UAE’s ADFD to pour $99mn for two major projects in Turkmenistan

By Shilpa Annie Joseph, Desk Reporter
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UAE’s leading financial entity, Abu Dhabi Fund for Development (ADFD) has signed two agreements worth $99 million (AED367 million) with the Government of Turkmenistan in order to support the two major initiatives in the Central Asian country.

According to the statement, the first agreement includes the allocation of $75 million (AED275 million) to the construction of an airport in Jebel, in the Balkan Region, while the second agreement aims to fund the development of a 10-megawatt hybrid power plant for $25 million (AED92 million).

The Jebel airport development project intends to improve airport facilities in Turkmenistan’s Balkan region and boost regional aviation connectivity in Central Asia. Additionally, it will help attract investments to the city of Jebel in particular, and the Balkan region in general through improving the quality of transportation services.

The hybrid power station project intends to provide inhabitants in Altyn Asyr with clean energy sources. The project entails the construction of a hybrid power plant with a capacity of 10 MW.

Mohammed Saif Al Suwaidi
Mohammed Saif Al Suwaidi

“The two agreements signed articulate ADFD’s commitment to advancing Turkmenistan’s infrastructure development and driving the country’s economic growth. We are confident that both projects will go a long way in ensuring an improved livelihood for the country’s population and fulfilling its sustainable development goals. At ADFD, we prioritize building solid partnerships with the countries of the world through financing development and investment projects that contribute to sustainable growth. Since ADFD began its development engagement with Turkmenistan in 1999, both countries have made outstanding efforts towards expanding our relations and opening new avenues of investment and economic cooperation. This has led to the development of several joint development and investment projects.”

HE Jepbarov Rahimberdi Jepbarovich, Chairman of the State Bank for Foreign Economic Affairs of Turkmenistan, appreciated the UAE’s active role in financing projects and boosting investment cooperation with immense economic benefits for developing countries.

“The two agreements we signed today with ADFD will further strengthen our bilateral relations, marking a key milestone in the development cooperation between both sides. Furthermore, it will enable Turkmenistan to accelerate economic growth through supporting key sectors such as infrastructure, energy, and transportation,” Mr. Jepbarovich added.

Related: Abu Dhabi Fund unites with Turkmenistan to strengthen economic, development cooperation