Turkmenistan, Ashgabat, Oct.4 / Trend H. Hasanov /
Turkmenistan launched preparatory arrangements for establishment of the first investment company with the participation of the State Bank for Foreign Economic Affairs of Turkmenistan jointly with the Islamic Corporation for Private Sector Development, the bank said.
The basic idea and the purpose of incorporation of the international investment company in Turkmenistan is to expedite further development of private sector in Turkmenistan through facilitation of direct investments being an individual share in the authorized capital of foreign investors and the enterprises of small and medium enterprises.
The company's activity will be directed on stimulation in the following spheres, as financial, agricultural, transport, consumer goods, rendering of services, telecommunications, industrial enterprises, construction and infrastructure development. The company will certainly promote transformations in private sector of Turkmenistan. Another important direction of activity will be expansion of material security of these branch enterprises under granting industrial equipment and transport in lease.
Signing of the relevant Memorandum of Understanding between the State Bank for Foreign Economic Affairs of Turkmenistan and the Islamic Corporation for the Development of the Private Sector will be executed during the 2-nd International Investment Forum of Turkmenistan which will be held in Ashgabat on October 17-19, 2010.
Islamic Corporation for the Development of the Private Sector is an international financial institution affiliated with the Islamic Development Bank Group. The corporation was established in 1999. At present 45 member countries of the Islamic Development Bank and 5 financial institutions are being shareholders of the corporation. The purpose for establishing the corporation was to facilitate economic development in the member countries by the means of active stimulation of activity in the private sector. The corporation renders consultations on incorporation, expansion and modernization of projects in spheres of private entrepreneurship, development of security markets, improvement of management and increase a role of market economy.