DUSHANBE, Tajikistan, November 27. The International Islamic Trade Finance Corporation (ITFC) and the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) have announced a new program aimed at supporting start-ups and small and medium enterprises (SMEs) in Central Asia, Trend reports.
According to the ITFC, the announcement was made at the Special Program for the Economies of Central Asia (SPECA) Economic Forum, held in Tajikistan's Dushanbe.
This new program, set to launch in May 2025, will be implemented in collaboration with Gobi Partners, a leading venture capital firm focused on Asia, and GUIDE, an organization dedicated to entrepreneurship development.
The program will help Central Asian start-ups and SMEs access new markets and attract investments, with the goal of boosting digital service exports from the region. An open call for Central Asian startups and SMEs will be released in January 2025.
For reference, the ITFC, a member of the Islamic Development Bank (IsDB) Group, was established to promote trade among member countries of the Organisation of Islamic Cooperation (OIC). Since its inception in 2008, the ITFC has provided $75 billion in financing to OIC member countries to enhance trade and improve socioeconomic conditions.
The ESCAP, the largest intergovernmental platform in the Asia-Pacific region, works to foster cooperation among its 53 member states and 9 associate members. The Commission focuses on addressing sustainable development challenges and promoting regional integration.
The forum, themed "Green Development in the SPECA Region," kicked off on November 26, 2024, in Dushanbe. The event brought together high-level delegations from SPECA member states, the private sector, and international organizations. Over 100 experts in green economy development, digitalization, sustainable transport, investment facilitation, and trade simplification participated in the discussions.