AKIPRESS.COM - IFC, a member of the World Bank Group, will continue expanding cooperation with Turkmenistan to support the development of the country's private sector, part of an effort to boost shared prosperity and drive economic growth in the country.

IFC will complement the work of other World Bank Group institutions under a newly signed reimbursable advisory services agreement with government of Turkmenistan. Through the partnership, announced October 7, the World Bank Group will support the development of the country's financial sector and help the state refine the way it calculates economic statistics. IFC will concentrate on supporting private sector companies, helping them to expand, create jobs, and propel economic growth.

“The private sector is the key driver of economic growth around the world, responsible for creating the vast majority of jobs and economic opportunities,” said Moazzam Mekan, IFC Regional Manager for Central Asia. “We welcome the government's continued efforts to develop Turkmenistan's private sector and its financial industry. That is a key step in the effort to foster sustainable, long-term growth.”

IFC will seek opportunities for providing financing to micro and small businesses, via local banks. It also plans to invest in and providing advisory services to medium- and large-sized private enterprises in Turkmenistan. IFC will also support foreign direct investments through lending and other financial instruments.