Ashgabat, Turkmenistan, Dec.28
By Huseyn Hasanov- Trend:
State Development Bank of Turkmenistan is designed to contribute to economic growth and employment of the population, increasing the reliability of financial and credit system, Neutral Turkmenistan newspaper reported.
"State guarantee allows the development bank to carry out preferential re-financing in the capitals' market, the newspaper said.
The state development bank is assigned the functions of preferential crediting of enterprises of various forms of property. It acts as a mechanism supplementing the activity of commercial banks in the spheres which are significant to socio-economic life.
These spheres include- industry, transport, agricultural production, housing construction, small and medium businesses, municipal economy and infrastructure facilities within individual regions.
Neutral Turkmenistan stressed that the bank was founded a little over two years ago.
The bank finances state investment projects.
The state ensures capitalization of the bank, provides preferential resources through the stabilization fund for reducing final crediting rates.
Preferential loans were provided for the construction of relevant infrastructure in Avaza national tourism zone, the construction of production complexes for grain processing in the country's regions, construction of textile complexes, for the purchase of freight and shunting locomotives and spare parts for them, and for the construction of North-South transport corridor - Gyzylgaya-Bereket-Etrek railway providing access to the Gulf countries and others.
Translated by L.Z
Edited by C.N.