State Bank for Foreign Economic Affairs of Turkmenistan (SBFEAT)
The State Bank for Foreign Economic Affairs of Turkmenistan "Turkmenvnesheconombank" - the state commercial bank was founded in January 27, 1992 on the basis of former USSR Foreign Economic Bank by the Decree of the President of Turkmenistan Saparmurat Turkmenbashi. Turkmenvneshecombank, being contemporary of Turkmenistans independence was established for developing and strengthening foreign economic relations and for protecting monetary interest of Turkmenistan. The most important pre-condition for the banks creation was the implementation of wide scale investment program for the purpose of national economic radical reforming and ensuring economic prosperity of Turkmenistan.
For the purpose of promoting economic development of the country through all its history Turkmenvnesheconombank, acting as an Agent of the Government of Turkmenistan on the international capital markets, carried out the work of attracting foreign credits into the economy of Independent Turkmenistan. In this direction the bank has acquired unique experience of cooperation and interaction with various foreign financial institutions: commercial and investment banks, export credit agencies and development banks. Since its existence the geography of the Banks cooperation has included the countries of North America, Europe and Asia, that allows the Bank to be in touch with different types of "credit culture" and learn the wired experience in the banking business.
In virtue of peculiarity, namely, the major part of the banks assets are presented in the form of long-term credits, financed for the account of foreign borrowings, directed to the implementation of the State Program for Economic Development of the country.See more