The Islamic Corporation for the Development of the Private Sector (“ICD”) (www.ICD-ps.org), the private sector arm of IDB Group, and JSC “KapitalBank” (www.KapitalBank.uz) have entered into a Joint Strategic Collaboration to finance SMEs in Uzbekistan.

The CEO of ICD, Mr. Khaled Al-Aboodi, and Mr. Sherzod Karimbaev Deputy Chairman of the Management Board of JSC “KapitalBank”, signed the financing agreement for the amount of USD8 million during the IDB 42nd Annual Meeting.

The collaboration will focus on developing private sector especially SMEs, supporting economy, strengthening the balance sheet of the Bank, improving the living standard of the population by creating jobs, generating tax revenues for the government and promoting Islamic Banking in the country.

Mr. Khalid Al-Aboodi, CEO of ICD stated, “Uzbekistan is a one of our member countries and ICD has been successfully engaging with local banks to help the local SMEs and strengthen the economy. We are pleased to extend a line of financing facility to Kapital Bank which will be enhancing the impact of socio-economic development.”

Mr. Sherzod Karimbaev said, “We are delighted about this partnership with ICD and Kapital Bank. Through this partnership we are further committed to provide professional provision of wide spectrum of banking services which conform to the business needs of customers while promoting private entrepreneurship in the Republic of Uzbekistan.”