The Asian Development Bank (ADB) announced its new country partnership strategy for Turkmenistan on August 28. The strategy is designed to help the country develop a competitive, diversified, and knowledge-based economy driven by an innovative private sector.
Under the new strategy, which spans from 2024 to 2028, the ADB’s assistance will focus on three strategic priorities: supporting the green transition to a sustainable and climate-resilient economy, promoting economic competitiveness through diversification with an emphasis on private sector and human capital development, and promoting structural reforms and institutional development.
The ADB Director General for Central and West Asia, Yevgeniy Zhukov, commented: “ADB and Turkmenistan have a longstanding partnership, and the new strategy underscores our unwavering commitment to the country’s development. We will continue working closely with the government and Turkmenistan’s development partners to help the country realize its ambitious long-term development goals.”
The ADB will support Turkmenistan’s green transformation with investments in energy efficiency, renewable energy, low-carbon pilot projects, and policy reforms. The bank will continue to help Turkmenistan develop long-term decarbonization plans and reduce methane emissions. The ADB will also support the development of sustainable and integrated transport networks focusing on railways along crucial trade corridors.
Recognizing the critical role of the private sector in driving inclusive economic growth in Turkmenistan, the ADB will help build an export-oriented private sector and continue supporting domestic financial institutions, including improving access to capital for small and medium-sized enterprises targeting export markets. To support human capital development, the ADB will help reform the country’s healthcare sector to improve access, quality, and the range of services.
