Uzbek bank, ICD sign private sector financing agreement

7 September 2021 11:32 (UTC+04:00)

By Trend

Uzbekistan's Infinbank has signed an agreement with the Islamic Corporation for the Development of the Private Sector (ICD) on attracting a line of financing for the development of small business, Trend reports citing Gazeta.uz.

From 1 to 4 September, the 46th annual meeting of the Council of the Islamic Development Bank (IDB) was held at the Tashkent International Congress Center, during which various development issues were discussed. The annual meeting was attended by governors from the IDB member countries - members of governments and high-ranking officials responsible for finance and economics, as well as representatives of banks, international organizations, the business sector and the media.

During the meeting of the Council of the IDB member countries, Infinbank and ICD signed an agreement totaling $10 million. The allocated funds will be used to support and develop small businesses in Uzbekistan according to the murabaha principle.

Cooperation between JSCB InfinBANK and ICD began in 2017 with the signing of the first agreement on a financing line in the amount of $7 million.

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