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ADFD signs AED 367m agreements with Turkmenistan

ADFD signs AED 367m agreements with Turkmenistan
The second agreement will finance the development of a hybrid power plant

UAE - Mubasher: Abu Dhabi Fund for Development (ADFD) has inked two agreements worth AED 367 million with the Government of Turkmenistan to construct an airport in Jebel in the Balkan Region and develop a hybrid power plant.

A total of AED 275 million ($75 million) will be allocated for the construction of an airport in Jebel in the Balkan Region, while the second agreement will finance the development of a 10 megawatts hybrid power plant at a total value of AED 92 million ($25 million), according to a press release on Thursday.

The airport development project in Jebel includes building the Jebel airport terminal with a capacity of 100 passengers per hour, alongside training the airport staff. 

Meanwhile, the hybrid power station project aims to offer clean energy alternatives to meet the needs of people in Altyn Asyr.

Commenting on the agreement, the Director-General of ADFD, Mohammed Saif Al Suwaidi, said: "The two agreements signed today articulate ADFD's commitment to advancing Turkmenistan’s infrastructure development and driving the country’s economic growth."

Meanwhile, the Chairman of the State Bank for Foreign Economic Affairs of Turkmenistan, Jepbarov Rahimberdi Jepbarovich, commented: "The two agreements we signed today with ADFD will further strengthen our bilateral relations, marking a key milestone in the development cooperation between both sides."

It is noteworthy to mention that in February 2021, ADFD signed three MoUs with the Government of Turkmenistan to establish an investment company and study the possibility of building a chemical complex project in Turkmenistan and financing several development projects focused on infrastructure development.