Turkmen President Gurbanguly Berdimuhamedov has stressed the need to reconstruct and modernize the naval port of Turkmenbasha to transform it into part of the Transport Corridor Europe-Caucasus-Asia (TRACECA), Trend reports.
The Turkmen leader had another council where he noted the need for technical re-equipment of the national trade fleet.
The Central Bank is studying opportunities to provide a loan using foreign currency to fulfill the project according to the general development plan for development of the Turkmenbasha Port and trade fleet until 2020. Reconstruction of the port would need billions of dollars.
Dozens of foreign companies have expressed interest in modernizing the naval port. The European Bank for Reconstruction and Development (EBRD), Japanese International Cooperation Agency may take part in the initiative. Turkmenistan has signed a memorandum of understanding on the modernization of the Caspian port with the International Bank for Reconstruction and Development (IBRD).
