Uzbek “Trustbank” PJSB and ITFC sign agreement
Baku, Azerbaijan, Nov. 13
On November 12, an agreement was signed on the allocation of a credit facility in the amount of $4 million during a meeting between the leaders of the International Islamic Trade Finance Corporation (ITFC) which is a member of the Islamic Development Bank (IDB) Group, and Trustbank PJSB, Gazeta.uz reported.
The signed document has become an important step in the area of implementation of the projects aimed at the intensive socio-economic development of Uzbekistan. This is a consistent strengthening of cooperation with foreign and international financial institutions, which are defined in the decrees of the President of the Republic of Uzbekistan "On measures to further develop and maintain the banking system of the Republic of Uzbekistan" dated September 12, 2017 and "On measures to further improve the efficiency of cooperation with international and foreign financial institutions” dated December 17, 2017.
The purpose of the credit facility is to support trading operations for the period of up to one year.
"The agreement signed today will create opportunities for mutually beneficial cooperation between the two organizations in the search for new solutions in the field of trade finance in the interests of small businesses," Sardor Normukhamedov, Chairman of the Board of Trustbank said.
On July 9, Trustbank and the Islamic Corporation for the Development of the Private Sector signed a financing agreement.