Turkmenistan to Finance Local Software Businesses

BUSINESS TURKMENISTAN
Turkmenistan to Finance Local Software Businesses
Turkmen President noted the importance of providing support for financing projects of Turkmen businesses.

Turkmenistan will provide small and medium-sized businesses with financial support for the creation of national software and production of equipment, and for their purchase and commissioning works, President of Turkmenistan Gurbanguly Berdimuhamedov signed the relevant Resolution during the Cabinet of Ministers meeting held online on Friday.

This Resolution was prepared in order to form a digital economy through the systematic introduction of new technologies in the national economy that meet international standards, develop the electronic industry, bring the country to the level of advanced states, successfully solve the tasks outlined in the Concept for the Development of the Digital Economy in Turkmenistan for 2019-2025, the official media of Turkmenistan reports.

In accordance with the document, the Central Bank, together with the Ministry of Justice, the Ministry of Finance and Economy, the Agency for Transport and Communications under the Cabinet of Ministers and the Türkmenstandartlary (Turkmen Standards) Main State Service, within two months to prepare and in the prescribed manner approve the Procedure for issuing loans to small and medium-sized businesses for activities to create national software products and equipment production for a period of 5 years at 2% per annum with a grace period of 2 years, as well as for the purchase and commissioning of finished national software products and equipment for a period of 3 years at 2% per annum with a grace period of 6 months. 

During the meeting, the Turkmen Leader said stimulating the private sector provides for the modernization and dynamic development of the production sector, innovative activities of companies and individual enterprises, the creation of diversified import-substituting and export-oriented productions.

To this end, it is important to provide support for financing projects of Turkmen businesses, the Head of State said. After signing the draft Resolution, the Turkmen President gave appropriate instructions on ensuring strict control over the implementation of the provisions of this document.