DUSHANBE, December 10, 2015, Asia-Plus -- Tajikistan is seeking cooperation with the Islamic Corporation for the Development of the Private Sector (ICD) in supporting labor migrants returning home.

Jamshed Nourmahmadzoda, Head of the National Bank of Tajikistan (NBT), yesterday met here with Farid Masmoudi, Director and Global Head of the Business Development and Partnerships Department at ICD.

According to the NBT press center, the two sides discussed prospects of expansion of bilateral cooperation.

Tajik central bank head, in particular, noted that ICD could open credit line to support improvement of financial opportunities of Tajik lending agencies, including banks and leasing companies.

Nourmahmadzoda also offered development of a project to support labor migrants returning home.

He also proposed to open a new line to finance construction of four storehouses for vegetables and fruits in four regions of the country.

For his part, Mr. Masmoudi noted that ICD was ready to provide short- and long-term financial assistance to exporters of domestic goods.

Small and medium-sized enterprises will be financed through banks, ICD official said.

ICD is a multilateral organization and a member of the Islamic Development Bank (IsDB) Group.  Its shareholders include the IsDB, 52 member countries, and five public financial institutions.  Established by the IsDB Board of Governors in November 1999, ICD is headquartered in Jeddah.  ICD is rated AA by Fitch Ratings in November 2014.

The mandate of ICD is to support the economic development of its member countries through provision of finance and equity investments to private sector projects in accordance with the principles of Islamic finance.  ICD finances and invests in projects that are specifically geared to creating employment opportunities and boosting exports.  Furthermore, ICD mobilizes additional resources for projects and encourages the development of Islamic financing and capital markets.  It also attracts co-financiers for its projects and provides advice to governments and private sector groups on policies aimed at encouraging the establishment, expansion and modernization of private enterprises, development of capital markets, best management practices and enhancing the role of market economy.