Turkmenistan will take part in increasing the total capital of the Islamic Development Bank. The corresponding proposal received from the IDB was approved by President Serdar Berdimuhamedov at the meeting of the Cabinet of Ministers held today, the Watan News Program of the Turkmen Television reported.

The Head of state noted that Turkmenistan, which is implementing a foreign policy strategy aimed at developing broad international cooperation, is always open to mutually beneficial relations with concerned parties, including reputable financial institutions.

“The Islamic Development Bank is one of the reliable partners of our country, with which a number of joint projects have been implemented in various areas. Participation in the process of increasing the total capital of the IDB will allow us to successfully interact within the framework of large-scale transformations underway in Turkmenistan, in particular, in the area of financing new projects and programs aimed at the progressive social and economic development of the Motherland,” Serdar Berdimuhamedov emphasized, instructing Deputy Prime Minister Mukhammetguly Mukhammedov continue relevant work in this direction.

The Islamic Development Bank is an international financial institution focused on Islamic finance. It is located in Jeddah (Saudi Arabia). The capital of the Bank is shaped from the contributions of the founding countries. The members of the Bank are 57 states, including Turkmenistan. The main requirement for admission to the membership of the Bank is participation in the Organization of Islamic Cooperation, payment of a membership fee to the capital of the Bank and compliance with the rules, procedures and terms adopted by the Board of Directors of the Bank.

The Islamic Development Bank has observer status at the UN General Assembly.

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