The Islamic Corporation for the Development of the Private Sector (ICD) and Private Joint Stock Bank “Trustbank” Partner to Provide USD 20 Million In Financing for Private Sector Businesses in Uzbekistan
This Line of Finance facility marks the third extended by ICD to Trustbank and aims to promote Islamic finance, improve financial inclusion, and support private sector development in Uzbekistan
The Kingdom of Saudi Arabia and Trustbank have signed a USD 20 million Line of Finance Agreement.
The facility will be used to finance private sector businesses, with a focus on Small and Medium Enterprises (SMEs), in Uzbekistan. The Line of Finance aims to promote Islamic finance, improve financial inclusion, and support private sector development in Uzbekistan.
Eng. Hani Salem Sonbol, the Acting Chief Executive Officer of the Islamic Corporation for the Development of the Private Sector (ICD), and Mr. Sardor Normukhamedov, Chairman of the Board of Private Joint Stock Bank “Trustbank” (the Bank), signed a USD 20 Million Line of Finance Agreement that will be used to finance private sector businesses, with a focus on Small and Medium Enterprises (SMEs), in Uzbekistan.
This Line of Finance facility marks the third extended by ICD to Trustbank and aims to promote Islamic finance, improve financial inclusion, and support private sector development in Uzbekistan.
Trustbank has already benefited from two previous lines of finance totaling USD 17 million, extended in 2018 and 2021, which have enabled the financial institution to support 11 new projects across various sectors of the economy.
“We are pleased to continue our partnership with Trustbank and support the growth of private sector businesses in Uzbekistan,” said Eng. Hani Salem Sonbol, the Acting Chief Executive Officer of ICD. “This line of finance will help to promote Islamic finance and financial inclusion, while also driving economic development in the country.”
Mr. Sardor Normukhamedov, Chairman of the Board of Trustbank, added: “We are grateful for the ongoing support of ICD and the opportunity to access finance that aligns with our values. These funds will allow us to continue providing vital support to private sector businesses in Uzbekistan, particularly SMEs, and contribute to the overall development of the country’s economy.”
Distributed by APO Group on behalf of Islamic Corporation for the Development of the Private Sector (ICD).
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.
ICD is Rated A2’ by Moody’s, ‘A-’ by S&P and, A+ by Fitch. ICD establishes and strengthens cooperation and partnership relationships with an aim to establish joint or collective financing. ICD also applies financial technology (Fintech) to make financing more efficient and comprehensive. For more information on ICD visit: www.ICD-ps.org.
Private Joint Stock Bank “Trustbank”, established in 1994 under the license from the Central Bank of the Republic of Uzbekistan No. 44 to conduct banking operations and headquartered in Tashkent, the capital of the Republic of Uzbekistan. The mission of the Bank is to strive for becoming the best in providing high quality modern banking services and to aim to switch from growth in numbers to change in quality. Today, the bank provides financial services in 14 branches with a number of employees of 1,801 persons in Uzbekistan.
