Turkmen banks to provide private entrepreneurs with concessional loans
Turkmenistan, Ashgabat, July 21 / Trend H. Hasanov /
The Turkmen banks will give concessional loans to small and medium entrepreneurs, an official Turkmen source said today.
According to a decree signed by Turkmen President Gurbanguly Berdimuhamedov, loans will be given at five per cent per annum for up to ten years for investment projects associated with producing the goods, rendering services, as well as up to one year for getting floating assets.
The document was signed in accordance with the Turkmen law on "State Support of Small and Medium Entrepreneurship" to implement the state program of small and medium-sized entrepreneurship support in Turkmenistan for 2011-2015, to increase production, innovation and investment activity of people dealing with small and medium business and to provide their investment projects related to the development of production with loans and to create new jobs.
President Berdimuhamedov previously allowed the Central Bank to allocate $ 30 million to the Turkmen Union of Industrialists and Entrepreneurs at the expense of public resources to enhance the domestic business.
According to the long-term socio-economic development program till 2020, the share of private sector in the country's GDP must reach 70 percent.
Turkmenistan has recently held several economic reforms. A number of activities such as the national currency denomination, the unification of exchange rates and the scheduled transition to international accounting standards were implemented.