Turkmenistan, IDB sign loan agreement

Business Materials 27 July 2011 16:29 (UTC +04:00)

Turkmenistan, Ashgabat, July 27 / Trend H.Hasanov /

The Turkmen State Bank for Foreign Economic Activities and the Islamic Development Bank (IDB) have signed an "Istisna" agreement and an agency agreement worth $121.17 million to fund a water project in the Balkan province.

The agreement was signed during a Turkmen delegation's participation in the 36th annual meeting of the IDB Board of Governors, held in Jeddah (Saudi Arabia).

The loan is issued for 19 years with a grace period of 4 years to fund water supply projects in the Balkan province (region). This project is implemented within the framework of a general program of providing clean drinking water to all settlements of Turkmenistan.

The Islamic Development Bank is an international financial institution established in pursuance of the Declaration of Intent issued by the Conference of Finance Ministers of Muslim Countries held in Jeddah in December 1973. The Inaugural Meeting of the Board of Governors took place in July 1975, and the Bank was formally opened on 20 October