Diversification of the hydrocarbon market and promotion of energy trade will be one of the three main areas of cooperation between the Asian development Bank and Turkmenistan in the next three years. This is provided for in the ADB-published country operations business plan for 2020-2022 for Turkmenistan.
Other areas of support include the diversification of non-carbon sectors through investment in transport infrastructure to improve market connectivity and private sector development; and intellectual work on economic diversification and reform resulting from the government's development goals.
The plan covers key operational priorities stemming from the ADB 2030 Strategy –fighting climate change, improving environmental sustainability, strengthening governance and institutional capacity, and promoting regional cooperation and integration.
Cooperation between Turkmenistan and ADB has been ongoing since 2000 and is mainly aimed at diversifying the country's export markets and accompanying development of the transport and energy sectors.
In particular, the ADB offered expert assistance to establish long-term export of Turkmen electricity to Afghanistan. Other projects include: "Strengthening urban investment planning and capacity to prepare and implement projects in Central and West Asia", "Partnership with the private sector to achieve results on sustainable trade facilitation in the regional economic cooperation Program in Central Asia", "Better customs for better customer service in the Central Asian regional economic cooperation countries", " Regional cooperation to expand cross-border energy trade in the Central Asian energy system – expanding membership in the Central Asian energy system" and others.
The portfolio of loans to Turkmenistan approved by the Bank totaled $125 million. since 2010, Turkmenistan has also participated in technical assistance projects under the Central Asian regional economic cooperation (CAREC) Program.
In General, the new ADB cooperation plan with Turkmenistan is in line with the country partnership strategy for 2017-2021.