Islamic Corporation for the Development of the Private Sector (ICD) and JSC Ziraat Bank Uzbekistan Collaborate to Boost the Private Sector in Uzbekistan

ICD (http://www.ICD-ps.org) and Ziraat Bank Uzbekistan signed an Expression of Intent for the USD 10 million Line of Financing Facility aimed at supporting eligible private sector projects in Uzbekistan; This agreement initiates a partnership between ICD and JSC Ziraat Bank Uzbekistan, reflecting ICD’s strategic commitment to bolstering private sector growth within its member nations.

At the 3^rd Tashkent Investment Forum, the Islamic Corporation for the Development of the Private Sector (ICD) and JSC Ziraat Bank Uzbekistan, formalized an expression of intent to partner to collaborate in empowering small and medium-sized enterprises (SMEs) and fostering economic growth in Uzbekistan.

Through this partnership, ICD will provide JSC Ziraat Bank Uzbekistan with a Line of Financing (LoF) facility, to fund private sector projects as an agent of ICD. This initiative is poised to significantly boost the SME landscape in Uzbekistan by equipping entrepreneurs with the necessary resources to initiate and grow projects that meaningfully contribute to the national economy.

Ziraat Bank Uzbekistan, now a strategic partner for ICD, stands out as a prominent commercial bank with foreign capital. The new LoF facility not only marks the commencement of collaboration between the two entities, but also underscores ICD’s dedication to advancing the private sector within its member countries, further solidifying its role in spurring economic development across the Islamic world.

Distributed by APO Group on behalf of Islamic Corporation for the Development of the Private Sector (ICD).

For further details, please contact:
Nabil El-Alami
Communications & Corporate Marketing Division head
Nalami@isdb.org

About JSC Ziraat Bank Uzbekistan:
The Uzbek-Turkish Bank – Ziraat Bank has been actively working in the country for 20 years, and the Republic of Uzbekistan has long been successfully cooperating with business circles of various countries of the world demonstrating itself as the country with a rapidly developing modern commercial industry.

The Bank belongs to a universal category of banks that are active in the corporate segment. This refers to lending to companies, and above all, joint Uzbek-Turkish companies, small and medium-sized enterprises, private entrepreneurship, conducting and executing export-import operations.

The Bank with its 6 branches and banking services offices across the country, it has been providing the financial services to all entrepreneurs and individuals in Uzbekistan. For more information on Ziraat Bank Uzbekistan visit: https://www.ZiraatBank.Uz/en.

About the Islamic Corporation for the Development of the Private Sector (ICD):
ICD is a multilateral organization and a member of the Islamic Development Bank (IsDB) Group. ICD's mandate is to support economic development and promote the growth of the private sector in its member countries through providing financing facilities and/or investments in accordance with Shariah principles. Additionally, ICD offers advisory services to governments and private organizations to encourage the establishment, expansion, and modernization of private enterprises.  ICD is rated ‘A2’ by Moody’s, ‘A+’ by Fitch, and ‘A-’ by S&P.