ICD to Allocate $10 Million to Turkmen Private Sector

BUSINESS TURKMENISTAN
ICD to Allocate $10 Million to Turkmen Private Sector
The Islamic Corporation for the Development of the Private Sector (ICD) was founded in 1999 and is one of the five institutions of the Islamic Development Bank.

During the Thursday meeting of the Cabinet of Ministers of Turkmenistan, Deputy Prime Minister Gadyrgeldi Mushshikov presented to President Gurbanguly Berdimuhamedov a proposal of the Islamic Corporation for the Development of the Private Sector (ICD) to allocate $10 million to finance projects of small and medium-sized businesses during the COVID-19 pandemic, TDH news agency reports.

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

According to the report, these measures will, first of all, help to increase the production of import-substituting and export-oriented products.

Having approved the proposal, the Turkmen President gave the Deputy Prime Minister specific instructions to ensure strict control over the targeted use of the financial resources allocated by the ICD.

The Islamic Corporation for the Development of the Private Sector (ICD), based in Jeddah, Saudi Arabia, was founded in 1999 and is one of the five institutions of the Islamic Development Bank.