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IFC Supports Private Sector Development in Turkmenistan

Ashgabat, Turkmenistan, October 14, 2016 —IFC, a member of the World Bank Group, is planning to ramp up its work in Turkmenistan to support the development of the country's private sector, part of an effort to boost shared prosperity and drive economic growth.
IFC will complement the work of other World Bank Group institutions under a newly signed agreement with government of Turkmenistan. Through the partnership, announced October 7, the World Bank Group will support the development of the country's financial sector and help the state refine the way it calculates economic statistics. IFC will concentrate on supporting private sector companies, helping them to expand, create jobs, and propel economic development.
“The private sector is the key driver of economic growth around the world, responsible for creating the vast majority of jobs and economic opportunities,” said Moazzam Mekan, IFC Regional Manager for Central Asia.  “We welcome the government's continued efforts to develop Turkmenistan's private sector and its financial industry. That is a key step in the effort to foster sustainable, long-term growth.”
IFC will seek opportunities for providing financing to micro and small businesses, via local banks. It also plans to invest in and provide advisory services to medium- and large-sized private enterprises. IFC will also support foreign direct investments through lending and other financial instruments.  
Turkmenistan joined the World Bank Group in September 1992. In 1996, the bank established an office in Ashgabat to enhance communications with the government and to provide operational support.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Working with 2,000 businesses worldwide, we use our six decades of experience to create opportunity where it’s needed most. In FY16, our long-term investments in developing countries rose to nearly $19 billion, leveraging our capital, expertise, and influence to help the private sector end extreme poverty and boost shared prosperity. For more information, visit
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