The Asian Development Bank has committed $625 million for investment projects in Turkmenistan, one of which has been completed and another is ongoing.

ADB is also providing $11 million in technical assistance to strengthen institutions and build capacity, nCa reports, citing ADB Country Director for Turkmenistan Artur Andrysiak during an online presentation at TIF2024 in Ashgabat.

In August 2024, ADB approved a new Country Partnership Strategy for Turkmenistan for 2024–2028. The overall objective of this Strategy is to support Turkmenistan in its efforts to build a more stable, climate-resilient, and competitive economy.

As part of this strategy, ADB plans to support the modernization and electrification of the railway network along the Turkmenabat-Mary-Dushak-Ashgabat-Turkmenbashy corridor.

ADB’s involvement will also extend to the maritime sector, roads, and regional cooperation. By improving regional connectivity through interconnected rail networks and reducing trade barriers, ADB aims to facilitate Turkmenistan’s active participation in the Central Asia Regional Economic Cooperation (CAREC) Program.

ADB is working closely with the Turkmenistan Railways Agency to prepare the Trans-Turkmenistan Railway Modernization Project. This project is of strategic importance, Andrysiak emphasized.

For the period 2024-2027, ADB and Turkmenistan plan to implement projects related to capacity building of small and medium-sized business exporters, improving the quality of health services, development of the national power grid (additional financing), vocational education in tourism and services, support for urban development, and development of renewable energy sources, the source notes.