Saturday 18 September 2021

ADFD signs $100m development projects in Turkmenistan

ABU DHABI, June 10, 2021

Abu Dhabi Fund for Development (ADFD) has signed key development project deals worth AED367 million ($100 million) with Turkmenistan for the construction of an airport at Jebel in Balkan region and the setting up of a 10 MW hybrid power plant in Altyn Asyr.
This comes close on the heels of the three MoUs signed recently with Turkmenistan which included a joint study for building a chemical complex and infrastructure development projects with focus on renewable energy and air transport sector.
Over the years, ADFD has allocated a total of AED182 million towards the development of several projects in Turkmenistan.
On the new agreements, ADFD said the first agreement involved allocation of AED275 million towards the construction of the airport in Balkan Region, while the second agreement involved provision of AED92 million funding for the 10 megawatts hybrid power plant.
The agreements were signed by Mohammed Saif Al Suwaidi, Director General of ADFD, and Jepbarov Rahimberdi Jepbarovich, Chairman of the State Bank for Foreign Economic Affairs of Turkmenistan.
Commenting on the agreements, Al Suwaidi said: “These agreements articulate ADFD's commitment to advancing Turkmenistan’s infrastructure development and driving the country’s economic growth. We are confident that both projects will go a long way in ensuring an improved livelihood for the country’s population and fulfilling its sustainable development goals.”
"At ADFD, we prioritise building solid partnerships with the countries of the world through financing development and investment projects that contribute to sustainable growth," he stated. 
"Since ADFD began its development engagement with Turkmenistan in 1999, both countries have made outstanding efforts towards expanding our relations and opening new avenues of investment and economic cooperation. This has led to the development of several joint development and investment projects," he added.
Jepbarovich said these agreements will further strengthen the bilateral relations with UAE, thus marking a key milestone in the development cooperation between both sides.
"Furthermore, it will enable Turkmenistan to accelerate economic growth through supporting key sectors such as infrastructure, energy and transportation," he added.
According to him, the Jebal airport project is aimed at improving air transport infrastructure in the Balkan region and also enhance regional air connectivity in Central Asia.
Additionally, it will help attract investments to the city of Jebel in particular, and Balkan region in general through improving the quality transportation services, he added.
The project involves construction of an airport terminal in Jebel with capacity of 100 passengers per hour. The project components include planning, designing, construction and delivery of the project as well as training the airport staff. 
The hybrid power station project aims to provide clean energy alternatives to meet the needs of people in Altyn Asyr. The project consists of development of hybrid power plant with 10 MW installed capacity.TradeArabia News Service


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