THE ISLAMIC CORPORATION FOR THE DEVELOPMENT OF THE PRIVATE SECTOR (ICD) AND JOINT-STOCK COMMERCIAL "ALOQABANK" PARTNER TO PROVIDE USD 30 MILLION IN FINANCING FOR PRIVATE SECTOR BUSINESSES IN UZBEKISTAN

  • ICD signs $30M Line of Finance Agreement with Aloqabank to support private sector businesses in Uzbekistan.
  • Agreement aims to promote Islamic finance, improve financial inclusion, and support SMEs.
  • The agreement reinforces ICD's commitment to promoting private sector development and Islamic finance worldwide.

Jeddah, March 2nd, 2023 - The Islamic Corporation for the Development of the Private Sector (ICD) has signed a USD 30 Million Line of Finance Agreement with Joint-Stock Commercial "Aloqabank" to support private sector businesses, with a particular focus on Small and Medium Enterprises (SMEs), in Uzbekistan.

The agreement was signed by Eng. Hani Salem Sonbol, the Acting Chief Executive Officer of ICD, and Ms. Kammuna Irisbekova, Chairman of the Board of Aloqabank, and marks the second Line of Finance facility extended by ICD to Aloqabank. This move aims to promote Islamic finance, enhance financial inclusion, and support private sector development in Uzbekistan.

Since Aloqabank already benefited from a previous USD 10 Million line of finance extended in 2019, this latest agreement will allow the Bank to continue supporting six projects across different sectors of the economy.

"We are delighted to maintain our partnership with Aloqabank and support the growth of private sector businesses in Uzbekistan," said Eng. Hani Salem Sonbol. "This line of finance will help to promote Islamic finance and financial inclusion, while also driving economic development in the country."

Ms. Kammuna Irisbekova also expressed her gratitude for ICD's ongoing support, saying: "We appreciate the opportunity to access finance that aligns with our values and the ongoing support of ICD. These funds will allow us to continue providing vital support to private sector businesses in Uzbekistan, particularly SMEs, and contribute to the overall development of the country's economy."

This agreement reinforces ICD's commitment to promoting private sector development in member countries and supporting Islamic finance worldwide. It also signifies Aloqabank's dedication to driving economic growth and fostering financial inclusion in Uzbekistan.

 

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About ICD

The Islamic Corporation for the Development of the Private Sector (ICD) is a multilateral development financial institution and a member of the Islamic Development Bank (IsDB) Group. ICD was established in November 1999 to support the economic development of its member countries through the provision of finance for private sector projects, promoting competition and entrepreneurship, providing advisory services to governments and private companies of its member countries, and encouraging cross-border investments.

ICD is Rated A2’ by Moody’s, ‘A-’ by S&P and, A+ by Fitch. ICD establishes and strengthens cooperation and partnership relationships with an aim to establish joint or collective financing. ICD also applies financial technology (Fintech) to make financing more efficient and comprehensive. For more information on ICD visit: www.icd-ps.org.

About JSC "Aloqabank"

Joint-Stock Commercial "Aloqabank" was established in accordance with the Decree of the Cabinet of Ministers of the Republic of Uzbekistan №502 dated October 12, 1994 to provide economic support to the enterprises of the Uzbek Communications and Informatization Agency and small and medium-scale business entities and is headquartered in Tashkent, the Republic of Uzbekistan. The Bank provides commercial banking services to retail and corporate clients, including SMEs through its 14 branches across the country and a work force of over 1,200 employees. For more information visit Aloqabank’s website at: https://aloqabank.uz/