Islamic Development Bank to co-finance the project on the Turkmenistan-Afghanistan-Pakistan-India main gas pipeline

The memorandum on Mutual Understanding between the Government of Turkmenistan and the heads of the Islamic Development Bank (IDB)was signed during the official visit of President of Turkmenistan Gurbanguly Berdimuhamedov to the Kingdom of Saudi Arabia.

Representatives of IDB and the Turkmengaz State Concern agreed on the Protocol on the outcomes of work of the evaluating committee on the TAPI project. Before these important documents were signed, the representatives of the Islamic Development Bank and Saudi Fund for Development held talks with the members of the TAPI Steering Committee. The talks that focused on the development and adoption of the investment agreement on financing the project on construction of the main gas pipeline on the territory of Turkmenistan took place at the Turkmengaz State Concern, the Pipeline Company Limited consortium leader. The meeting participants emphasized the interest of marquee investors on the Asian continent in the implementation of the project connecting the largest supplier of energy resources with the states that experience a shortage of energy.

The participation of the Islamic Development Bank and Saudi Fund for Development is expected in three main areas: trade, in particular, to ensure the project with pipe products and gas equipment, provision of credit funds - with the prospect for Asian companies to take part in development of Galkynysh largest gas field in Turkmenistan. The implementation of the TAPI project will bring great benefits not only to gas exporters, transit countries and consumers, but also will offer a powerful impetus to strengthening peace, stability and development of international cooperation in the region.