BAKU, Azerbaijan, October 5. The EBRD expects
its first concrete investment transactions in Turkmenistan to
emerge from the memorandum signed with the Central Bank.


The European Bank for Reconstruction and Development (EBRD) Head
of Turkmenistan Eric Livny said this in an exclusive interview with
Trend, answering a
question about which of the five memorandums signed in July is
expected to translate into investment and financing projects
first.


"The agreement we expect to have the most immediate and
practical impact is the memorandum signed with the Central Bank of
Turkmenistan," he said.


According to Livny, the agreement creates a framework that will
allow the EBRD to resume direct financing of export-oriented
private companies with their own foreign-currency revenues.


"As a result, we expect the first concrete transactions to
emerge from our discussions with private businesses in sectors such
as manufacturing, agribusiness, logistics and export-oriented
services," Livny said.


He added that several visits by the bank’s banking teams are
already planned to identify potential investment opportunities and
advance project preparation.


"The second area, where we hope to move relatively quickly, is
cooperation with local financial institutions," he said.







According to Livny, the EBRD is exploring partnerships with
selected Turkmen banks that could support lending to small and
medium-sized enterprises while introducing international banking
expertise and trade-finance instruments.


Livny noted that the remaining memorandums covering transport,
sustainability and urban development also remain important,
although they are expected to require more extensive technical work
before developing into investment projects.


"They should therefore be seen as building the pipeline for
future engagement rather than generating immediate financing
operations," he said.


For reference, the European Bank for Reconstruction and
Development (EBRD) has been working with Turkmenistan since 1992.
Its engagement has focused on private-sector development,
cooperation with financial institutions and support for private
companies through financing and advisory services. The bank has
also identified sectors such as transport, logistics, agribusiness,
industry and commerce as areas with potential for further
private-sector investment.


According to the EBRD, the bank has financed 87 projects in
Turkmenistan, with cumulative investment reaching €322 million.


In July 2026, EBRD President Odile Renaud-Basso visited
Turkmenistan, during which the sides signed five memorandums of
understanding covering strategic cooperation for 2027-2032, the
banking sector, sustainable energy, environmental protection and
water resources, transport corridors, and Ashgabat’s participation
in the EBRD Green Cities programme. The documents are intended to
provide a framework for further cooperation.