English Hani Salem Sonbol, Chief Executive Officer of the Islamic Private Sector Development Corporation (ICD) (www.ICD-ps.org), and Mr. Azamat Turayev, Deputy Chairman of the Board of the Joint-Stock Commercial Bank “Agrabank” (Agrabank), signed a Sharia-compliant line agreement USD 25 million in financing to be used by Agrobank to finance private sector enterprises, particularly small and medium-sized enterprises (SMEs) in Uzbekistan.
ICD, the private sector arm of the Islamic Development Bank (IsDBG), has extended its fourth line of financing to Agrobank to promote Islamic finance, improve financial inclusion and support private sector development in Uzbekistan.
On this occasion Eng. Hani Salem Sonbol commented that “this line of financing will be used by Agrobank to support the economic activities of private sector enterprises in Uzbekistan.” He added: “SMEs play a crucial role in the growth and development of the country. The ICD is now focusing on increasing access to Islamic finance by channeling funds to established financial institutions in member countries.”
The deputy chairman of the board of Agrobank, Azamat Turaev, highly appreciated the quality of the partnership between the two institutions. Mr. Turaev noted: “Our bank used three financing lines for a total amount of USD 21 million, which were extended in 2010, 2012 and 2018. These lines have enabled the bank to support several small and medium-sized enterprises by financing projects in various vital sectors of the economy. Mr. Turaev added: “I would like to take this opportunity to express my respect to the ICB and wish them success in their activities. We are grateful to the ICD for extending this fourth line of financing in challenging times during the recovery from the COVID-19 pandemic, when banks need to support their customers, especially SMEs. We believe that in the future we will expand and strengthen our mutually beneficial cooperation between our institutions.”
Since its inception and as a testament to ICD’s strong commitment to private sector development in its member countries, ICD has extended financing lines to several financial institutions in Uzbekistan for private sector development.
Distributed by APO Group on behalf of the Islamic Corporation for Private Sector Development (ICD).
The Islamic Private Sector Development Corporation (ICD) is a multilateral development finance institution and a member of the Islamic Development Bank (IsDB) group. The ICD was established in November 1999 to support the economic development of member countries by providing financing for private sector projects, promoting competition and entrepreneurship, providing advisory services to member governments and private companies, and encouraging cross-border investment.
ICD is rated A2′ by Moody’s, ‘A-‘ by S&P and A+ by Fitch. ICD establishes and strengthens cooperation and partnerships with the aim of creating joint or collective financing. ICD also applies financial technology (Fintech) to make financing more efficient and comprehensive. For more information about the ICD, visit: www.ICD-ps.org.
About JSC “Agrabank”:
Joint-stock commercial bank “Agrobank” is the largest bank of the Republic of Uzbekistan, which has an extensive network of branches throughout the country, including the Karakalpak Republican Office and 12 regional branches, 170 branches, 146 mini-banks, 371 special cash desks and 346 money transfer points.
Today, more than 9,000 leading specialists of the bank provide quality service to more than 340,000 legal entities and more than 2.4 million individuals.
In its activities, Agrobank focuses on financing the real sector of the economy, attracting the free cash of the population into the banking circulation, expanding the branch network and client base, increasing the types of services, implementing the established basic parameters of the bank’s business plan and budget.
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