ADB will finance promising export projects of Turkmen business
The State Bank for Foreign Economic Affairs of Turkmenistan will conclude a Memorandum of Understanding with the Asian Development Bank, which will stipulate the conditions for financing small and medium-sized business projects. Entrepreneurial projects will be selected based on their export orientation by a special state commission.
The proposal was voiced by Deputy Prime Minister Serdar Berdimuhamedov at a meeting of the Cabinet of Ministers on Friday, reporting to the President of Turkmenistan on cooperation with international financial organizations, including with a view to attracting credit funds and foreign investment to develop the movement of entrepreneurship in the country.
President Gurbanguly Berdimuhamedov approved this step, noting the growing role of domestic business in creating import-substituting and export-oriented enterprises. The head of state said that it is necessary to continue work to support and finance private sector projects.
At the same time, during the government meeting, the President urged to intensify the activities of the Union of Industrialists and Entrepreneurs, giving instructions to Deputy Prime Minister in charge of trade and business, Chary Gylydzhov, to create all conditions for saturating the domestic food market with domestic goods and stimulating Turkmen entrepreneurship, increasing its competitiveness and promoting its positions in foreign markets.
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