Monday, September 27Inside Business Africa
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Islamic Corporation for the Development of the private sector (ICD) Signs Line of Finance Agreements with Four Uzbekistan Banks

The Islamic Corporation for the Development of the private sector (ICD) (www.ICD-ps.org), a member of the Islamic Development Bank Group (IsDBG), has signed Line of Financing (LoF) agreements with four banks in Uzbekistan, granting a total of $40 million. These include LoF of $10 million for Kapitalbank, $10 million for Trustbank, $10 million for Orient Finans Bank and $10 million for InFinBank.

The agreements were signed in Tashkent, Republic of Uzbekistan, during the Annual Meetings of the Islamic Development Bank (IsDB).

Mr. Ayman Amin Sejiny, CEO of ICD, commented: “The LoF agreements with these banks will result in boosting businesses and preserving jobs. These agreements will surely help develop the private sector in Uzbekistan and the entire CIS region in general.”

The LoF agreements with these banks will result in boosting businesses and preserving jobs

These agreements, Mr. Sejiny further said, are in line with ICD’s commitment to help Uzbekistan and other CIS member states overcome the adverse impact of the pandemic on the economies and strengthen their financial condition.

The singing of the agreements was witnessed by the H.E. Sardor Umurzakov – Deputy Prime-Minister of Investments and Foreign Economic Affairs – Minister of Investments and Foreign Trade of the Republic of Uzbekistan, and H.E. Dr. Muhammad Al Jasser, President of IsDB.

The IsDB’s Annual Meetings gathered over 1,000 participants from multiple sectors across the globe such as government officials, chairpersons, presidents and CEOs of local and international companies, multilateral and financial institutions, chambers of commerce & industry, business associations, investment promotion agencies, individual investors, entrepreneurs, policy and decision-makers, as well as the Islamic Development Bank Governors.

ICD aims to play a complementary role to the activities of IsDB and the national financing institutions in the member countries by focusing on private sector institutions in their various activities and operations in full compliance with the principles of Shari’ah law. In addition to extending financing and financial services, ICD provides advisory and consultancy services to governments and private sector institutions in order to adopt policies for establishing, expanding and modernizing private sector companies, developing equity capital markets (ECM), debt capital markets (DCM) in the form of Sukuk, adopting better management practices, and strengthening the role of the market economy.

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