Turkmenistan: European Bank for Reconstruction and Development to Focus on Private Sector Growth

The European Bank FOR Reconstruction and Development (EBRD) is to launch a new country strategy for Turkmenistan despite ongoing concerns about the country's pace of reform.

The bank's "core priority" will be private sector growth.

"The bank will support private entrepreneurial initiatives, with specific focus on micro, small and medium-sized businesses, by enhancing their access to commercially-based finance and direct funding," the EBRD said in a statement on April 1.

However, the EBRD stressed it is not providing Ashgabat with a blank check.

"While recognizing some advances in Turkmenistan, the EBRD's new country strategy emphasizes that further improvements in the economic, political and social spheres are essential," the statement said, adding that progress would be monitored annually and operations adjusted accordingly.