Ashgabat, Turkmenistan, October 14, 2016—IFC,
a member of the World Bank Group, is planning to ramp up its work in Turkmenistan
to support the development of the country's private sector, part of an
effort to boost shared prosperity and drive economic growth.
IFC will complement the work of other World
Bank Group institutions under a newly signed agreement with government
of Turkmenistan. Through the partnership, announced October 7, the World
Bank Group will support the development of the country's financial sector
and help the state refine the way it calculates economic statistics. IFC
will concentrate on supporting private sector companies, helping them to
expand, create jobs, and propel economic development.
“The private sector is the key driver of
economic growth around the world, responsible for creating the vast majority
of jobs and economic opportunities,” said Moazzam Mekan, IFC Regional
Manager for Central Asia. “We welcome the government's continued
efforts to develop Turkmenistan's private sector and its financial industry.
That is a key step in the effort to foster sustainable, long-term growth.”
IFC will seek opportunities for providing
financing to micro and small businesses, via local banks. It also plans
to invest in and provide advisory services to medium- and large-sized private
enterprises. IFC will also support foreign direct investments through lending
and other financial instruments.
Turkmenistan joined the World Bank Group
in September 1992. In 1996, the bank established an office in Ashgabat
to enhance communications with the government and to provide operational