ICD to finance private sector development in Turkmenistan

Finance Materials 13 November 2020 11:20 (UTC +04:00)
ICD to finance private sector development in Turkmenistan

BAKU, Azerbaijan, November 13

By Jeila Aliyeva - Trend:

The Islamic Corporation for the Development of the Private Sector will finance the development of small and medium-sized businesses in Turkmenistan, Trend reports with reference to the Turkmenportal information portal.

ICD will allocate $10 million to finance small and medium-sized businesses in Turkmenistan.

These funds through the State Bank for Foreign Economic Affairs of Turkmenistan will be directed to the implementation of projects aimed at increasing entrepreneurial activity in various sectors of the economy, in particular, to increase the types and volumes of goods produced by small and medium-sized enterprises, increase their competitiveness in foreign markets and create additional jobs.

ICВ is a multilateral development financial institution and is part of the Islamic Development Bank (IsDB) Group.

ICD was established in November 1999, in order to support the economic development of its member countries through by financing private sector projects, promoting competition and entrepreneurship, providing advisory services to the governments and private companies and encouraging cross border investments.

Follow the author on Twitter: @JeilaAliyeva