Ashgabat, Turkmenistan, June 11
By Huseyn Hasanov – Trend:
The Turkmen Parliament ratified articles of the agreement with the Islamic Corporation for the Development of the Private Sector (ICD) and the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), Trend reports referring to the Turkmen government.
These institutions are part of the Islamic Development Bank (IDB). The IDB was founded in 1973 by member countries of the Organization of the Islamic Conference, and is headquartered in Jeddah, Saudi Arabia. The IDB directly finances the economies of the countries, both with its own funds and through co-financing, which involves the creation of consortia, when projects are large-scale and require large financial injections.
IDB supports Turkmenistan in financing projects aimed at implementation in the transport and communications sector and in the field of support for small and medium-sized enterprises.
In addition, the IDB participates in the financing of the Turkmenistan-Afghanistan-Pakistan-India gas pipeline project (TAPI).