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Gulf Countries, IDB to Lend Turkmenistan $1 Billion
ASHGABAT - A group of state-run funds from the Gulf countries and the Islamic Development Bank, or IDB, will lend Turkmenistan $1 billion to finance infrastructure projects, the Central Asian nation’s official media reported on Monday.
Long-isolated Turkmenistan, Central Asia’s largest gas producer, is seeking foreign investment to boost output and build new export links as it tries to diversify away from Russia, its former Soviet overlord and main consumer.
At a meeting last week, Turkmenistan presented a range of projects related to transport and industrial infrastructure and telecoms to the IDB and development funds run by Opec, Saudi Arabia, Kuwait and Abu Dhabi, Turkmen state television said.
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