The Ministry of Foreign Affairs of Turkmenistan is taking steps to develop a partnership with the European Investment Bank. The head of the department, Rashid Meredov, announced this at the next meeting of the Government, writes the State News Agency of Turkmenistan.

As the minister noted, strengthening ties with European financial institutions is one of the country’s foreign policy priorities. In particular, since 1992, Turkmenistan has been a member of the European Bank for Reconstruction and Development, with which close contacts have been established in the field of investment and lending, including in the textile industry, agriculture, transport and logistics, and the private sector. For more than 30 years, 87 projects have been implemented in the country using EBRD funds. Currently, 22 projects are being implemented.

It is noted that the proposal to establish contacts between Turkmenistan and the European Investment Bank was made at the October meeting of heads of foreign affairs agencies in the “European Union - Central Asia” format in Luxembourg. In addition, this topic was discussed during the January visit of the Vice-President of the European Commission to Ashgabat.

In this regard, proposals were voiced to establish fruitful cooperation between Turkmenistan and the European Investment Bank, in particular, to conduct negotiations on a draft bilateral Framework Agreement, as well as on other relevant issues. This will help expand the range of constructive interaction with the European Union, intensify trade and economic ties, and serve as an additional tool for attracting capital investments from the EU and European countries in important economic national projects.

After hearing the report, President Serdar Berdimuhamedov instructed to continue work to establish a partnership with the European Investment Bank and involve it in the implementation of economic initiatives of Turkmenistan.