Signing of a USD 25 Million Line of Financing Agreement between Islamic Corporation for the Development of the Private Sector (ICD) and Joint Stock Commercial Bank (JSCB) “Agrobank”


Eng. Hani Salem Sonbol, the Officer-In-Charge Chief Executive Officer of the Islamic Corporation for the Development of the Private Sector (ICD) (www.ICD-ps.org), and Mr. Azamat Turaev, the Deputy Chairman of the Management Board of Joint Stock Commercial Bank “Agrobank” (Agrobank), signed a USD 25 Million Shari’ah-compliant Line of Financing Agreement which will be utilized by Agrobank to finance private sector businesses, especially Small and Medium Enterprises (SMEs) in Uzbekistan.

The ICD, the private sector arm of the Islamic Development Bank Group (IsDBG), has extended its fourth Line of Financing facility to Agrobank with the aim of promoting Islamic finance, improving financial inclusion, and supporting private sector development in Uzbekistan.

On this occasion, Eng. Hani Salem Sonbol commented that: “This Line of Financing facility will be utilized by Agrobank to support economic activities of private sector businesses in Uzbekistan”. He added: “SMEs have a crucial role to play in the country’s growth and development. ICD is now focusing on increasing access to Islamic finance by channeling funds to established financial institutions in its member countries”.

Mr. Azamat Turaev, the Deputy Chairman of the Management Board of Agrobank praised the quality of the partnership between the two institutions. Mr. Turaev stated: “Our Bank has benefited from the three lines of financing facilities totaling USD 21 Mn extended in 2010, 2012, and 2018. The lines enabled the bank to support several SMEs by financing projects in various vital economic sectors. Mr. Turaev added: “Taking this opportunity, I would like to express my respect for ICD and wish them success in its activities. We are grateful to ICD for extending this fourth line of financing in challenging times during the post-COVID-19 Pandemic recovery, when banks need to support their clients, especially SMEs. We believe that further we will expand and strengthen our mutual and beneficial cooperation between our institutions.”.

Since its inception and as a testament to ICD’s firm commitment to developing the private sector within its member countries, ICD has extended Line of Financing facilities to several financial institutions in Uzbekistan for the development of the private sector.

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.

About JSCB “Agrobank” :
Joint-Stock Commercial Bank Agrobank is the largest bank in the Republic of Uzbekistan, with an extensive network of branches throughout the country, including the Karakalpak Republican Administration and 12 regional offices, 170 branches, 146 mini-banks, 371 special cash offices and 346 money transfer points.

Today, more than 9 thousand leading experts of the bank provide high-quality services to more than 340 thousand legal entities and more than 2.4 million to individuals.

Agrobank, in the course of its activities, focuses on the financing of the real sector of the economy, attracting free funds of the population to bank circulation, increasing the branch network and customer base, increasing the types of services, and implementing the established basic parameters of the business plan and budget of the bank.

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