The International Islamic Trade Finance Corporation (ITFC) will allocate $150 million to Turkmenistan. This was announced by the ITFC press service on December 23.
The corresponding framework agreement was signed online on December 22 by CEO Hani Salem Sonbol and Chairman of Vnesheconombank of Turkmenistan Rakhimberdi Jepbarov.
Funding will be used to intensify the partnership in trade finance for imports of essential goods. The money will also be used to support the agrarian and textile sectors, small and medium-sized businesses, and expand Turkmenistan's trade potential.
According to Sonbol, the agreement is focused on the recovery of the Central Asian country's economy amid a pandemic of coronavirus infection. For his part, Jepbarov noted that Turkmenistan is happy to be a member of ITFC.
Earlier, on December 18, the Islamic Development Bank approved financing for the construction of maritime transport in Turkmenistan at a cost of $90.15 million.
International Islamic Trade and Finance Corporation (ITFC) is an autonomous organization within the Islamic Development Bank Group. Its main objective is to promote trade among member countries of the Organization of Islamic Cooperation. ITFC helps companies to access trade finance, and provides companies with the necessary tools to build trade capacity in order to help them compete successfully in the global market.
Turkmenistan became a member last August.