(MENAFN- AzerNews) ICD, the Islamic Corporation for the Development of the Private
Sector, will provide Uzbekistan's private sector with $20 million
in financing, Azernews 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.
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