BAKU, Azerbaijan, October 5. The EBRD expects its first concrete investment transactions in Turkmenistan to emerge from the memorandum signed with the Central Bank.
The European Bank for Reconstruction and Development (EBRD) Head of Turkmenistan Eric Livny said this in an exclusive interview with Trend, answering a question about which of the five memorandums signed in July is expected to translate into investment and financing projects first.
"The agreement we expect to have the most immediate and practical impact is the memorandum signed with the Central Bank of Turkmenistan," he said.
According to Livny, the agreement creates a framework that will allow the EBRD to resume direct financing of export-oriented private companies with their own foreign-currency revenues.
"As a result, we expect the first concrete transactions to emerge from our discussions with private businesses in sectors such as manufacturing, agribusiness, logistics and export-oriented services," Livny said.
He added that several visits by the bank’s banking teams are already planned to identify potential investment opportunities and advance project preparation.
"The second area, where we hope to move relatively quickly, is cooperation with local financial institutions," he said.
According to Livny, the EBRD is exploring partnerships with selected Turkmen banks that could support lending to small and medium-sized enterprises while introducing international banking expertise and trade-finance instruments.
Livny noted that the remaining memorandums covering transport, sustainability and urban development also remain important, although they are expected to require more extensive technical work before developing into investment projects.
"They should therefore be seen as building the pipeline for future engagement rather than generating immediate financing operations," he said.
For reference, the European Bank for Reconstruction and Development (EBRD) has been working with Turkmenistan since 1992. Its engagement has focused on private-sector development, cooperation with financial institutions and support for private companies through financing and advisory services. The bank has also identified sectors such as transport, logistics, agribusiness, industry and commerce as areas with potential for further private-sector investment.
According to the EBRD, the bank has financed 87 projects in Turkmenistan, with cumulative investment reaching €322 million.
In July 2026, EBRD President Odile Renaud-Basso visited Turkmenistan, during which the sides signed five memorandums of understanding covering strategic cooperation for 2027-2032, the banking sector, sustainable energy, environmental protection and water resources, transport corridors, and Ashgabat’s participation in the EBRD Green Cities programme. The documents are intended to provide a framework for further cooperation.
