The State Bank for Foreign Economic Affairs of Turkmenistan will become the founder of a joint investment company with the Abu Dhabi Development Fund (ADFD) Türkmen maýa goýum kompaniýasy (“Turkmen Investment Company”). The corresponding Resolution was signed today by President Gurbanguly Berdimuhamedov. The document allowed the bank to take a share in the amount of 50 percent of the share of fixed capital, reported the “Vatan” news program of the Turkmen television.

The creation of this company is stipulated by the Agreement between the State Bank for Foreign Economic Affairs of Turkmenistan of Turkmenistan and the Abu Dhabi Development Fund, signed on October 9 in Dubai during the visit of President Gurbanguly Berdimuhamedov. As it was reported then the size of the target capital of the investment company is 100 million USD.

When signing the document, the President of Turkmenistan noted that the task of this structure is to attract investments in projects of national and regional significance. He also instructed Deputy Prime Minister Serdar Berdimuhamedov to strengthen control over the targeted use of these funds and stressed the importance of strengthening the legislative framework to ensure guaranteed protection of foreign capital investments.

The Abu Dhabi Fund for Development was founded in 1971 by the Government of Abu Dhabi (UAE) to help developing countries by providing loans to finance development projects, as well as long-term investment in projects in these countries.

In Turkmenistan, the Foundation began its activities in 1999 by financing the reconstruction of the “Archman” sanatorium.