THE ISLAMIC CORPORATION FOR THE DEVELOPMENT OF THE PRIVATE SECTOR (ICD) SUPPORTS PRIVATE SECTOR GROWTH IN UZBEKISTAN WITH $25 MILLION LINE OF FINANCE AGREEMENT WITH TURONBANK

12/03/2023
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  • ICD has signed a $25 million Line of Finance Agreement with Turonbank to support private sector businesses, with a focus on SMEs, in Uzbekistan.
  • The agreement reinforces ICD's commitment to promoting private sector development and Islamic finance worldwide.
  • The partnership between ICD and Turonbank will drive economic growth and foster financial inclusion in Uzbekistan.

Jeddah, March 12th, 2023 - The Islamic Corporation for the Development of the Private Sector (ICD) has announced a new $25 million Line of Finance Agreement with Turonbank to support private sector businesses, with a particular focus on Small and Medium Enterprises (SMEs), in Uzbekistan. The agreement marks the second time ICD has extended a Line of Finance facility to Turonbank, reinforcing ICD's commitment to promoting private sector development in member countries and supporting Islamic finance worldwide.

Under the agreement, Eng. Hani Salem Sonbol, the Acting Chief Executive Officer of ICD, and Mr. Chori Mirzaev, Chairman of the Board of Turonbank, signed the deal, which will promote Islamic finance and enhance financial inclusion in Uzbekistan. The funds will also support private sector development across different sectors of the economy.

"Our partnership with Turonbank has been instrumental in supporting private sector development in Uzbekistan, and we are excited to continue working together to drive economic growth," said Eng. Hani Salem Sonbol. "With this new line of finance, we can help promote Islamic finance and financial inclusion in the country."

"We are grateful for ICD's ongoing support and this new line of finance, which will enable us to continue providing much-needed support to private sector businesses in Uzbekistan, particularly SMEs," said Mr. Chori Mirzaev. "Together with ICD, we can contribute to the development of the country's economy and foster financial inclusion."

The latest agreement reinforces ICD's commitment to promoting private sector development in member countries, supporting Islamic finance worldwide, and Turonbank's dedication to driving economic growth and fostering financial inclusion in Uzbekistan. With this line of finance, ICD and Turonbank are providing a significant boost to private sector businesses in Uzbekistan, particularly SMEs, and contributing to the overall development of the country's economy.

 

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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 JSCB "Turonbank"

Joint-Stock Commercial Bank "Turonbank", existing in the financial market since 1990, is one of the largest banks in Uzbekistan and offers the population a wide range of services: from payment cards to profitable and reliable deposits. The bank successfully works with both legal entities and private clients. Turonbank has 20 branches in all regions of the Republic of Uzbekistan. This allows to work with clients throughout Uzbekistan and provide banking services and financial support to subjects of all sectors of the economy. The Bank is regulated by the Central Bank of the Republic of Uzbekistan (CBU) and conducts its business under the renewed banking license issued by the CBU. The registered office of the Bank is located at 4A, Abay Street, Tashkent, the Republic of Uzbekistan. For more information visit Turonbank’s website at: https://www.turonbank.uz/en/