Turkmen Senagatbank provides soft lending to investment projects
Turkmenistan, Ashgabat, Nov. 7 / Trend H. Hasanov /
Turkmen Bank Senagat is providing soft loans to investment projects at a rate of five per cent per annum from its own funds and borrowings, as well as from the country's central bank by opening a credit line, the Neutral Turkmenistan newspaper said on Wednesday
The bank's goal is the creation of new jobs, recruitment of the market with domestic products, development of competition, increasing investment activity in industry, transport, communications, information technology and innovation.
The bank is also providing soft loans on investment projects up to 10 years and for the acquisition of working capital up to one year.
About 1500 jobs were created by business entities that have received preferential loans from the bank, the article said.
The bank and its subsidiaries have funded about 70 investment projects on the creation of export oriented and import substituting facilities to the amount of 77 million manat.
Bank loans provided construction of facilities for building materials, asphalt, the commission of facilities on the production of food and dairy products, as well as furniture.
Senagat is one of the first commercial banks established in Turkmenistan which provided financial support for small and medium businesses. The bank serves private businesses, enterprises of all property types with a number of representatives of joint ventures and foreign companies.
The bank introduced a Yanardag system of electronic money, operating in Turkmenistan.