RESOLUTION OF THE PRESIDENT OF TURKMENISTAN

of January 9, 1997 No. 2958

About creation of the State fund of development of transport and communication of Turkmenistan

For the purpose of complex development of transport infrastructure, telecommunications and communication systems in Turkmenistan I decide:

1. Create the State fund of development of transport and communication of Turkmenistan.

2. Approve the enclosed Regulations on the State fund of development of transport and communication of Turkmenistan.

3. Determine that all means of the State fund of development of transport and communication of Turkmenistan are created and used in strict accordance with Regulations on fund.

4. Open special accounts of the State fund of development of transport and communication of Turkmenistan: currency - in National bank of foreign economic activity of Turkmenistan and manatny Investbank in Joint investment commercial bank of Turkmenistan and National bank of foreign economic activity of Turkmenistan.

5. Form the Board of directors of the State fund of development of transport and communication of Turkmenistan in structure according to appendix.

Determine that the Board of directors of Fund submits for approval to the President of Turkmenistan perspective plans and comprehensive programs of development of industries of transport and communication, considers offers on the external economic contracts, exercises control of execution accepted to financing by fund of projects.

Appendix

to the resolution of the President of Turkmenistan of January 9, 1997 No. 2958

Structure of the Board of directors of the State fund of development of transport and communication of Turkmenistan

Niyazov S.A. - President of Turkmenistan (chairman Fonda)

Halykov of X. - Vice-chairman of the Cabinet of Ministers of Turkmenistan (vice-chairman Fonda)

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