Turkmen banks to provide loans to entrepreneurs for software development
The state will stimulate the participation of small and medium-sized businesses in the development of the electronic industry and the information technology industry in Turkmenistan. President Gurbanguly Berdimuhamedov signed a decree on financial support for projects of domestic companies to create national software products and electronic equipment.
According to the decree, small and medium-sized businesses will be allocated loans for a period of 5 years at 2% per annum with a grace period of 2 years - for projects in the field of software development and equipment production, and for a period of 3 years with the same interest rate and a grace period 6 months - for the purchase and implementation of ready-made software products and equipment.
The procedure for issuing loans will be prepared by the Central Bank, the Ministry of Justice, the Ministry of Finance and Economy, the Agency for Transport and Communications and the State Service "Turkmen Standards" within two months.
This is another step in solving the practical tasks laid down by the Concept for the Development of the Digital Economy in Turkmenistan for 2019-2025, which should significantly transform the software landscape in the country, help reduce the dependence of the national economy on imports of information technology and improve the overall investment climate in Turkmenistan.
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