New ADB Strategy to Propel Turkmenistan Towards a More Sustainable, Climate-Resilient, and Competitive Economy – EQ
In Short : The Asian Development Bank (ADB) has introduced a new strategy to help Turkmenistan achieve a sustainable, climate-resilient, and competitive economy. The plan focuses on diversifying the economy, enhancing climate resilience, promoting green energy, and improving business competitiveness. It also emphasizes regional integration, capacity building, and sustainable infrastructure to reduce dependency on hydrocarbons and foster long-term economic stability.
In Detail : MANILA, PHILIPPINES (28 August 2024) — The Asian Development Bank (ADB) today launched a new country partnership strategy for Turkmenistan designed to help the Central Asian nation develop a competitive, diversified, and knowledge-based economy driven by an innovative private sector.
Under the new strategy, covering 2024-2028, ADB’s assistance will focus on three strategic priorities — supporting the green transition to a sustainable and climate-resilient economy; economic competitiveness through diversification with an emphasis on private sector and human capital development; and promoting structural reforms and institutional development.
“ADB and Turkmenistan have a longstanding partnership and the new strategy underscores our unwavering commitment to the country’s development,” said ADB Director General for Central and West Asia Yevgeniy Zhukov. “As we enter this new chapter, we will continue working closely with the government and Turkmenistan’s development partners to help the country realize its ambitious long-term development goals.”
The new strategy will see ADB support the nation’s green transformation including investments in energy efficiency, renewable energy, low-carbon pilot projects, and policy reforms. The bank will continue to help Turkmenistan develop long-term decarbonization plans and help to reduce methane emissions in line with the nation’s climate change targets.
ADB will also support the development of sustainable and integrated transport networks focusing on railways along key trade corridors, including the Central Asia Regional Economic Cooperation (CAREC) corridors. This will help to boost the efficiency, reliability, safety, and integration of domestic and international supply chains.
The strategy recognizes the critical role of the private sector in driving inclusive economic growth in Turkmenistan. The bank will help to build up an export-oriented private sector and continue supporting domestic financial institutions – including to improve access to capital for small and medium-sized enterprises targeting export markets. ADB will also continue to support Turkmenistan’s accession to World Trade Organization.
To support the development of human capital, ADB will help to reform the health sector to improve access, quality, and the range of services available. The bank will support development of skills in the health workforce, taking advantage of the young population and promoting entrepreneurship.
ADB will continue to strengthen government institutions to expedite reforms needed for sustainable economic development and the transition to a modern, market-based economy. This includes helping the government improve its forecasting tools and capabilities in terms of macroeconomic analysis and management.
“ADB is proud to be an active partner in Turkmenistan’s development community,” said ADB Country Director for Turkmenistan Artur Andrysiak. “Under this CPS we hope to expand and deepen our engagement with Turkmenistan through innovative projects and technical assistance. These will be underpinned by a strong focus on climate change, regional cooperation and integration, women’s empowerment, and good governance, as we support the country in its efforts to move up the development ladder.”
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region.
