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


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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 in Uzbekistan was signed by the Islamic Corporation for the Development of the Private Sector(ICD), represented in part by Mr. Aamir Husain Khan Director of the Global Markets Equity Department. The letters of intent were to cooperate to issue possible Lines of Finance to the following Uzbek banks to finance eligible small and medium enterprises (SMEs):

  1. USD 30 Million to Joint-Stock Commercial Bank “Microcreditbank”,
  2. USD 20,000,000 to Private Joint Stock Bank “Trustbank”,
  3. USD 30 Million to Joint-Stock Commercial “Aloqabank”,
  4. 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 for Islamic Corporation for the Development of the Private Sector.

About ICD
The Islamic Corporation for the Development of the Private Sector is a multilateral financial institution for development and a member of the Islamic Development Bank Group (IsDB). ICD was founded in November 1999 to promote economic development in its member countries. It provides finance for private sector projects, encourages competition and entrepreneurship, and provides advisory services to governments and private businesses of its member nations.

ICD is Rated A2’ by Moody’s, ‘A-’S&P, A+ from Fitch. ICD fosters and strengthens partnerships and cooperation with the aim of establishing joint or collective financing. ICD also uses financial technology (Fintech), to improve the efficiency and coverage of financing. For more information about ICD visit: www.ICD-ps.org.

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