Signature of a 25 million USD financing line between the Islamic Society for the Development of the Private Sector and the JSCB “Uzbek Bank of Industry and Construction”

Mr. Ayman Amin Sejiny, CEO of the Islamic Corporation for the Development of the Private Sector (ICD) (www.ICD-idb.org), and Mr. Sakhi Annaklichev, Chairman of the Board of the Uzbek Industrial and Construction Bank (JSCB), signed a $ 25 million Shariah-compliant line of finance agreement that will be used by JSCB to finance private sector companies, especially small and medium-sized enterprises (SMEs).

SID, the private sector arm of the Islamic Development Bank Group (IsDBG), has extended its third line of financing to JSCB with the aim of promoting Islamic finance, improving financial inclusion and supporting the private sector development in Uzbekistan.

On this occasion, Mr. Sejiny declared that: “This The financing line will be used by the Uzbekistan Bank of Industry and Construction to support economic activities and recovery during the Covid-19 pandemic and beyond“. He added: “SMEs have a crucial role to play in the growth and development of a country. ICD now focuses on improving access to Islamic finance by channeling funds to financial institutions established in its member countries“.

Mr. Sakhi Annaklichev, Chairman of the Board of JSCB praised the quality of the partnership between the two institutions. Mr. Sakhi said, “In fact, the bank benefited from the first line (12 million USD) of DCI in 2009 and the second line (6 million USD) in 2002. The lines have enabled the bank to support several SMEs by financing projects in various vital sectors such as production, agriculture, construction and transport.. Mr Annaklichev added: “We thank ICD for extending this facility in difficult times caused by the COVID-19 pandemic, when banks need to support their customers, especially SMEs“.

Since its inception and as a testament to the strong commitment of ICD to develop the private sector in its member countries, ICD has extended its line of financing to several financial institutions in Uzbekistan for private sector development.