Jeddah, Kingdom of Saudi Arabia, 18 December 2021 - The Members of the Board of Executive Directors of the Islamic Development Bank (IsDB), in their 343rd meeting held on 18 December 2021, approved the allocation of US$ 90.15 million of financing for a major maritime transport project in Turkmenistan.

The Maritime Transport Development Project in Turkmenistan will include the construction of three vessels at the state-owned Balkan Shipyard, situated in Turkmenbashi Sea Port - the largest port in the country.

The total cost of the project is estimated at US$ 150,25 million. IsDB`s contribution to the project comes in two operations. US$ 90 million will be extended through Installment Sale and US$ 0.15 million shall come through the Bank’s Reverse Linkage grant for sharing of expertise and knowledge.

The IsDB financing is expected to cover around 60% of the total project cost 30% of which (US$ 45 million) will be financed by the OPEC Fund while the remaining amount of US$ 15 million will be covered by the Government of Turkmenistan.

The project aims to enhance the capacity and efficiency of maritime transport operations through Turkmenbashi port on the Caspian Sea which is the part of the Europe-Caucasus-Asia transport corridor and develops in-house shipbuilding capacity.

It will also create job opportunities, particularly for young graduates and is expected to contribute to environmental protection through new technology engines.