ICD and JSC “Hamkorbank” Cooperate to Finance SMEs in Uzbekistan
17 May 2017
News & Press Release
May 17, 2017 —The Islamic Corporation for the Development of the Private Sector (“ICD”), the private sector arm of IDB Group, and JSC “Hamkorbank” have entered into a Joint Strategic Collaboration to finance SMEs in Uzbekistan.
Mr. Khaled Al-Aboodi CEO of ICD and Mr. Ikram Ibragimov, Chairman of the Supervisory Board of JSC “Hamkorbank”, signed the financing agreement 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 engaging with local banks in Uzbekistan to strengthen the SMEs. This MOU will enable us to establish an all-encompassing financial network to support local SMEs willing to develop their business in the country.”
Mr. Ikram Ibragimov said, “We are delighted about this partnership with ICD and Hamkorbank. Through this partnership we intend to further provide high quality services to the clients, to stably develop our banking business, to grow together with our clients, partners and all stakeholders for the benefit of the country.”
About JSC “Hamkorbank”
Joint-Stock Commerical Bank “Hamkorbank” is one of the fastest growing banks catering individuals, commercial companies as well as large, medium and small sized corporates.
The Bank intends to reach its goals by consolidating and by expanding its positions all over the country, improving the professionalism of its staff, improving the quality and the level of automation and technology related to the offered services in order to establish trustworthy relations with each client, focused on long-term and mutually beneficial cooperation. Further information can be found at www.hamkorbank.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