The Islamic Corporation for the Development of the Private Sector (ICD) Sign Four Letters of Intent and Strengthen the Ties with the Private Sector Actors in Uzbekistan
The LOI came to support the commitment of IsDB Group to provide a framework for facilitating cooperation between the group entities and relevant Uzbek parties
The projected Lines of Finance (LoF) will help the four banks to finance eligible private sector enterprises including SMEs in the Republic of Uzbekistan
ICD (https://ICD-ps.org) signed four Letters of Intent (LOI) with Aloqabank, Microcreditbank, Trustbank, and Turonbank in Uzbekistan for a potential Lines of Finance of USD 105 million in total; The projected Lines of Finance (LoF) will help the four banks to finance eligible private sector enterprises including SMEs in the Republic of Uzbekistan; The LOI came to support the commitment of IsDB Group to provide a framework for facilitating cooperation between the group entities and relevant Uzbek parties.
On the sidelines of the Samarkand Economic Forum held in Uzbekistan, the Islamic Corporation for the Development of the Private Sector (ICD), represented by Mr. Aamir Husain Khan, Director of the Global Markets Equity Department, signed four letters of intent to cooperate in respect to issue potential Lines of Finance to the following banks to finance eligible private sector enterprises, especially Small and Medium Enterprises (SMEs) in Uzbekistan:
- USD 30 million to Joint-Stock Commercial Bank “Microcreditbank”,
- USD 20 million to Private Joint Stock Bank “Trustbank”,
- USD 30 million to Joint-Stock Commercial “Aloqabank”,
- USD 25 million to Joint-Stock Commercial Bank “Turonbank”.
The projected line of financing facilities will be utilized by the above Banks to support the economic activities of private sector businesses in Uzbekistan, which have a crucial role to play in the country’s growth and development.
Distributed by APO Group on behalf of Islamic Corporation for the Development of the Private Sector (ICD).
About ICD:
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.
ICD is Rated A2’ by Moody’s, ‘A-’ by S&P and, A+ by Fitch. ICD establishes and strengthens cooperation and partnership relationships with an aim to establish joint or collective financing. ICD also applies financial technology (Fintech) to make financing more efficient and comprehensive. For more information on ICD visit: www.ICD-ps.org.