Mejlis, the Legislature of Turkmenistan, has passed a law on “microfinance institutions and microfinance” [1]. According to the official report released by the Mejlis, the law is intended to attract financial resources to the country, facilitate the creation of industrial and business infrastructure and enhance the competitiveness of Turkmenistan’s private sector. Further details on the law are unavailable.
There are no microfinance institutions in Turkmenistan that report data to the US-based nonprofit Microfinance Information Exchange as of May 2011.
By: Alexandra Pattee, Research Associate
Sources and Resources:
[1] Turkmenistan.ru, “Turkmenistan adopts law on microfinance”,http://www.turkmenistan.ru/en/articles/14914.html
MicroCapital.org Article, July 28, 2010, “European Bank for Reconstruction and Development (EBRD) Loans $4m to JSCB Senagat and Turkmenbashy of Turkmenistan for SMEs“, https://www.microcapital.org/microcapital-brief-european-bank-for-reconstruction-and-development-ebrd-loans-4m-to-jscb-senagat-and-turkmenbashy-of-turkmenistan-for-smes/
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