WASHINGTON, D.C., May 29—Turkmenistan
joined the International Finance Corporation (IFC) today in a signing ceremony
in Washington, D.C. This brings the Corporation's total membership to 172.
IFC's Articles of Agreement were signed by H.E. Halil Ugur, Ambassador
of Turkmenistan to the United States.
Turkmenistan's membership will enable IFC to undertake a range of activities
in the country, including project financing, equity investments and technical
assistance. IFC hopes to identify sound projects that can be implemented
relatively quickly and which will have a significant and positive developmental
impact on the economy. The Corporation will make its worldwide experience
available to Turkmenistan's nascent private sector, the government and
international firms by acting as a neutral advisor and a catalyst for the
development of projects.
To begin with, IFC expects to play a role in developing the financial sector,
supporting small and medium sized enterprises, structuring and financing
major projects related to natural resources extraction and processing,
and providing technical assistance to the private sector.
IFC, a member of the World Bank Group, is the largest multilateral source
of equity and loan financing for private sector projects in developing