The Abu Dhabi Fund for Development (ADFD) on February 3 signed three memoranda of understanding (MoUs) with the government of Turkmenistan on channeling investments into multiple potential projects such as air transport, renewable energy, agriculture and tourism.
Such investments may help breathe some life back into the battered Turkmen economy, which has been hit by weak energy prices and the coronavirus (COVID-19) pandemic.
The first MoU envisages the launch of an investment company in Turkmenistan with a target capital of AED370mn (€84.2mn), where Turkmen officials are set to present possible investment schemes for ADFD. The parties will initially contribute AED58.7mn between them.
The second MoU focuses on carrying out a feasibility study on Abu Dhabi backing the creation of an AED642.7mn chemical industry complex in Turkmenistan to produce polyvinyl acetate.
The final MoU will explore potential areas for investment in infrastructure projects linked to renewable energy and air transport.
“The memoranda of understanding reflect ADFD’s keenness to expand its investment and economic partnerships with the government of Turkmenistan,” Mohammed Saif Al-Suwaidi, ADFD director general, told UAE state news agency WAM.
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