ITFC and Turkmenistan signed a $ 150 million framework agreement
The International Islamic Trade Finance Corporation (ITFC) has signed a $ 150 million three-year Framework Agreement with the government of Turkmenistan. The document was signed on December 22 by Chief Executive Officer of ITFC Hani Salem Sonbol and Chairman of the Board of the State Bank for Foreign Economic Affairs of Turkmenistan and Executive of the Islamic Development Bank from Turkmenistan Rakhimberdi Dzhepbarov. The move follows the approval of Turkmenistan's application to join the ITFC at the last ITFC General Assembly in September 2021, which took place during the IsDB Group's annual meeting.
The Framework Agreement covers bilateral cooperation in the areas of trade finance for imports of essential goods, support for agriculture and the textile industry, access to finance for the private sector, especially SME, and support for trade development, building trade capacity and trade cooperation in Turkmenistan in line with national economic priorities and the country's development plan.
Commenting on the signing, Hani Salem Sonbol, CEO of ITFC, said: “ITFC remains firmly committed to supporting the socio-economic development of our member countries and this Framework Agreement is a step in that direction. Our support will cover several priority sectors of the economy of Turkmenistan with a particular focus on recovery from the COVID19 pandemic, building trade capacity and channeling finance to SME.”
For his part, Rakhimberdi Dzhepbarov, Chairman of the Board of the State Bank for Foreign Economic Affairs of Turkmenistan, added: “The development of trade and economic relations at the regional and global levels, as well as support for the private sector are among the key priorities of the government of Turkmenistan, and we see membership in the ITFC as a good platform for expansion domestic and intraregional trading activities; and to ensure the faster growth of our private sector. We are delighted to be a member of ITFS as it offers us new trading opportunities. "
A few days earlier, at its regular meeting on December 18, chaired by President and Chairman of the Board of the Islamic Development Bank (IsDB) Muhammad Al Jasser, the bank's Board of Executive Directors approved US $ 1.6 billion in funding for 24 new development projects in 19 member countries ... Among them, for the project on the development of maritime transport in Turkmenistan - 90.15 million US dollars. The project is aimed at enhancing activities in the international port of Turkmenbashi, increasing transport capacities and increasing the efficiency of the national marine fleet.
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