The Islamic Corporation for Development of the Private Sector (ICD) intends to allocate credit funds to finance business projects in Turkmenistan. Applications for loans can be submitted by representatives of small and medium-sized businesses.
The State Bank for Foreign Economic Affairs is going to conclude a financial arrangement with this organization. Gurbanguly Berdymukhamedov signed a resolution allowing for this during a government meeting.
The document specifies that this agreement is an addition to the swap contract. It is concluded for three years and has a grace period of six months at 4.5% per annum.
The ICD International Financial Corporation is based in Jeddah, Saudi Arabia, and is part of the Islamic Development Bank.
The ICD is mandated to support the economic development of member countries and assist their private sector. Assistance is based on Shariah principles and is provided in the form of investments and/or financial injections. It also provides advisory and technical services to the member states, their state-owned enterprises and the private sector. Their aim is to improve the investment climate, promote the privatization of state-owned enterprises and improve Islamic capital markets.