The World Bank's latest report on Turkmenistan showed that the Turkmen economy continued to grow in 2012, expanding by 11.1 percent after several years of sustained high growth.

The former Soviet republic possesses the world's fourth largest reserves of natural gas resources and is among the top 10 producers of cotton in the world.

Growth remained strong at 9.7 percent during the first semester of this year and is projected to reach approximately 12 percent by the end of the year, driven by hydrocarbon exports and domestic public investment spending.

Inflation increased to 7.8 percent at the end of 2012, up from 5.6 percent at the end of 2011, the exchange rate policy remained unchanged and the currently account in 2012 slightly weakened from a surplus of 2 percent of GDP in 2011.

The World Bank began engaging in Turkmenistan in 1995, preparing several studies and extending loans.

The World Bank Group, in consultation with the government of Turkmenistan, has also developed a new partnership program, the Interim Strategy Note, that will serve as a platform for expanded cooperation covering a two-year period of FY14-15.

As part of the ISN, the International Finance Corporation, the private sector arm of the WBG, may explore opportunities for support to small and medium-sized enterprises.