OPEC Fund approves $ 45 million loan for Turkmenistan shipbuilding project

The project includes the construction of three vessels for rail, passenger and dry cargo

The OPEC Fund for International Development (OPEC) will provide a loan of $ 45 million for Marine Merchant Fleet Project in Turkmenistan. The loan is part of allocation of $ 352 million approved by the OPEC Fund. The allocation of funds was approved at the 178th Cession of the OPEC's Governing Board, held remotely Wednesday, December 15, 2021, the OPEC Fund press office said.

The newbuilding project include the construction of three new vessels for the transport of rail, passenger and dry cargo. Once operational the new ships will increase the utilization of the Turkmenbashi seaport on the Caspian Sea, part of the Europe-Caucasus-Asia transport corridor and one of the largest ports in the country. The project will also offer technology-transfer by providing training in shipbuilding and repair to the shipyard’s staff. In addition to boosting trade and economic activity, the project will create job opportunities, particularly for young graduates.

About the OPEC Fund
The OPEC Fund is the development finance institution established by the Member States of OPEC in 1976 as a channel of aid to developing countries. The OPEC Fund works in cooperation with developing country partners and the international donor community to stimulate economic growth and alleviate poverty in all disadvantaged regions of the world. It does this by providing financing to build essential infrastructure, strengthen social services and promote productivity, competitiveness, and trade. The OPEC Fund’s work is people-centered, focusing on projects that meet basic needs – such as food, energy, infrastructure, employment (particularly relating to MSMEs), clean water and sanitation, healthcare, and education. The OPEC Fund aims to encourage self-reliance and inspire hope for the future.