Turkmenistan, IDB sign memorandum in support of private sector
Turkmenistan, Ashgabat, Nov. 11 / Trend H.Hasanov /
The Islamic Corporation for Private Sector Development (ICD), a part of the Islamic Development Bank (IDB), has signed a memorandum of understanding with the Turkmen State Bank for Foreign Economic Affairs to support the private sector, including small and medium entrepreneurship.
Turkmenistan, together with the ICD, is preparing to establish the first international investment company aimed at promoting industries such as finance, agriculture, transport, services, telecommunications, manufacturing plants, construction, and infrastructure development, which to some extent will help transform the private sector.
Another important direction is to extend logistical support to industrial enterprises through providing leased manufacturing equipment and transport.
The ICD was founded in 1999 and is located in Jeddah. The ICD supports economic development in member countries by promoting private sector development. It includes 45 member countries and five financial institutions.
The IDB is an international financial organization founded in 1973 connecting about 60 states.
The IDB directly funds the economies of countries through its own finances and with the participation of co-financers - through the establishment of consortiums when projects are ambitious and large-scale. The IDB regards transport, telecommunications and energy projects as particularly attractive in Turkmenistan.