Islamic Corporation for Development of Private Sector provides $11 mln to Uzbek banks

Islamic Corporation for Development of Private Sector provides $11 mln to Uzbek banks

Uzbekistan, Tashkent, April 5 / Trend D. Azizov /

Islamic Corporation for the Development of the Private Sector, and two commercial banks of Uzbekistan, Ipak Yuli and Uzpromstroybank, signed an agreement on an additional line of funding totaling $11 million for lending to small businesses and private entrepreneurship.

The documents were signed on Tuesday as part of the 37th annual meeting of the Governing Council of the Islamic Development Bank, which takes place in Sudan.

In accordance with the signed documents, the Islamic Corporation for the Development of the private sector will provide $5 million to the Ipak Yuli bank and $6 million to Uzpromstroybank.

Uzbekistan became a member of the Islamic Corporation for Private Sector Development in 2004. Since 2006 the Corporation has provided seven banks of Uzbekistan with the financial resources of $72 million for lending to small businesses and private entrepreneurship.

Open Joint-Stock Innovation Commercial Bank (OJSICB) Ipak Yuli was created in 1990, ranks among the medium-sized banks in Uzbekistan. The Bank has structure of mini-banks, express centers and 10 branches in Tashkent, and several regions of the country. Correspondent relations have been established, in particular with the German Commerzbank AG and Deutsche Bank AG, the Austrian Raiffeisen Zentralbank Oesterreich, Kazakh Kazkommerzbank, American Express Bank (USA).

In 2011, it increased its assets, calculated according to national accounting standards, by 21.6 percent, compared to the same period in 2010, up to 640.9 billion soums, credit portfolio - by 49.9 percent, to 268 billion soums, equity - by 26.9 percent to 59.7 billion soums taking into account authorized capital of $35.5 billion soums. The authorized capital of the bank consists of 355.94 million common shares of and 60,000 preferred par value of 100 soums each. Bank shares are owned by about thousand shareholders, the largest of which is the National Export-Import Insurance company Uzbekinvest (about 18 per cent).

Net profit of the credit institution increased by 30.5 percent last year and amounted to 13 billion soums.

Uzbek Industrial Construction Bank ("Uzpromstroybank"), the third largest in terms of major financial indicators in the banking system of Uzbekistan, was established in 1922, re-registered in 1991. The main activity is lending to strategic sectors of industry. The structure of the bank includes 45 branches, 176 savings banks, 65 mini-banks located in all regions of the republic, a representative office in Moscow.

In 2011 the bank increased its assets, calculated by the NAS by 79.4 percent, compared to 2010, to 3.46 trillion soums, credit portfolio - 63.6 percent - to 2.23 trillion soums, own capital -by 22.7 percent, to 224.95 billion soums.

The authorized capital is now formed at a rate of 148.005 billion soums, it is divided into 57.78 million common and two million preferred shares of 2,475 soums each.

More than 35,000 shareholders own bank shares. The largest shareholders are the Ministry of Finance of Uzbekistan and the Fund for Reconstruction and Development, the combined share is currently 51 percent.

Uzpromstroybank received a net profit of 22.603 billion soums in 2012, which is 1.5 times higher than in 2010.

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