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- Marine Merchant Fleet Project
Marine Merchant Fleet Project
Turkmenistan
| Borrower | Turkmenistan |
| Financing Type | Public Sector |
| Instrument | Project Loan |
| Focus Area | Transportation |
| Approved | 15.12.2021 |
| Signed | 15.02.2022 |
| Status | Ongoing |
| Loan Administrator | OPEC Fund |
| Executing Agency | Turkmenistan Maritime Agency |
| Co-financiers | ISDB, SCE, GOT |
| OPEC Fund Contribution (US$m) | 45.00 |
| Total Project Cost (US$m) | 150.25 |
The project will include the construction of three new vessels for rail, passenger and dry cargo. Once operational the new ships will increase the utilization of the Turkmenbashi seaport on the Caspian Sea, part of the Europe-Caucasus-Asia transport corridor and one of the largest ports in the country. The project will also offer technology-transfer by providing training in shipbuilding and repair to the shipyard’s staff. In addition to boosting trade and economic activity, the project will create job opportunities, particularly for young graduates.