Turkmen banks will provide preferential loans for the development of domestic software
The Central Bank of Turkmenistan has developed a procedure for issuing preferential loans to small and medium enterprises for developing their own software, as well as for the purchase and implementation of domestic software already created by other firms. Document has been published on the Legal Information Portal of the Ministry of Justice.
According to the new procedure, loans for the development of software and necessary equipment will be issued for a period of 5 years at 2% per annum with a two-year grace period. A loan for the purchase and commissioning of domestic software will be provided for a period of 3 years at 2% per annum with a six-month grace period.
Loans will be provided on the condition that 15% of the funds for the implementation of the project will be provided by the company from its own reserves.
The procedure was developed in accordance with the resolution of the President of Turkmenistan on financial support for entrepreneurs in the development and implementation of domestic software dated August 27, 2021.
Financing of both the development and purchase of software should significantly stimulate the domestic market of IT products and interest the business, encourage it to study profitable offers from local developers.
Some domestic software products in Turkmenistan are already popular in the B2B (business to business) segment. An example is the “Akkhasap” program for automating sales and accounting for an enterprise.
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