Press Release

On June 25, 2024, the Chairman of the Board of the State Bank for Foreign Economic Affairs of Turkmenistan participated in the third annual Development Forum held in Vienna, Austria, organized by the OPEC Fund for International Development.

On the sidelines of the Forum, which was attended by over 400 delegates, negotiations were held with the President of the OPEC Fund for International Development, Mr. Abdulhamid Alkhalifa. During the negotiations, issues related to the further development and strengthening of the long-term cooperation between Turkmenistan and the OPEC Fund were discussed. As a result of the negotiations, in accordance with the directive of the President of Turkmenistan, the "Country Partnership Framework Program" was signed between the Government of Turkmenistan and the OPEC Fund for International Development.

This Partnership Program, designed for the period from 2024 to 2029, aims to expand bilateral cooperation with multilateral development finance institutions, including the OPEC Fund for International Development. It includes cooperation in areas such as the assessment and financing of priority projects in transport, industry, telecommunications, healthcare, banking and financial services, and other sectors; providing funding and technical support (grants) for the development of the infrastructure of Arkadag city, the country's first "smart city," such as technology parks, research centers, medical centers, and other types of urban infrastructure; and providing technical assistance for capacity building, knowledge, and technology transfer.