BAKU, Azerbaijan, January 16. The Islamic Corporation for the Development of the Private Sector (ICD) will allocate $20 million in financing for Uzbekistan’s private sector businesses, Trend reports via the press service of the Trustbank.
This became known following a meeting between Hani Salem Sonbol, the Acting Chief Executive Officer of the ICD, and Sardor Normukhamedov, Chairman of the Board of Trustbank.
Owing to the amount of money allocated by the ICD, Uzbekistan will be able to finance private sector businesses, in particular Small and Medium Enterprises (SMEs).
Previously in 2018 and 2021, Trustbank benefited from two lines of finance totaling $17 million. Currently, in Uzbekistan, together with the ICD, 11 projects are being implemented across various sectors of the economy.
During the talks, the sides emphasized that allocated funds will contribute to the development not only of SMEs but also of the country's economy.
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.
Trustbank Private Joint Stock Bank, established in 1994, conduct banking operations and is headquartered in Uzbekistan’s capital Tashkent. The bank provides financial services in 14 branches with 1,801 employees.