The Islamic Corporation for Private Sector Development intends to allocate US $10 million to finance small and medium-sized businesses in Turkmenistan during the COVID-19 pandemic.
These funds will be directed through the Turkmen Vnesheconombank, which has experience in the field of Islamic banking, will be used to support business and, above all, finance the production of import-substituting and export-oriented goods. This information was announced at a meeting of the country’s Cabinet of Ministers on Thursday.
The Islamic Corporation for Private Sector Development (ICD) is an international financial institution based in Jeddah, Saudi Arabia.It is one of the five institutions of the Islamic Development Bank.
The corporation, founded in 1999, promotes the development of the private sector of the economy in the interests of its shareholders 45 states and 5 financial institutions from Islamic countries.