Islamic bank discusses private sector development in Turkmenistan

Business Materials 4 February 2009 12:06 (UTC +04:00)

Turkmenistan, Ashgabat, Feb. 4 / Trend , E.Hasanov/

Head of the Private Sector Development Division of the Islamic Development Bank (IDB) Khalid Muhammed Al-Abud is reviewing the growth rate of the Turkmen private sector.

Turkmenistan joined the Islamic Corporation in 2001. The financial institution supports entrepreneurship in IDB countries by issuing loans and grants.

The discussions were held at the Turkmen Central Bank and Turkmen External Economic Bank, local media reported. Islamic corporation officials expressed an interest in increasing cooperation with the state.

Based on Turkmen development plans, the private sector's share in GDP will soon increase to 70 percent.

Ashgabat will host the summit of the IDB Board of Managers in June 2009.

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