IDB to Participate in the Implementation of the Turkmenistan-Iran – Kazakhstan Joint Railway

Jeddah,9.1.2010 : The President of the Islamic Development Bank (IDB) Dr. Ahmad Mohamed Ali, met in Ashgabat, Turkmenistan, recently, with H.E. Gurbanguly Berdimuhamedov , President of Turkmenistan, and H.E. Mahmoud Ahmedinejad, President of the Islamic Republic of Iran where ways and means of scaling up cooperation between Central Asia countries and the Bank’s Group were discussed.

The meeting took place after the signing of financing agreement for the Implementation of the (963 ) km Regional Railway Project. The total cost of the project is about US$ 1,4 billion, while IDB Participation stands at US$ 371 million to be channeled through the Government of Turkmenistan in favor of the project.

Dr. Ali emphasized the importance of the project “because it will enhance economic and trade cooperation between three member countries i.e., Turkmenistan Kazakhstan and Iran, and between the Islamic world, through those countries, and Central Asia region as whole . Such cooperation is an integral part of the Bank’s main objectives” he said.