Turkmenistan's government and the OPEC Fund for International Development have formalized the "Country Partnership Framework Program" for international development for the period 2024–2029. The agreement was signed by Rahimberdi Jepbarov, Chairman of the Board of the State Bank for Foreign Economic Affairs of Turkmenistan, and Abdulhamid Alkhalifa, President of the OPEC Fund for International Development, during the third annual OPEC Fund Development Forum.
The forum, attended by over 400 delegates, served as a platform for discussing the future development and enhancement of long-term cooperation between Turkmenistan and the OPEC Fund. Key discussions centred on expanding bilateral collaboration with multilateral financial development institutions.
The Country Partnership Framework Program outlines several key areas for development:
- Priority project evaluation and financing: Focus on transport, industry, telecommunications, healthcare, banking, and financial services.
- Infrastructure development in Arkadag: Financing and technical support for the country's first 'smart city,' including technology parks, research centres, medical centres, and various urban infrastructure projects.
- Technical assistance: Capacity building, knowledge transfer, and technology transfer.
This agreement aims to bolster economic cooperation between Turkmenistan and the OPEC Fund for International Development, fostering growth and development in several critical sectors.
The OPEC Fund for International Development, established in 1976, is a multilateral development finance institution consisting of 12 member countries: Algeria, Ecuador, Gabon, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, the UAE, and Venezuela.
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