The agreement was signed in Washington, DC during the autumn session of the International Monetary Fund and the World Bank. The State Bank for Foreign Economic Activities represents the Government of Turkmenistan.
The implementation of the TAPI project is part of the life of Turkmenistan's energy strategy, which provides diversification of export routes and designed to ensure reliable and secure energy supplies to the world markets.
The construction of the transnational gas pipeline will ensure the long-term supply of energy in the countries of Southeast Asia and will ensure further economic development of the region, the growth of its social well-being, an important factor in improving global energy security and sustainable development.
The State Bank for Foreign Economic Affairs of Turkmenistan is the official agent of the Government of Turkmenistan in the international capital market and attracts medium- and long-term foreign loans to finance strategic investment projects. The bank also functions as the Office Managing Islamic Development Bank on behalf of Turkmenistan and regulates the issues of cooperation of IDB and the various funds of the Coordination Group of IDB with the Government of Turkmenistan.
In order to diversify the production of export-oriented production of the country the bank is actively involved in attracting foreign loans for projects in the gas and chemical industry. The State Bank for Foreign Economic Affairs of Turkmenistan participates in financing the construction of large industrial facilities, as a complex for the production of polyethylene and polypropylene, a workshop for the production of sulfuric acid monohydrate, plant for processing natural gas into gasoline, urea production plant.
The State Bank for Foreign Economic Activities is a recognized leader in the financial market of Turkmenistan. It is 12 times honored with the title of "The Best Bank of the Year in the country" in the annual ranking of the magazine «The Bankers».
In recent years, Turkmenistan has significantly expanded its participation in international affairs having reinforced cooperation with leading financial and economic institutions such as the International Monetary Fund, the World Bank, the International Bank for Reconstruction and Development, the European Bank for Reconstruction and Development, Asian Development Bank, Islamic Development Bank, financial action Task Force on money laundering, the Eurasian Group on combating money laundering and financing of terrorism.
One of the oldest and strategic partners of our country is representing the World Bank Group, with which established a constructive bilateral relationship. In 1996, the Bank opened a representative office in Ashgabat. The assets of many years of fruitful collaboration are the successfully implemented projects in the field of health, transport, software consulting and technical assistance in various fields. In particular, it should be noted the work on the improvement of national statistical systems and financial monitoring.
It is also important to mention the joint activities on the development of the Interim Partnership Strategy between our government and the World Bank for 2013-2015. In the framework of its implementation in September 30, 2013 it was signed an Agreement between the Government of Turkmenistan and the International Bank for Reconstruction and Development, the International Finance Corporation on the provision of paid advisory services in various areas of cooperation, including macroeconomics, statistics, banking, insurance, securities market development and private sector. The total amount of cash was approximately $ 2 million, 952 thousand US dollars of which have been funded at the expense of our country.
The implementation of this document was aimed at improving these sectors of the national economy, such as payment systems, banking supervision, capital market development, privatization of public enterprises, improving human resource capacity in the insurance, initiatives to develop the business environment, technical assistance to improve the methodology in terms of well-being and preparation of "input-output" tables.
Medium-term strategy for the period 2016-2017 years, approved by the World Bank in November last year, currently serves as a platform for further cooperation between the World Bank, and IFC with Turkmenistan.
step in the development of fruitful cooperation with leading international organizations was held recently in Washington DC to sign an agreement on providing paid consulting services in the financial sector and in the field of macroeconomics between the Government of Turkmenistan (Ministry of Finance) and the World Bank Group.
This document aims to assist the country in addressing the priority tasks related to the main objectives of economic and social development. The signing ceremony was held at the Annual Meeting of the Board of Governors of the World Bank Group and International Monetary Fund (IMF).
Activities planned to conduct this document are aimed at supporting the reform of the business model and corporate governance in the banking sector, facilitate the development of the credit reporting system, conduct national risk assessment in the field of combating money laundering and financing of terrorism and the strengthening of macroeconomic statistics.
As noted during the signing ceremony, Vice-President of the World Bank for Europe and Central Asia Cyril Muller, adopted document testifies the systematic approach of Turkmenistan to the step-by step increase the level of the financial sector and macroeconomic reports to international standards. In the framework of the agreement it is also considered allocation of investment and advisory services for the Turkmen private sector financial institutions and companies.
Regional manager of the International Finance Corporation (IFC) of the World Bank Group in Central Asia Moazzam Mekan notes that IFC will continue to seek opportunities to provide financing to micro and small enterprises through local banks, as well as direct investments and advisory services to medium and large private companies in the country. At the same time, IFC has expressed willingness to support foreign direct investment at the expense of providing loans and other financial instruments.
The implementation of the TAPI project is part of the life of Turkmenistan's energy strategy, which provides diversification of export routes and designed to ensure reliable and secure energy supplies to the world markets.
The construction of the transnational gas pipeline will ensure the long-term supply of energy in the countries of Southeast Asia and will ensure further economic development of the region, the growth of its social well-being, an important factor in improving global energy security and sustainable development.
The State Bank for Foreign Economic Affairs of Turkmenistan is the official agent of the Government of Turkmenistan in the international capital market and attracts medium- and long-term foreign loans to finance strategic investment projects. The bank also functions as the Office Managing Islamic Development Bank on behalf of Turkmenistan and regulates the issues of cooperation of IDB and the various funds of the Coordination Group of IDB with the Government of Turkmenistan.
In order to diversify the production of export-oriented production of the country the bank is actively involved in attracting foreign loans for projects in the gas and chemical industry. The State Bank for Foreign Economic Affairs of Turkmenistan participates in financing the construction of large industrial facilities, as a complex for the production of polyethylene and polypropylene, a workshop for the production of sulfuric acid monohydrate, plant for processing natural gas into gasoline, urea production plant.
The State Bank for Foreign Economic Activities is a recognized leader in the financial market of Turkmenistan. It is 12 times honored with the title of "The Best Bank of the Year in the country" in the annual ranking of the magazine «The Bankers».
In recent years, Turkmenistan has significantly expanded its participation in international affairs having reinforced cooperation with leading financial and economic institutions such as the International Monetary Fund, the World Bank, the International Bank for Reconstruction and Development, the European Bank for Reconstruction and Development, Asian Development Bank, Islamic Development Bank, financial action Task Force on money laundering, the Eurasian Group on combating money laundering and financing of terrorism.
One of the oldest and strategic partners of our country is representing the World Bank Group, with which established a constructive bilateral relationship. In 1996, the Bank opened a representative office in Ashgabat. The assets of many years of fruitful collaboration are the successfully implemented projects in the field of health, transport, software consulting and technical assistance in various fields. In particular, it should be noted the work on the improvement of national statistical systems and financial monitoring.
It is also important to mention the joint activities on the development of the Interim Partnership Strategy between our government and the World Bank for 2013-2015. In the framework of its implementation in September 30, 2013 it was signed an Agreement between the Government of Turkmenistan and the International Bank for Reconstruction and Development, the International Finance Corporation on the provision of paid advisory services in various areas of cooperation, including macroeconomics, statistics, banking, insurance, securities market development and private sector. The total amount of cash was approximately $ 2 million, 952 thousand US dollars of which have been funded at the expense of our country.
The implementation of this document was aimed at improving these sectors of the national economy, such as payment systems, banking supervision, capital market development, privatization of public enterprises, improving human resource capacity in the insurance, initiatives to develop the business environment, technical assistance to improve the methodology in terms of well-being and preparation of "input-output" tables.
Medium-term strategy for the period 2016-2017 years, approved by the World Bank in November last year, currently serves as a platform for further cooperation between the World Bank, and IFC with Turkmenistan.
step in the development of fruitful cooperation with leading international organizations was held recently in Washington DC to sign an agreement on providing paid consulting services in the financial sector and in the field of macroeconomics between the Government of Turkmenistan (Ministry of Finance) and the World Bank Group.
This document aims to assist the country in addressing the priority tasks related to the main objectives of economic and social development. The signing ceremony was held at the Annual Meeting of the Board of Governors of the World Bank Group and International Monetary Fund (IMF).
Activities planned to conduct this document are aimed at supporting the reform of the business model and corporate governance in the banking sector, facilitate the development of the credit reporting system, conduct national risk assessment in the field of combating money laundering and financing of terrorism and the strengthening of macroeconomic statistics.
As noted during the signing ceremony, Vice-President of the World Bank for Europe and Central Asia Cyril Muller, adopted document testifies the systematic approach of Turkmenistan to the step-by step increase the level of the financial sector and macroeconomic reports to international standards. In the framework of the agreement it is also considered allocation of investment and advisory services for the Turkmen private sector financial institutions and companies.
Regional manager of the International Finance Corporation (IFC) of the World Bank Group in Central Asia Moazzam Mekan notes that IFC will continue to seek opportunities to provide financing to micro and small enterprises through local banks, as well as direct investments and advisory services to medium and large private companies in the country. At the same time, IFC has expressed willingness to support foreign direct investment at the expense of providing loans and other financial instruments.
