Turkmen to Host Islamic Bank Meeting

A board meeting of the Islamic Development Bank, IDB, in Ashgabat next June will open the door to new investment opportunities for Turkmenistan, NBCentralAsia analysts say.



Turkmen president Gurbanguly Berdymuhammedov met IDB Group president Ahmad Mohamed Ali on November 3 to discuss plans for the meeting.



Turkmenistan already has a number of IDB-funded projects in the construction, communications and health sectors, and also takes part in meetings of the Organisation of the Islamic Conference since 1992.



NBCentralAsia observers predict that the country’s relationship with Islamic states will grow.



“It’s very important to work with Islamic financial institutions,” said an economist in Turkmenistan. “Berdymuhammedov wants more investment in energy and industrial projects, and IDB funding, as well as the terms on which it is offered, is very opportune.”



The IDB applies Islamic principles to its loan terms, offering unsecured and interest-free credit.