Turkmenistan has become a member of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), which is part of the stable of the Islamic Development Bank Group (IsDB). Turkmenistan is the 47th member country of the trade insurance group.
Turkmenistan is home to nearly 6m people and a vibrant, fast growing economy, ICIEC says in a statement. The future of the Central Asian country looks bright because it benefits from an abundance of natural resources, a strong agricultural sector as well as low public debt and a youthful labor force.
ICIEC CEO Oussama Kaissi said, “ICIEC’s risk mitigation and credit enhancement services will act as catalysts for the strengthening and diversification of the country’s economy, supporting both increased exports and inward investment. ICIEC’s services will allow exporters, banks and investors from member and non-member countries alike to cover political and commercial risks related to their operations in Turkmenistan.”
ICIEC was established on 1 August 1994 as an international institution to strengthen economic relations between member countries of the Organisation of Islamic Cooperation.