ADB launches plan for Turkmenistan’s economic transformation
The Asian Development Bank (ADB) launched a new country partnership strategy for Turkmenistan, aimed at fostering a competitive, diversified, and knowledge-based economy driven by an innovative private sector.
The strategy, which spans 2024 to 2028, focuses on three strategic priorities: supporting a green transition, enhancing economic competitiveness through diversification, and promoting structural reforms and institutional development.
“ADB and Turkmenistan have a longstanding partnership and the new strategy underscores our unwavering commitment to the country’s development,” said ADB Director General for Central and West Asia Yevgeniy Zhukov.
Under the new strategy, ADB will support Turkmenistan’s green transformation through investments in energy efficiency, renewable energy, low-carbon pilot projects, and policy reforms.
The bank will assist in developing long-term decarbonisation plans and reducing methane emissions, aligning with Turkmenistan’s climate change targets.
The strategy also emphasises economic competitiveness by fostering a diversified economy. ADB will aid in building an export-oriented private sector and support domestic financial institutions to improve access to capital, particularly for small and medium-sized enterprises (SMEs) targeting export markets.
Additionally, ADB will continue to support Turkmenistan’s efforts to join the World Trade Organisation.
ADB will play a crucial role in developing sustainable and integrated transport networks in Turkmenistan, focusing on key trade corridors, including the Central Asia Regional Economic Cooperation (CAREC) corridors.
This initiative aims to enhance the efficiency, reliability, safety, and integration of domestic and international supply chains.
In terms of human capital development, ADB will assist in reforming Turkmenistan’s health sector to improve access, quality, and the range of available services.
The bank will also focus on skill development within the health workforce, leveraging the country’s young population and promoting entrepreneurship.
Attribution: Asian Development Bank report
Subediting: M. S. Salama
