Turkmenistan, EBRD Eye New Strategies to Boost Banking Sector Growth

A delegation from the European Bank for Reconstruction and Development, led by Francis Malige, Managing Director of the Financial Institutions Department, arrived in Turkmenistan to evaluate the local banking sector’s needs and explore new partnership opportunities.

During a meeting with Turkmenistan’s Deputy Minister of Foreign Affairs, Myakhri Byashimova, both sides highlighted their longstanding and productive cooperation, which has led to the successful implementation of over 80 projects. These initiatives have focused on supporting trade, manufacturing, and the growth of small and medium-sized enterprises in the country, The Caspian Post reports citing Trend.

The participants also discussed the EBRD's priority areas of activity in Turkmenistan, particularly focusing on export orientation, cooperation with the banking sector, and the promotion of modern banking practices.

As part of further cooperation, the parties reviewed the preparation of the EBRD’s country strategy for the upcoming period.

Turkmenistan and the EBRD have had a long-standing partnership since 1992, focusing on economic growth, banking reform, and private sector development. The cooperation has led to significant improvements in trade, infrastructure, and financial systems.

Earlier, it was reported that Jordan's Ministry of Planning and International Cooperation and the EBRD signed loan and guarantee agreements worth $56.5 million supporting the North Green Station and Power Transmission Lines Project.