Azerbaijan, Baku, Nov. 1 / Trend N. Ismayilova /
The Islamic Corporation for Private Sector Development (ICD), a part of the Islamic Development Bank, has signed a memorandum of understanding with the Turkmen State Bank for Foreign Economic Affairs to promote mutual cooperation in the private sector, including small and medium entrepreneurship.
The memorandum was signed by ICD General Director Khaled Al-Aboodi and Turkmen State Bank for Foreign Economic Affairs Chairman Ragimberdi Jepbarov during the Second International Investment Forum in Turkmenistan.
The memorandum also provides for cooperation in promoting economic development and priorities for joint actions, including the private sector's rapid participation in the country's GDP, specifically in finance, agriculture, logistics, housing, services and the processing industry.
Al-Aboodi said the memorandum reflects the ICD's commitment to further develop partnerships with the private sector in the country by creating an investment holding company. He confirmed that this is the first case when such an agreement has been reached between the corporation and Turkmen state agencies.