ICD and JSC “Asia Alliance Bank” Cooperate to Finance SMEs in Uzbekistan
17 May 2017
News & Press Release
Jeddah, May 17, 2017 —The Islamic Corporation for the Development of the Private Sector (“ICD”), the private sector arm of IDB Group, and JSC “Asia Alliance Bank” have entered into a Joint Strategic Collaboration to finance SMEs in Uzbekistan. The signing ceremony took place at Hotel Hilton in Jeddah during the IDB 42nd Annual Meeting.
Mr. Khaled Al-Aboodi CEO of ICD and Mr. Khakimov Umid, First Deputy Chairman of JSC “Asia Alliance Bank”, signed the financing agreements for the amount of USD12 million.
The collaboration will focus on developing private sector especially SMEs, supporting economy, strengthening the balance sheet of the Bank, improving the living standard of the population by creating jobs, generating tax revenues for the government and promoting Islamic Banking in the country.
Mr. Khalid Al-Aboodi, CEO of ICD stated “ICD has been successfully engaging with local banks in Uzbekistan to strengthen the SMEs. We are pleased to extend the next line of financing facility to Asia Alliance Bank which will enhancing the impact of socio-economic development.”
Mr. Khakimov Umid said, “Asia Alliance Bank is committed to further strengthen its position in the Uzbek banking sector as a reliable, modern credit institution, providing a wide range of banking services and support SMEs in Uzbekistan. We are delighted about this partnership with ICD and Asia Alliance Bank. Through this partnership we aim to provide further support to enterprises in Uzbekistan to achieve their highest potentials.”
About JSC “Asia Alliance Bank”
The Bank is a privately owned universal commercial bank which carries out all kinds of banking operations represented in financial services market including servicing of private and corporate clients. Its principal activities are commercial and retail banking operations, transaction with foreign currencies, origination of loans, guarantees and letters of credit. Further information can be found at www.aab.uz
About the Islamic Corporation for the Development of the Private Sector
ICD is a multilateral organization and a member of the Islamic Development Bank (IDB) Group. The mandate of ICD is to support economic development and promote the development of the private sector in its member countries through providing financing facilities and/or investments which are in accordance with the principles of Shari’ah. ICD also provides advice to governments and private organizations to encourage the establishment, expansion and modernization of private enterprises. ICD is rated AA/F1+ by Fitch and Aa3/P1 by Moody’s. For more information visit www.icd-ps.org