ASHGABAT, Turkmenistan, August 7. The Asian Development Bank (ADB) has published the main focuses of its country partnership strategy (CPS) for Turkmenistan for the years 2024–2028, Trend reports.
The new strategy aims to support Turkmenistan's transition to a more sustainable, climate-resilient, and competitive economy.
It is structured around three main pillars: promoting green transformation, enhancing economic competitiveness through diversification and private sector development, and advancing structural reforms and institutional development.
Key objectives of the CPS include:
- Expanding and deepening engagement with a focus on climate resilience and green transition.
- Supporting economic diversification through private sector growth and human capital investment, including gender empowerment.
- Strengthening public sector management, governance, and institutions.
- Providing integrated solutions to tackle complex development challenges.
The ADB noted Turkmenistan's significant energy resources, with natural gas reserves making up 9.9 percent of the global total and proven oil reserves at 0.6 billion barrels as of 2021. The country also has considerable untapped renewable energy potential, especially in solar and wind energy, estimated at over 666 gigawatts.
Despite these resources, Turkmenistan's economy is vulnerable to external shocks due to its heavy reliance on natural gas exports, primarily to China and, to a lesser extent, Russia. Additionally, the country faces risks from climate change and natural hazards as it is landlocked and over 70 percent of its land is covered by the Karakum Desert.
The new CPS will address diverse development challenges in the country. Turkmenistan will also be able to utilize ADB’s technical resources to support progress in gender equality, climate change, and private sector growth.