Islamic Corporation for the Development of The Private Sector, Microcreditbank Sign US$30 Million Deal to Boost SMEs in Uzbekistan

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.

Third Line of Finance Agreement between Islamic Corporation for the Development of the Private Sector (ICD) 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.

May 13, 2023