BAKU, Azerbaijan, September 19. ADB is set to enhance the competitiveness of small and medium-sized enterprises (SMEs) in Turkmenistan through targeted financial and technical support, Asian Development Bank's (ADB) Country Director Artur Andrysiak told Trend.
“Following the Country Partnership Strategy for Turkmenistan, 2024-2028, ADB will support the government’s efforts to increase the economy’s competitiveness through diversification and private sector and human development,” Andrysiak said outlining that ADB’s support will include investments, policy, and regulatory reforms, and institutional development.
According to the country director, a key component of this support is the Building Capacity of SMEs Exporters Project, which aims to enhance the capacity of SMEs involved in export activities.
“The project will increase credit availability for these businesses, improve SME credit underwriting and risk management, and incorporate climate change considerations into the banking sector”, he said.
Additionally, the Bank will provide knowledge support and capacity building to improve the business environment, reduce the dominant role of state-owned enterprises, and foster private sector development through Public-Private Partnerships (PPPs).
“ADB is collaborating with the Ministry of Finance and Economy on a comprehensive diagnostic study to identify opportunities and restrictions in private sector participation and PPPs As part of this initiative, the Bank is also developing a roadmap for PPPs to create a more conducive working environment for private sector operations”, Andrysiak said.
He added that ADB is prepared to invest in the private sector and support the development of innovative and transformational opportunities.
This comprehensive approach aims to strengthen the financial access of SMEs, improve the regulatory framework, and stimulate private sector growth, thereby contributing to Turkmenistan’s economic diversification and competitiveness.
The Asian Development Bank (ADB) is a key partner to Turkmenistan, supporting improvements in transport infrastructure, economic diversification, human capital, and climate action.
In 2023, ADB approved a small-scale technical assistance project worth $225,000 to enhance private sector involvement and develop a roadmap for public-private partnerships in Turkmenistan. As of December 31, 2023, ADB had committed $634 million through 14 public sector loans, grants, and technical assistance projects to Turkmenistan.
