The Islamic Corporation for the Development of the Private Sector (ICD) (www.ICD-ps.org), the private sector arm of the Islamic Development Bank Group (IsDBG), and Sanoat Qurilish Bank (SQB) have signed a Memorandum of Understanding (MoU) to establish a framework of cooperation between the two parties for the furtherance of their respective mandates in several areas of financing and investments.

The MoU was signed by Mr. Ayman Amin Sejiny, CEO of ICD and Mr. Sakhi Annaklichev, Chairman of the Board of SQB.

Under the MoU both parties will co-operate in exploring the possibility of supporting the companies under SQB portfolio through providing lines of financing, as well as advisory services for capital markets operations.

Mr. Sejiny said: “Uzbekistan is a key strategic member country for ICD and we hope, via this partnership, we will increase our presence in Uzbekistan. This MoU will greatly enhance the development of capital markets in Uzbekistan and facilitate economic development resulting in a robust private sector. As such, this partnership perfectly suits the long-term goals of the ICD, and we are happy to be working with SQB toward the achievement of this worthy cause."

Mr. Annaklichev commented: “The Memorandum of Understanding we sign today is the logical continuation of our long-lasting relationship. The expansion of our collaboration with ICD will allow us to explore the prospect of financing current and future projects of the portfolio companies and thus contribute to economic growth and sustainable development of the country.”

Additionally, both parties recognized the growth potential and investment opportunities in ICD member countries and communicated their intention to cooperate and work closely together in raising awareness of SQB portfolio companies and how they could benefit from the different ICD products and programs and other investment opportunities or transactions of mutual interest to both parties.