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OPEC Fund approves $45 million for Turkmenistan

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17 December 2021

The OPEC Fund for International Development (OPEC Fund) approved the allocation of $352 million for sustainable development operations around the world, of which $45 million - for Turkmenistan. This decision was made at the 178th session of the Board of Governors, which took place on December 15, according to the website of the Fund.

 The new OPEC Fund will support public sector projects in 10 countries, including Turkmenistan, for which a $45 million loan is envisaged for the Merchant Marine project.

 The project for Turkmenistan will include the construction of three new vessels for the transport of rail, passenger and dry cargo. After commissioning, the new vessels will increase the use of the seaport of Turkmenbashi on the Caspian Sea, part of the Europe-Caucasus-Asia transport corridor and one of the country's largest ports.

 The project also involves technology transfer through training of shipyard personnel in shipbuilding and repair. In addition to stimulating trade and economic activity, the project will create jobs, especially for young graduates.

 The OPEC Foundation is the only development agency with a global mandate to provide funding from member countries exclusively to non-member countries.

 The OPEC Fund was established by OPEC member countries in 1976 with the aim of stimulating development, strengthening communities and empowering people.

 The OPEC Fund has allocated more than $22 billion for development projects in more than 125 countries.