ICD and JSCB Sign USD 25 Million Shariah-Compliant Agreement to Finance SMEs in Uzbekistan

Ayman Amin Sejiny, the Chief Executive Officer of the Islamic Corporation for the Development of the Private Sector (ICD), which is the private sector arm of the Islamic Development Bank (IsDB) Group, and Sakhi Annaklichev, the Chairman of the Management Board of Uzbek Industrial and Construction Bank (JSCB), have signed a USD 25 million Shariah-compliant Line of Financing Agreement, according to a statement issued on the 16th of February 2021.

Why it matters?

The Agreement will be utilised by JSCB to finance private sector businesses in Uzbekistan, particularly that of Small and Medium Enterprises (SMEs), which will support economic activities and recovery of the country during the COVID-19 pandemic.

This marks the third Line of Financing...