ITFC Signs USD 8 Million Murabahah Financing Facility with Uzbekistan’s Trustbank to Mitigate COVID-19 Impact

The International Islamic Trade Finance Corporation (ITFC), part of the Islamic Development Bank (IsDB), signed a Murabahah trade finance facility worth USD 8 million with Trustbank, which is a private joint-stock bank based in Uzbekistan, according to a statement released recently.

The financing, which is the second of its kind for Trustbank, aims to mitigate the impact of the COVID-19 pandemic by providing support for small and medium-sized enterprises in Uzbekistan, particularly with import and pre-export funding requirements. The first round of financing for Trustbank was initially approved in 2018 and successfully put into effect in 2019.

According to Hani Salem Sonbol, Chief E...