Third Line of Finance Agreement between ICD (http://www.ICD-ps.org) and Microcreditbank to support private sector development in Uzbekistan; Funds will be used to provide microfinance services and finance eligible private sector enterprises, especially SMEs; Agreement shows commitment to promoting Islamic finance and financial inclusion in Uzbekistan.
A new US$30 million Line of Finance Agreement has been signed between the Islamic Corporation for the Development of the Private Sector (ICD) and Joint-Stock Commercial Bank “Microcreditbank” (Microcreditbank) to boost private sector businesses in Uzbekistan, especially Small and Medium Enterprises (SMEs). This is the third time ICD has extended such a facility to Microcreditbank, showing its strong commitment to supporting Islamic finance and private sector development in its member countries.
The agreement was signed by Eng. Hani Salem Sonbol, the Acting Chief Executive Officer of ICD, and Mr. Orif Butaev, Chairman of the Management Board of Microcreditbank. The funds will be used by Microcreditbank to provide microfinance services to the population, particularly in rural areas, and to finance eligible private sector enterprises across different sectors of the economy.
“This agreement is a testament to our successful partnership with Microcreditbank, which has been instrumental in supporting private sector development in Uzbekistan. We are delighted to continue working together to promote Islamic finance and financial inclusion in the country,” said Eng. Hani Salem Sonbol.
“We appreciate ICD’s ongoing support and this new line of finance, which will enable us to continue providing much-needed support to private sector businesses in Uzbekistan, especially SMEs,” said Mr. Orif Butaev.
This agreement reinforces ICD’s commitment to promoting private sector development in its member countries and supporting Islamic finance worldwide, and Microcreditbank’s dedication to driving economic growth and fostering financial inclusion in Uzbekistan. With this line of finance, ICD and Microcreditbank are providing a significant boost to private sector businesses in Uzbekistan, particularly SMEs, which have a crucial role to play in the country’s growth and development.
Distributed by APO Group on behalf of Islamic Corporation for the Development of the Private Sector (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. For more information on ICD visit: www.ICD-ps.org.
About JSCB “Microcreditbank”:
Joint-Stock Commercial Bank “Microcreditbank” was established by the Decree of the President of the Republic of Uzbekistan dated May 5, 2006 No-3750 and Resolution No78 of the Cabinet of Ministers “On the establishment of a joint-stock commercial bank “Microcreditbank”. Microreditbank is one of the largest banks in Uzbekistan and offers the population a wide range of services: from payment cards to profitable and reliable deposits. The Bank successfully works with both legal entities and private clients. Microcreditbank has 60 branches in all regions of the Republic of Uzbekistan. This allows to work with clients throughout Uzbekistan and provide banking services and financial support to subjects of all sectors of the economy. The Bank is regulated by the Central Bank of the Republic of Uzbekistan (CBRU) and conducts its business under the renewed banking license issued by the CBRU. The registered office of the Bank is located at 4, Lutfiy street, Chilonzor district, 100096, Tashkent, the Republic of Uzbekistan. For more information visit Microcreditbank’s website at: https://MKBank.uz/en/