand its transport connections and leverage its location along regional trade routes.
The fifth memorandum establishes a cooperative effort between the Ashgabat City Administration and the EBRD, falling under the bank’s Green Cities Program. This initiative is expected to support environmentally sustainable urban development and assist in tackling infrastructure and environmental issues within the capital city.
These five agreements signify a broadening of cooperation between Turkmenistan and the EBRD, encompassing sectors crucial to the country’s sustained economic growth.