Support in expanding access to International Development Finance

What is the project about

The State Bank for Foreign Economic Affairs of Turkmenistan (TFEB) is the state commercial bank, which acts as an official agent of the Government of Turkmenistan at international capital markets by carrying out activities to attract mid-term and long-term loans to finance investments projects in the country. The major priority areas for TFEB include strengthening of the Bank`s rating, its position among the most respectable financial institutions, achievements of efficient structure, increase of its capital base, consolidation of influence at the capital market, improvement of governance structure and technical base.  In this context, TFEB is actively cooperates with the United Nations Development Programme (UNDP) with a view to introduce the best international practices in this area.

The overall project objective is to enhance access of government agencies of Turkmenistan to international financing in order to implement the Sustainable Development Goals and improve the national capacity in the area of investment projects management.

What we aim to accomplish

During the project implementation, UNDP with TFEB will partner the Central Bank, the Ministry of Finance and commercial banks of Turkmenistan, as well as with international financial institutions, such as the Islamic Development Bank, the World Bank, European Bank for Reconstruction and Development, and Asian Development Bank working in the area of banking and financial sector development in Turkmenistan

The project consists of three main components:

i)                    Supporting the functions of TFEB, as an official agent of the Government of Turkmenistan, on attraction of external loans by improving mechanisms of coordination of the projects financed by external borrowings

ii)                  Supporting the development  of commercial banking of TFEB by formulation of the  mid-term business strategy of the bank with focus on introduction of innovative technologies in business-processes and  development of new bank products

iii)                Preparation for introduction of digital banking in TFEB

Who Finances it

Government of Turkmenistan

USD 593 000
UNDP USD 45 000
Total:  USD 638 000

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