BAKU, Azerbaijan, July 29
By Ilkin Seyfaddini - Trend:
Uzbekistan’s Trustbank PJSB signed an agreement with the International Islamic Trade Finance Corporation, Trend reports citing the bank.
As part of the measures specified in the Decree of the President of Uzbekistan dated 20 December 2017 on measures to further improve the effectiveness of cooperation with international and foreign financial institutions, the bank signed an agreement with the International Islamic Trade Finance Corporation (a subsidiary of the Islamic Development Bank) on the allocation of a new credit line in the amount of $8 million.
The main purpose of the agreement is to develop small business and private entrepreneurship in Uzbekistan by supporting trade operations lasting up to one year, aimed at purchasing modern technological equipment and other fixed assets. The presented projects should comply with the Sharia law (Islam's legal system).
"Cooperation between Trustbank and the International Islamic Trade and Finance Corporation started in 2018. In November 2018, the International Islamic Trade and Finance Corporation allocated the first $4 million credit line to Trustbank, which has been fully utilized to date," the message said.
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