OREANDA-NEWS. October 20, 2009. “The Annual Meeting of the Board of Governors of the Islamic Development Bank, which was held in Ashgabat this June, resulted is new investments of the IDB member states in Turkmen economy. The International Investment Forum of Turkmenistan is to achieve this goal as well.

Dr. Ahmad Mohammed Ali Al-Madani noted that Turkmenistan had the natural resources that enabled to diversify the investment potential to the full extent. The wide-scale transport, telecommunications, fuel and energy projects are particularly attractive for foreign investors.

The IDB President explained that this was the so-called “regional effect”, when the development of a particular country had a directly or indirectly impact on the development of the neighbouring countries and led to the common welfare. For example, the Turkmenistan-Uzbekistan-Kazakhstan-China gas pipeline that crosses the territories of several countries will better the financial situation in each of them. The flows of transit goods along the new railway Bereket Etrek-Gorgan will contribute to the economic progress of not only Turkmenistan but also Kazakhstan and Iran. Turkmenistan played a key, leading role in these projects. Dr. Ahmad Mohammed Ali Al-Madani confirmed that the Islamic Development Bank was ready to cooperate with all investors, who intended to finance the progress of Turkmenistan’s economy

The IDB President noted that the Bank had the special structure that aimed the activity to develop the private sector as well as the corporations specialized in promoting trade and insurance of export credit and investments, under which the Bank provided the safeguards. All this contributed to maintaining and encouraging investment activity. Dr. Ahmad Mohammed Ali Al-Madani assured that the IDB had many opportunities to attract investors in Turkmenistan.

Dr. Ahmad Mohammed Ali Al-Madani emphasized that the Charter of the IDB based on the policy of noninterference in internal affairs of the member countries paid close attention to all the social and economic factors and risks that could affect the successful completion of the IDB-funded projects. Political and financial stability, growth of the gross national product, diversification of industries, establishment of export-oriented and import substitution industries in Turkmenistan, which demonstrated the rapid economic progress to world community, considerably contributed to enhancing cooperation between the Islamic Development Bank and Turkmenistan.

The IBD President said that the Bank directly financed the national economy through establishing the consortiums if the large-scale projects required substantial financial aid. One of these consortiums consisted of the Funds for Development of Saudi Arabia, Abu Dhabi, Kuwait, Qatar and the OPEC Fund for International Development. The representatives of these Funds conduct the roundtables on a regular basis to discuss the potential projects for co-funded projects are believed to be very promising. Dr. Ahmad Mohammed Ali Al-Madani informed that one of these roundtables would be held in Ashgabat in December.

In conclusion, the guest wished Turkmenistan every success in completing the economic and humanitarian projects to Turkmenistan and expressed belief that the International Investment Forum would considerably contribute to it.