The US$ 15 million
facility, which is the first Trade Finance Facility ITFC extending to Invest
Finance Bank (InFinBank), aims to support the import and pre-export financing
needs of its clients in Uzbekistan. In
addition, the financing also endorses the Bank’s quest to expand its Shari’ah
Compliant trade finance offerings.
The partnership,
signed by Mr. Abdihamid Aweis Abu, ITFC’s General Manager, Trade Finance and
Mr. Bobir Burkhanov, Chairman of the Board of InFinBank is implemented under
the US$ 500 million Framework Agreement, signed between the Republic of
Uzbekistan and ITFC.
Commenting on the
agreement, Mr. Abdihamid said: “This new partnership with InFinBank highlights
our commitment to position the private sector at the heart of our work for the
advancement of trade and post-Covid economic recovery of our member-countries.
We look forward to
building an impactful partnership with InFinBank that will help us contribute
to the Uzbekistan growing economy. This is the first of many and we are poised
to do more for the private sector as they hold the key to economic recovery.”
Since joining ITFC in
2019, Uzbekistan has received trade finance and development support across key
sectors including agriculture, the private sector, and SMEs.
The private sector
clients and SMEs have been supported under 17 Line of Trade Finance Facilities
totaling an amount of US$ 166 million.
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