Tashkent, Uzbekistan (UzDaily.com) -- The International Bank for Reconstruction and Development (IBRD) and the Government of Turkmenistan today have signed a Memorandum of Understanding (MoU) to set the framework for collaboration in preparing an investment Project which will further develop the Port of Turkmenbashi and improve the efficiency of its operations. The Chairman of the State Service of Maritime and River Transportation of Turkmenistan Mr. Meylis Mutdykov signed the MoU on behalf of Turkmenistan and the World Bank Regional Director for Central Asia Mr. Motoo Konishi signed on behalf of the IBRD.

The Project will aim at (i) enhancing the port’s competitiveness through capacity expansion necessary to efficiently meet current and future demand, (ii) bringing the port business practices in line with international and regional standards, and (iii) positioning the port to facilitate long term growth and investment. The Project is estimated to cost about US$ 62 million to be funded through the IBRD loan.

“This Memorandum of Understanding marks another significant milestone in the history of relations of the World Bank and Turkmenistan”, said Mr. Motoo Konishi, World Bank Regional Director for Central Asia. “The Bank supported several projects in the country in the past and we are pleased that now we are closely working with the Government of Turkmenistan to deliver a project that will contribute to the development of the country. The Project will be part of our new strategic partnership to be developed shortly with the Government of Turkmenistan. It would support one of the top priorities of the Government to develop modern and sustainable infrastructure in the country. We believe that the Bank’s international expertise in the area of maritime transportation and logistics will help Turkmenistan follow the world’s best practices.”

Turkmenistan became the member of the World Bank Group in 1992. In 1996, the Bank established a Liaison Office in Ashgabat to enhance communications with the government and to provide operational support. The first Country Assistance Strategy (CAS) for Turkmenistan was presented to the World Bank’s Board of Executive Directors in May 1997. Currently, the World Bank Group continues expanding its program in the country by cooperating with the Government of Turkmenistan in a number of areas of mutual interest.