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Turkmenistan: IFC Membership Will Aid Private Sector

Washington, 30 May 1997 (RFE/RL) - Turkmenistan has become the 172nd nation to join the International Finance Corporation (IFC), the World Bank affiliate organization which deals with the private sector.

Turkmen ambassador to the United States, Halil Ugur, signed the IFC's Articles of Agreement in Washington yesterday.

The IFC says Turkmenistan's membership will enable the corporation to undertake a range of activities in the country, including project financing, equity investments and technical assistance.

The IFC says it expects to play a role in developing the financial sector in Turkmenistan first, supporting small and medium sized enterprises and structuring and financing major projects related to natural resources extraction and processing.