ICD and JSC “Uzbek Leasing Int.” 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 “Uzbek Leasing Int.” have entered into a Joint Strategic Collaboration to finance SMEs in Uzbekistan.
Mr. Khaled Al-Aboodi, CEO of ICD, and Mr. Zafar Mustafaev, CEO of JSC “Uzbek Leasing Int.” signed the financing agreement for the amount of USD7 million during IDB 42nd Annual Meeting which took place at Hotel Hilton Jeddah.
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: “Uzbekistan is a key partner for ICD and we hope to scale up the cooperation with the Uzbekistani government and the private sector actors. This MoU will pave the way for ICD and strengthen its will to finance the private sector in the country and help SMEs achieve their objectives and have a better impact on the local economy.”
Mr. Zafar Mustafaev said, “We are delighted about this partnership with ICD and Uzbek Leasing International. Through this partnership we are further committed to empower growth and innovation by bringing modern technologies in the priority sectors of Uzbek economy.”
About JSC “Uzbek Leasing Int.”
The Company principal activity is providing finance leases to industrial companies within the Republic of Uzbekistan. The Company had 45 employees as at 31 December 2015 (31 December 2014: 48 employees). The Company has 7 representatives in most of the regions: Khorezm,Namangan, Samarkand, Nukus, Bukhara, Navoi, Kashkadarya (jointly with Surkhandarya). Tashkent and Tashkent Region are regulated by ULI Head Office. Further information can be found at www.uzbekleasing.com
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