Turkmen Stabilization Fund to Finance Production Projects

BUSINESS TURKMENISTAN
Turkmen Stabilization Fund to Finance Production Projects
The Stabilization Fund of Turkmenistan was established in 2008.

President of Turkmenistan Gurbanguly Berdimuhamedov during the online cabinet meeting on Friday signed a Resolution on the Procedure for allocating investments from the Stabilization Fund for the financing of new productions and trade agreements.

The draft Resolution was presented by the Vice-Premier Serdar Berdimuhamedov, the country’s official media reports.

In accordance with the current state investment policy, and taking into account the ongoing construction of facilities for industrial and social purposes and planned new constructions, the funds of the Stabilization Fund are envisaged to finance different investment projects.

According to the signed document, funds from the Stabilization Fund will be allocated to deposit accounts of credit institutions as short-medium and long-term loans to finance investment projects for the creation of new productions and trade agreements of Turkmen government agencies and the private sector.

The document, in accordance with the Budget Code, expanded the provisions on the areas of allocation of loans and improved its conditions, as well as, in accordance with the legislation of Turkmenistan, determined the maximum amount of credit funds allocated to the borrower within the framework of one project.

The Stabilization Fund was established in 2008. The new Resolution was prepared on the basis of earlier instructions of the Head of state and for the implementation of the country's Budget Code.