Abu Dhabi Fund for Development (ADFD) and Government of Turkmenistan on Thursday signed two agreements worth 367 million dirhams (US$99,91 million), the UAE’s state media reports.

The agreements were signed by ADFD Director-General Mohamed Saif Al Suwaidi and Chairman of the Board of the State Bank for Foreign Economic Affairs of Turkmenistan Rahimberdi Jepbarov in the United Arab Emirates’ capital of Abu Dhabi, the UAE’s state media reports.

The signing ceremony was also attended by Deputy Chairman of the Cabinet of the Ministers of Turkmenistan Serdar Berdimuhamedov, the UAE’s Minister of Energy and Infrastructure Suhail bin Mohammed Al Mazrouei and other several senior officials from both countries.

The first agreement includes the allocation of 275 million dirhams (around US$75 million) towards the construction of an airport in Jebel in Turkmenistan’s Balkan velayat, and the second agreement aims to finance the development of a 10 megawatts hybrid power plant at a cost of 92 million dirhams (around US$25 million).

The airport development project in Jebel aims to improve the airport infrastructure in the Balkan velayat of Turkmenistan and enhance regional air connectivity in Central Asia. Additionally, it will help attract investments to the city of Jebel in particular, and Balkan velayat in general through improving the quality transportation services.

The project includes building Jebel airport terminal with a capacity of 100 passengers per hour. The project components include planning, designing, construction and delivery of the project as well as training the airport staff.

The second project consists of development of a hybrid power plant with 10 MW installed capacity.

Turkmen delegation consisting of senior government officials also held meetings with UAE’s high-ranking officials during their visit to Abu Dhabi. On Thursday, the Vice-Premier Serdar Berdimuhamedov was received by Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces. Turkmen Vice-Premier handed Sheikh Mohamed bin Zayed Al Nahyan a written message from President of Turkmenistan Gurbanguly Berdimuhamedov on boosting the political, investment, economic and trade partnership as well as developmental and humanitarian cooperation between the two nations.

In February 2021, ADFD signed three MoUs with the Government of Turkmenistan. The first MoU included the establishment of an investment company, the second MoU included studying the possibility of building a chemical complex project in Turkmenistan to produce polyvinyl acetate. Under the third MoU, both sides agreed to study the possibility of financing several development projects focused on infrastructure development including renewable energy and air transport.

ADFD, which started operations in Turkmenistan in 1999, has financed the rehabilitation of the Archman Hospital and establishment of a specialty hospital in Ashgabat at a total cost of about 182 million dirhams.

Business Turkmenistan