RIYADH, Saudi Arabia, April 30. The Islamic Corporation for the Development of the Private Sector (ICD) has signed a series of agreements with several Uzbek banks to bolster private sector development in Uzbekistan, Trend reports.
These agreements include: a Memorandum of Understanding (MOU) with Trustbank, in respect of a proposed USD 10 million Line of Financing facility to support the bank's efforts in financing eligible private sector entities in Uzbekistan, a MOU with Orient Finans Bank (OFB) to explore providing additional Line of Financing facility to the OFB having regard to the successful implementation of previous similar facilities extended to it by ICD.
In addition, the ICD also signed two other MOUs with Asia Alliance Bankand Uzbek Leasing International underscoring the ICD's continued commitment to fostering economic growth in Uzbekistan and providing Uzbek banks with the much-needed funding and support to expand and enhance their operation and support to private sector enterprises in Uzbekistan.
In terms of equity investments, the ICD, in its efforts towards promoting access to finance and financial inclusion also signed an MOU with Anor Bank of Uzbekistan with the objective of exploring the possibility of transforming a conventional finance company, Taiba Finance, into the first Islamic Bank in Uzbekistan.
This collaboration represents a significant step towards promoting financial inclusion in Uzbekistan.