Turkmenistan, Ashgabat, Nov. 26 /Trend H. Hasanov /
Turkmenistan state commerce bank Dayhanbank has started crediting business investment projects covering a wide range of developments, the Neutral Turkmenistan newspaper said on Monday.
New crediting regulations have been developed in accordance with a presidential decree 'On state support of small and medium enterprises' as of 20 July 2012.
The bank will allocate loans to investment projects aimed at the development of industrial production, construction, transportation, communications, information technology, consumer services, healthcare and tourism services.
Agricultural development of new and abandoned land, development and expansion of agricultural production, modernisation and the construction of sheep pens, farms and mini-workshops, purchase of livestock, poultry, animal feed and fertilisers are among priority areas.
The concessional lending services will be granted at a rate of five per cent per annum from the bank's equity and borrowings in local and foreign currency, as well as through the Central Bank of Turkmenistan by opening a credit line.
The newspaper notes that the loans will be granted to investment projects for a period of up to 10 years and for the purchase of working capital up to one year. The concessional lending envisages stimulating investment projects, creating jobs, contributing to market saturation of domestic goods and the development of competition.
Dayhanbank primarily serves the public and private agricultural producers and has over 50 branches in rural areas through which it provides loans to agricultural projects on short term lines of credit.
The bank has a general licence for transactions in foreign currencies and provides the services for foreign currency deposit accounts.