Turkmenistan to receive loan from OPEC to support local businesses
BAKU, Azerbaijan, May 25
By Jeila Aliyeva - Trend:
The OPEC Fund for International Development has approved the $10-million loan to the The State Bank for Foreign Economic Affairs of Turkmenistan to support country’s small and medium-sized businesses, Trend reports with reference to Arzuw NEWS.
Turkmenistan’s private sector will receive the loan first. Thus, the provided financial assistance will contribute to the growth of the country's economy.
The Turkmen government adopted a state program to support small and medium-sized businesses in 2018. The program is aimed at activating private business, in particular, ensuring an increase in the number of entrepreneurs, the volume of goods and services they produce, and improving the competitiveness of small and medium-sized businesses at world markets.
The head of the OPEC Fund, Abdulhamid Alkhalifa, noted that the financial deal will help Turkmenistan to implement its plans for country's socio-economic development, economic diversification and employment of citizens.
The OPEC Fund was established by member countries in 1976 to provide financial support to developing countries. The Fund's assets are used to create infrastructure, strengthen social services, increase productivity, competitiveness and trade.
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