IDB interested in investing in Turkmen private sector
By Trend
Turkmenistan is working to intensify partnership with the Islamic Corporation for the Development of the Private Sector (ICD), which is part of the Islamic Development Bank Group (IsDB), Trend reports with reference to the Neutral Turkmenistan newspaper.
The corresponding report at the Turkmen government meeting was presented by Deputy Prime Minister Gochmyrat Myradov. He said that the ICD is interested in investing in the projects of Turkmen businessmen.
In this regard, the relevant organizational work is planned by the State Bank for Foreign Economic Affairs of Turkmenistan, the report said.
The purpose of creating ICD is to support economic development and promote the development of the private sector in member countries by providing financing and/or investments that are carried out in accordance with the principles of Sharia (Islamic law). The ICD also provides advisory services to governments and private organizations to promote the creation, expansion and modernization of private enterprises.
The share of private sector in the gross domestic product (GDP) of Turkmenistan, excluding the fuel and energy industry, is more than 60 percent. This is a result of formation of the Union of Industrialists and Entrepreneurs of Turkmenistan (UIET) in 2008, which brings together over 20,000 entrepreneurs.
There are about 600 plants in Turkmenistan, including those producing construction materials, textiles and carpets, chemicals, metal products, furniture, glassware, as well as polyethylene and plastic products that are in demand in the domestic and foreign markets.