WB to open office in Ashgabat
The Turkmen government and the World Bank Group have signed an agreement to open WB's permanent mission and on its activity in the country.
The government reports that this fact is vivid proof of President Gurbanguly Berdimuhamedov's successful economic strategy, as well as the development of bilateral cooperation between Turkmenistan and the world financial institutions.
Turkmenistan is the first Central Asian country to sign such an agreement with the WB Group, which includes the International Bank for Reconstruction and Development (IBRD), The International Development Association (IDA), International Finance Corporation (IFC), Multilateral Investment Guarantee Agency (MIGA) and the International Centre for Settlement of Investment Disputes (ICSID), according to the government message.
WB Regional Director for Central Asia Saroj Kumar Jha and the bank's Chief Economist for Europe and Central Asia, Hans Timmer are on a visit to Turkmenistan.
Previously the WB said it supports the reforms in Turkmenistan through an interim strategy for the period until 2015, which does not envisage borrowing.
WB employees assist Turkmenistan in implementing long-term national program for the socio-economic development by rendering advisory and analytical services.
The WB's interim strategy for cooperation consists of two components. The first component focuses on the activities in the spheres proposed by the government of Turkmenistan, such as the macroeconomic statistics, development of financial and private sectors.
The second component includes a set of strategic analytical researches conducted by the WB in the spheres of diversification of economy, investment climate, privatization, as well as the issues related to Turkmenistan's accession to the World Trade Organization (WTO).
Turkmenistan joined the WB in September 1992.