ICD organises a Webinar around Line of Finance Structure for Turkmenistan Banks
The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank Group (IsDBG) organized on 16th of September of 2021 at 11:00 am (Ashkhabad Time) webinar for banks in Turkmenistan.
The webinar lasted two hours, where Mr. Askar Baimuldin, Principal for FI Financing & Guarantees in the CIS region delivered ICD’s presentation on fundamentals of Islamic Finance and the Line of Finance (LoF) product, followed by the questions and answers session.
The main objective of the webinar was to further promote and expand knowledge about ICD’s LoF product among the banks in Turkmenistan. ICD has 55 member countries (including Turkmenistan) and provides access to financing and investment opportunities in s the fastest growing economies and regions in the world.
As one of the main product offerings for developing the private sector, ICD extends LoF to eligible financial institutions (FIs) in its member countries, with the aim of facilitating medium-term financing to private sector businesses and concurrently strengthening the financial position of beneficiary banks and non-banking financial institutions.
In 2019, ICD approved its first LoF facility in Turkmenistan in favor of the State Bank for Foreign Economic Affairs of Turkmenistan (SBFEAT) for a total amount of US$ 10 million, which has been successfully utilized to finance small and medium-sized enterprises (SMEs) in the country. In April 2021, ICD approved an additional US$10 million LoF to support SBFEAT’s private sector clients affected by the COVID-19 outbreak.
About the Islamic Corporation for the Development of the Private Sector (ICD)
The Islamic Corporation for the Development of the Private Sector (ICD) is a multilateral development financial institution and a member of the Islamic Development Bank (IsDB) Group. ICD was established in November 1999 to support the economic development of its member countries through the provision of finance for private sector projects, promoting competition and entrepreneurship, providing advisory services to the governments and private companies, and encouraging cross border investments. ICD is Rated A2’ by Moody’s, ‘A-’ by S&P and, A+ by Fitch. ICD establishes and strengthens cooperation and partnership relationships with an aim to establish joint or collective financing. ICD also applies financial technology (Fintech) to make financing more efficient and comprehensive. For more information, visit: www.icd-ps.org