International Islamic Trade Finance Corporation Approves USD 10 Million in Murabahah Financing for Uzbekistan’s Agrobank

The International Islamic Trade Finance Corporation (ITFC), part of the Islamic Development Bank (IsDB), has approved a USD 10 million Murabahah Financing Facility for Uzbekistan’s Joint Stock commercial bank Agrobank, in order to support private sector development via financial provision for local small and medium enterprises (SMEs) in the country.

The Murabahah facility, which was implemented under a USD 500 million Framework Agreement that was signed between ITFC and Uzbekistan in January 2019, will support the import and pre-export financing requirements of SMEs in Uzbekistan, and will also help support the country’s recovery from the economic impact of the COVID-19 pandemic, according to a recent statement by...