26 Dec 2017 14:50

ADB to lend Turkmenistan $950 mln for transport, power sector, SME in 2018-2019

ASHGABAT. Dec 26 (Interfax) - The Asian Development Bank (ADB) will lend Turkmenistan $950 million in 2018-2019 to finance programs in the transport and power industries and to develop small and medium enterprises (SME).

The Media-Turkmen Orient news agency said the ADB announced the plan in keeping with its Country Partnership Strategy (CPS) adopted in November 2017 and which defines the ADB's strategic approach in Turkmenistan for 2017-2021, and is intended to help the economy to diversify its energy and non-hydrocarbons sectors and strengthen regional transport links.

The key tasks energy in 2018-2019 are to boost connectivity with neighboring countries and increase exports of Turkmen electricity, including via the Turkmenistan-Uzbekistan-Tajikistan-Afghanistan-Pakistan (TUTAP) project. The ADB is allocating $150 million for this.

It is lending $600 million for transport projects, involving the modernization of highways and railways, and $200 million for SME.