EBRD to provide credits to Turkmenistan.

Oct 20, 1997 02:00 AM

A mission of the European Bank for Reconstruction and Development (EBRD) visited Ashkhabad recently to determine the strategy of co-operation with Turkmenistan for the next two years. The bank's permanent representative in the republic told that the upcoming negotiations were to decide the priority economic projects that are to be financed by credits from the EBRD.
The main yardsticks for getting them will include the progress made in the ongoing reforms and development of private sectors in different branches of the Turkmenian economy. European experts believe that credits will most likely be granted primarily to the light, food, oil, and gas industries, as well as to the agro-industrial complex.
In keeping with the earlier signed agreements, the EBRD is planning to sign before the end of this year 2 credit agreements with the Turkmenian government for the reconstruction of the Turkmenbashi sea port and of the Ashkhabad-Mary motor road.
Some other projects are also being discussed with the Turkmenian government, relating to the republic's railways and to co-operation in oil and gas extraction, textile industry, and support to small- and medium-sized businesses.
The credit line to support Turkmenian business, amounting to $ 35 million, which was opened at the end of 1994, is already functioning. The bank's representative noted that the first tranche of the credit line, amounting to $ 3 million, would be used up before the end of the year.

Source: not available
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