ICD and Trustbank have signed a $20million Line of Finance Agreement. The facility will be used to finance the Uzbek private sector and fintech businesses. There will be a focus on small and medium enterprises (SMEs). 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 Sardor Normukhamedov, chairman of the board of private joint stock bank “Trustbank” (the Bank) signed the agreement to improve the Uzbek fintech scene.
This Line of Finance facility marks the third extended by ICD to Trustbank. It aims to promote Islamic finance and improve financial inclusion. All the while, it looks to support private sector development in Uzbekistan.
Trustbank has already benefited from two previous lines of finance totalling $17million: extended in 2018 and 2021. This enabled the financial institution to support 11 new projects. These are 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. We hope it also drives economic development in the country.”
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.”