The Islamic Corporation for private sector development (ICD) will allocate US $ 10 million to Finance small and medium-sized business projects in Turkmenistan during the COVID-19 pandemic.

As it was reported at an expanded meeting of the Cabinet of Ministers of Turkmenistan, these funds will be allocated through the State Bank for foreign economic activity to implement projects aimed at increasing business activity in various sectors of the economy, increasing the types and volumes of goods produced by small and medium-sized enterprises, increasing their competitiveness in foreign markets and creating additional jobs.

"These measures will help to increase the production of import-substituting and export-oriented products," President of Turkmenistan Gurbanguly Berdimuhamedov said, giving instructions to Deputy Prime Minister Gadyrgeldy Mushshikov to ensure strict control over the targeted use of funds allocated by the Islamic Corporation for the development of the private sector, the state news Agency of Turkmenistan reports.

Founded in 1999, ICD is based in Jeddah, Saudi Arabia. Its main task is to Finance the private sector of the organization's member countries.