First-ever Event on Financing the 2030 Agenda

As a follow up to the recommendations of the MAPS mission on diversifying the sources of financing for the realization of the Agenda 2030 for Sustainable Development in Turkmenistan, the United Nations and the Government of Turkmenistan have engaged in a dialogue to  expand access of Turkmenistan to international financing and to improve the country’s capacity to deliver and manage such financing streams effectively.

As part of the joint initiative, the United Nations Development Programme and the State Bank for Foreign Economic Affairs (TFEB) held the Financing for Development Conference on 20-21 June titled “Partnership for Development Financing at the Heart of the Great Silk Road”. The international conference brought together over 150 partners from ministries and state agencies, international financial institutions private entities and commercial banks as potential investors that have an interest in the country, as well as development experts from UNDP and other international organizations.

“Getting financing right will be critical to meet the SDGs by 2030. While there is no shortage of resources in the global economy, we need partnerships, sound planning, leadership and some creative ideas of looking at financing streams for development,” stated Rastislav Vrbensky, UNDP Deputy Regional Director for Europe and the CIS at the conference.

One of the purposes of the event was to create a joint understanding of the country’s sustainable development priorities, the related financing needs, benefits that investments bring to address sustainable development needs, including in delivery of quality and inclusive social services, and the various options that exist for mobilizing such resources, especially from international financial institutions and private sector.

As part of the Financing for Development Conference, the participants were offered to consider some specific ongoing development and infrastructure projects in Turkmenistan, such as investment cases in health care and education and the construction of the Turkmenistan- Afghanistan-Pakistan-India (TAPI) gas pipeline, which contribute to leaving no one behind and achieve sustainable development in the region of Central and South Asia.

The sessions aimed to shed light on the government’s views on the issue of private sector development and diversification, and its priorities and measures for encouraging bilateral state and private investment flows to implement the Agenda 2030.

As a result of the Conference, two partnership agreements with the State Bank for Foreign Economic Affairs of Turkmenistan were reached. It signed  a Memorandum of Understanding with UNDP concerning joint cooperation in mobilizing development financing for the achievement of the sustainable development goals in Turkmenistan, and  the Memorandum of Understanding regarding financing of potential projects in Turkmenistan between the Government of Turkmenistan and Al Qamra Holding Group (Qatar).