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Turkmenistan will attract ITFC loan to finance promising projects

Turkmenistan will attract ITFC loan to finance promising projects

At a meeting of the Cabinet of Ministers of Turkmenistan held today, Deputy Prime Minister for Economic, Banking and International Financial Organizations Serdar Berdimuhamedov reported on attracting investments to finance promising projects.

The Deputy Prime Minister appealed to President Gurbanguly Berdimuhamedov with a request to allow him to attract credit funds from the International Islamic Trade Finance Corporation (ITFC), as well as to sign a Framework Agreement, the State News Agency of Turkmenistan reports.

Details about the amount of the loan and which projects are planned to be financed with the help are not specified.

The head of state recalled that the Islamic Bank was one of the investors in the construction of the North-South corridor, as well as in the modernization of the country's transport infrastructure, including the creation of telemechanics and communication systems, energy supply of the Ashgabat-Karakum-Dashoguz railway.

Berdimuhamedov approved the submitted proposal and stressed that “this step is an example of the successful implementation of investment policy and will contribute to the further development of the economy”.

On August 27, the President signed a decree on Turkmenistan's membership in the Islamic Corporation for Trade Finance of the Islamic Development Bank.

According to the document, the State Bank for Foreign Affairs of Turkmenistan on behalf of Turkmenistan is allowed to carry out work related to membership in the ITFC of the Islamic Development Bank and registration in accordance with the established procedure.

The International Islamic Trade and Finance Corporation (ITFC) is an autonomous organization within the Islamic Development Bank group and was created to promote and develop trade in order to improve the economic conditions and incomes of the population of the Islamic world. Its main task is to stimulate trade between the member countries of the Organization of Islamic Cooperation.

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