The European Bank for Reconstruction and Development (EBRD) has invested more than €333 million in 87 projects in Turkmenistan, focusing on industrial production and small to medium-sized enterprises, said Eric Livny, head of the EBRD office in Turkmenistan, according to a report in the Neutral Turkmenistan newspaper published on Tuesday.

Since 1992, the bank has worked to modernize production and assist Turkmen companies looking to enter regional markets.

The bank’s current portfolio in Turkmenistan includes 15 active projects totaling €22 million. Key priorities involve digitizing business processes and helping companies meet international quality standards.

The EBRD is developing a new five-year strategy in collaboration with Turkmen authorities, which will emphasize enhancing export potential and improving infrastructure.

Promising investment areas include renewable energy, water resource management, and the development of the Trans-Caspian transport corridor, which could serve as an essential link between Europe and Asia.

As the largest investor in Central Asia, the EBRD continues to promote sustainable economic growth in Turkmenistan, with a strong emphasis on supporting the private sector and modernizing the economy.

Founded in 1991 by 40 countries and two international organizations, the EBRD currently operates in 34 countries.