(MENAFN- Trend News Agency) RIYADH, Saudi Arabia, April 30. The IslamicCorporation for the Development of the Private Sector (ICD) hassigned a series of agreements with several Uzbek banks to bolsterprivate 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 ofFinancing facility to support the bank's efforts in financingeligible private sector entities in Uzbekistan, a MOU with OrientFinans Bank (OFB) to explore providing additional Line of Financingfacility to the OFB having regard to the successful implementationof previous similar facilities extended to it by ICD.
In addition, the ICD also signed two other MOUs with AsiaAlliance Bankand Uzbek Leasing International underscoring the ICD'scontinued commitment to fostering economic growth in Uzbekistan andproviding Uzbek banks with the much-needed funding and support toexpand and enhance their operation and support to private sectorenterprises in Uzbekistan.
In terms of equity investments, the ICD, in its efforts towardspromoting access to finance and financial inclusion also signed anMOU with Anor Bank of Uzbekistan with the objective of exploringthe possibility of transforming a conventional finance company,Taiba Finance, into the first Islamic Bank in Uzbekistan.
This collaboration represents a significant step towardspromoting financial inclusion in Uzbekistan.
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