TREND - The Asian Development Bank (ADB) is poised to boost the competitiveness of small and medium-sized enterprises (SMEs) in Turkmenistan through comprehensive financial and technical support:The Asian Development Bank (ADB) is poised to boost the competitiveness of small and medium-sized enterprises (SMEs) in Turkmenistan through comprehensive financial and technical support, according to ADB's Country Director Artur Andrysiak. In a recent interview, Andrysiak detailed the bank's strategic plan under the Country Partnership Strategy for Turkmenistan for 2024-2028, which includes supporting the government's ambitions to diversify the economy and enhance private sector and human development. According to Trend News Agency, ADB's support for Turkmenistan will encompass various measures, including investments, policy and regulatory reforms, and institutional development. A crucial part of this initiative is the Building Capacity of SMEs Exporters Project, which is designed to expand the capabilities of SMEs engaged in export-oriented activities. "The project will not only increase credit availability for these businesses but also enhance SME credit underwriting and risk management practices, and integrate climate change considerations into the banking sector," Andrysiak explained. Moreover, ADB plans to offer knowledge support and capacity building to improve the business environment, diminish the predominant influence of state-owned enterprises, and promote private sector growth through Public-Private Partnerships (PPPs). "We are collaborating with the Ministry of Finance and Economy on a comprehensive diagnostic study to pinpoint opportunities and constraints in private sector participation and PPPs," Andrysiak added. This collaboration is part of an initiative to develop a roadmap for PPPs aimed at creating a more favorable working environment for private sector operations. ADB's commitment to investing in the private sector and fostering the development of innovative and transformational opportunities is p art of a broader strategy to enhance financial access for SMEs, improve regulatory frameworks, and stimulate private sector growth. This, in turn, contributes to Turkmenistan's goals of economic diversification and increased competitiveness. The Asian Development Bank is a key partner to Turkmenistan, supporting projects that improve transport infrastructure, economic diversification, human capital, and climate action. In 2023, ADB approved a small-scale technical assistance project worth $225,000 to boost private sector involvement and develop a roadmap for public-private partnerships in Turkmenistan. As of December 31, 2023, ADB had committed $634 million through 14 public sector loans, grants, and technical assistance projects to Turkmenistan. Source: Trend News Agency