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TURKMENISTAN JOINS IFC


L. Joseph
Phone: (202) 473-7700
Fax: (202) 974-4384
E-mail: LJoseph@ifc.org


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 countries.