IDB head: Cooperation with Turkmenistan is priority for bank

The President of Turkmenistan during a working visit to Tehran received the head of the Islamic Development Bank (IDB), Ahmed Mohammed Ali Al-Madani, Altyn Asir national TV channel reported.

"The IDB head said that cooperation with Turkmenistan is an important priority for his organisation," the information stated.

Madani also noted "very promising Turkmen market which has created the best conditions for business, including a favourable investment climate."

In this context both sides considered the expansion of cooperation between Turkmenistan and the IDB member countries.

"The Islamic Development Bank is one of Turkmenistan's most reliable partners," the Turkmen president said at a meeting, noting that visual confirmation of this is the successful implementation of joint projects in various fields.

They exchanged views on the prospects and possibilities of expanding bilateral cooperation.

The headquarters of the IDB (Islamic Development Bank), an international financial organisation, founded in 1973 by the member countries of the Organisation of the Islamic Conference, is in Jeddah (Saudi Arabia). Around 60 states are currently bank members.

IDB directly funds economies both through its own means and with the participation of co-financers by creating a consortium when projects are large scale and require a major financial impact.