Ashgabat, 26 November 2019: Inspired by the achievements of the joint project implemented in 2018, the State Bank for Foreign Economic Affairs of Turkmenistan (TFEB) and United Nations Development Programme (UNDP) continue partnership to introduce an innovative business model and digitalization of the banking system of Turkmenistan.

The overall project objective is to enhance TFEB’s capacity for better management of international development finance in order to implement SDGs and support implementation of the business and digital transformation of TFEB.

“It gives us a great pleasure to enhance our cooperation with the State Bank for Foreign Economic Affairs of Turkmenistan through support in digital transformation and introduction of the international standards in the banking sector of the country.” noted Natia Natsvlishvili, UNDP Resident representative a.i.

The new project “Supporting Digital Transformation in Banking” include the following components: 1. Improving alignment with the international financial reporting standards; 2. Building foundation for digital transformation; 3. Developing capacity and capabilities of TFEB staff.

During the project implementation, UNDP and TFEB will partner with the Central Bank, the Ministry of Finance and commercial banks of Turkmenistan, as well as with international financial institutions, such as the Word Bank, European Bank for Reconstruction and Development, Islamic Development Bank and Asian Development Bank working in the area of banking and financial sector development in Turkmenistan.