The OPEC Fund for International Development approved a $10 million loan to the State Bank for Foreign Economic Affairs of Turkmenistan (SBFEAT) to support small and medium enterprises (SMEs). This is the first OPEC Fund loan to the Turkmen private sector.
The financial assistance provided will contribute to economic and SME growth in Turkmenistan, which is in line with Sustainable Development Goal (SDG) 8, to ensure decent work and economic growth.
The Turkmen government adopted a "State program to support SMEs" in 2018, aimed at boosting private business, in particular, to ensure an increase in the number of entrepreneurs, the volume of goods and services they produce, increasing the competitiveness of SMEs in global markets.
Abdulhamid Alkhalifa, head of the OPEC Fund, stressed that the financial deal will help implement the plans of the Turkmen authorities on social and economic development of the country, diversification of the economy and employment of citizens.
The OPEC Fund was created by member countries in 1976 to provide financial support to developing countries. The Fund's money is used to build infrastructure, strengthen social services, increase productivity, competitiveness and trade. In this way, economic breakthroughs and poverty reduction among the population are stimulated.