The EBRD in Turkmenistan

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View of the presidential palace in Ashgabat city

The EBRD has been investing in Turkmenistan since 1992

In Turkmenistan, we focus on expanding private-sector operations in the corporate and financial institutions sectors, facilitating targeted policy dialogue and fostering coordination among international financial institutions and donor organisations.

At the EBRD, we partner with donors to make the economies in our regions greener, more resilient and more inclusive. To date, half of our investments are backed by donor funds.

Number of projects to date

€327m

Cumulative EBRD investment

€304m

Cumulative disbursements

100%

Private sector share of portfolio

Number of active portfolio operations

€13m

Current portfolio of projects

€5m

Operating assets

Equity share of portfolio

18 December 1991

Joined the EBRD

2,100

Capital subscription (€000)

EBRD Governor: Myratdurdy Orazdudryyev
EBRD Alternate Governor: Merdanguly Palivanov
EBRD Board Director, Switzerland: Liliana de Sá Kirchknopf
EBRD Board Alternate Director: Artem Shevalev

EBRD Shareholders information

In Turkmenistan, we focus on expanding private-sector operations in the corporate and financial institutions sectors, supporting targeted policy dialogue and fostering coordination among international financial institutions and donor organisations.

Focus areas

Supporting private -ector development

Turkmenistan’s economy continues to be characterised by pervasive state intervention and state ownership. Although the number of private entrepreneurs and companies is growing, the private sector remains small and closely regulated by the state. In response to these broad reform challenges, during the next strategy period for Turkmenistan, the Bank will continue to focus its activities in the country on supporting private-sector development, both directly and indirectly via local partner banks. The EBRD will provide financing to privately owned firms outside the oil and gas sectors, focusing on food processing and distribution, logistics, transport services, packaging, furniture and hospitality. To support the development of effective and sustainable financial intermediation to the private sector, the EBRD will prioritise strengthening the financial sector to enable it to fund the economy by introducing market-oriented principles, and will launch a new banking framework agreement with existing and potential partner banks to channel funds to private-sector micro, small and medium-sized (MSME) clients.

Promoting international integration

To support enhanced integration of Turkmenistan’s economy into the global economy, the Bank will seek opportunities to attract much-needed foreign direct investment (FDI) by investing alongside foreign strategic investors and will promote cross-border trade through the EBRD's Trade Facilitation Programme with eligible partner banks. The EBRD may consider supporting regional transport operations, particularly for projects with a sound business rationale and which are integrated into the Central Asia Regional Economic Cooperation (CAREC) transport corridors or the European Unions's (EU) Transport Corridor Europe-Caucasus-Asia (TRACECA) programme.

Laying the foundations for future reforms

In some sectors, particularly energy efficiency, power and municipal services, reforms have been insufficient to enable the EBRD to engage fully. The Bank will therefore limit its activities in these areas to selective and targeted policy dialogue, as requested by the authorities, to promote the adoption of reforms leading to market-based solutions to the challenges in these sectors.

The EBRD’s latest country strategy for Turkmenistan was adopted on 10 July 2019.

6.3%

EBRD forecast for Turkmenistan real GDP growth in 2025

6.3%

EBRD forecast for Turkmenistan real GDP growth in 2026

The economy continues to grow robustly, driven by the mining sector, construction, trade and services sectors. Economic activity is supported by credit expansion, rising wages and investment. While both the current account and fiscal balances are estimated to be in surplus, the decline in global commodity prices will negatively impact Turkmenistan’s export receipts. Public debt remains negligible. Real GDP is forecast to continue expanding at the rate of 6.3 per cent in 2025 and 2026 as investments in energy, infrastructure, agriculture and food processing continue.

Turkmenistan strategy and snapshot

Turkmenistan strategy

PDF format / 0.74 MB

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Report on public comments

PDF format / 0.10 MB

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Turkmenistan country snapshot

PDF format / 1.01 MB

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Turkmenistan diagnostic paper

PDF format / 3.72 MB

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Local language translation

PDF format / 1.12 MB

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Contact the EBRD in Turkmenistan

Head of Office: Eric Livny

Address:

EBRD Ashgabat Resident Office, “Berkarar” Business Center, 13th floor, Suite M3, 82, 1972 street (Ataturk), 744000 Ashgabat, Turkmenistan

Telephone:

+993 12 46 88 20

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The EBRD in Turkmenistan

At the EBRD, we partner with donors to make the economies in our regions greener, more resilient and more inclusive. To date, half of our investments are backed by donor funds.

Focus areas

Supporting private -ector development

Promoting international integration

Laying the foundations for future reforms

Turkmenistan strategy and snapshot

Contact the EBRD in Turkmenistan

The EBRD in Turkmenistan

At the EBRD, we partner with donors to make the economies in our regions greener, more resilient and more inclusive. To date, half of our investments are backed by donor funds.

Focus areas

Supporting private -ector development

Promoting international integration

Laying the foundations for future reforms

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