How the Islamic Trade Cooperation is supporting Turkmenistan

The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-idb.org) signed a Framework Agreement for US$ 150 million with the Government of Turkmenistan. The event took place virtually on 22 December 2021 with Eng. Hani Salem Sonbol, Chief Executive Officer of ITFC and H.E. Mr. Rahimberdi Jepbarov, Chairman of the Board, State Bank for Foreign Economic Affairs of Turkmenistan, and IsDB Governor for Turkmenistan signing for ITFC and the Government of Turkmenistan respectively. This follows the approval of Turkmenistan’s membership application to join ITFC at the last ITFC General Assembly in September 2021 held during the IsDB Group annual meeting.

The framework agreement covers bilateral cooperation in the areas of trade financing for the import of essential commodities, supporting the agriculture and textile sectors, providing access to finance for the private sector, especially SMEs, and support for trade promotion, trade capacity building, and trade cooperation in Turkmenistan in line with the country’s national economic priorities and development plan.

Commenting on the signing, Eng. Hani Salem Sonbol, ITFC CEO said: “ ITFC remains firmly committed in supporting the socio-economic development of our member countries and this Framework Agreement is a step in that direction. Our support will span over several priority sectors of the Turkmenistan economy with particular focus on post COVID19 pandemic recovery, trade capacity building and Lines of Financing for SMEs. “

On his part, Mr. Rahimberdi Jepbarov, Chairman of the Board, State Bank for Foreign Economic Affairs of Turkmenistan and IsDB Governor for Turkmenistan added: “Development of trade-economic relations on the  regional and global levels, as well as supporting private sector are among high priorities of the Government of Turkmenistan and we see a membership in ITFC as a good platform to enhance iner and intra regional trade activity and to enable our private sector to grow at a faster pace. We are glad to be a member of ITFS as it offers us new opportunities in trade.”