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|Date:||23 July 2010|
US$ 4 million programme to boost the development of Turkmen private sector
The EBRD is helping the development of the private sector in Turkmenistan with a new US$ 4 million facility for on-lending to small and medium-sized enterprises (SMEs), thus increasing the availability of funds to the real economy.
The programme will provide funding to local banks to finance the capital requirements of local private companies, who have limited access to long-term finance.
The banking sector in Turkmenistan remains largely state-controlled, with private sector lending representing just one percent of Turkmenistan’s GDP. The EBRD facility will boost financial intermediation in Turkmenistan, supporting the Turkmen authorities’ commitment to reforming the banking sector.
JSCB Senagat, the only bank in Turkmenistan with a private majority stakeholder, and the state commercial bank Turkmenbashy are participating in the programme, each receiving US$ 2 million for on-lending to local companies.
The EBRD facility is complemented by grant financing provided by the governments of the United States, Japan and Switzerland, which will be used to help the partner banks develop their SME services and improve lending procedures.
“Supporting the development of the private sector is one of the EBRD’s key priorities in Turkmenistan and we are pleased to launch this new facility that will increase the levels of financial intermediation in the country’s banking sector and will bring new sources of finance to small and medium-sized businesses”, said Olivier Descamps, EBRD Managing Director for Turkey, eastern Europe, Caucasus and Central Asia.
"The private sector in Turkmenistan is developing rapidly thanks to continuing reforms and a more favourable climate for SMEs. Our collaboration with EBRD will allow us to develop SME finance products, lending and risk management procedures using international best practice and ultimatley to better satisfy the financing needs of this sector", said Akmurad Orazov, Chairman of Senagat Bank.
Since the beginning of its operations in Turkmenistan the EBRD has invested close to €110 million in the country’s corporate, energy, infrastructure and financial sectors, whilst mobilising additional investments worth close to €390 million.
Last updated 23 July 2010
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