APO

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”

Published

1 week ago

on

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.

Related Topics:

NNN

NNN: :is a Nigerian online news portal that publishes breaking news in Nigeria, and across the world. Our journalists are honest, fair, accurate, thorough and courageous in gathering, reporting and interpreting news in the best interest of the public, because truth is the cornerstone of journalism and they strive diligently to ascertain the truth in every news report. Contact: editor[at]nnn.com.ng

Coronavirus – Malawi: COVID-19 update (March 1, 2021) WFP and UNHCR appeal for funding for more than 3 million refugees hit by ration cuts in East Africa Coronavirus – Ethiopia: COVID-19 update (March 1, 2021) Coronavirus – Zambia: COVID-19 update (March 1, 2021) Coronavirus – Eswatini: COVID-19 update (March 1, 2021) Coronavirus – Kenya: COVID-19 update (March 1, 2021) Coronavirus – Nigeria: COVID-19 update (March 1, 2021) Coronavirus – Rwanda: COVID-19 update (March 1, 2021) Digitization Offers High Returns to Emerging Gas Producers Like Mozambique (by Grace Goodrich) Kwik Delivery Expands Delivery Service to 4-Wheel Vehicles and Becomes Nigeria’s First Full-Stack Last Mile Delivery Platform Haven Homes champions affordable luxury properties in Nigeria – MD Tayo Sonuga Canon’s “ African Frontiers of Innovation ” series in Central and North Africa explores the sounds of the future Urgent aid needed to tackle humanitarian crisis in Yemen, says FAO Director-General Yemen: IOM seeks funding to help five million people as situation in Ma’rib deteriorates UNHCR calls for urgent access to asylum seekers detained in Tanzania US $ 64 million to fight HIV, tuberculosis and malaria in Congo Coronavirus – Malawi: COVID-19 update (February 28, 2021) Coronavirus – Ethiopia: COVID-19 update (February 28, 2021) Coronavirus – South Africa: COVID-19 update (February 28, 2021) Coronavirus – Eswatini: COVID-19 update (February 28, 2021) Coronavirus – Uganda: COVID-19 update (February 28, 2021) Coronavirus – Nigeria: COVID-19 update (February 28, 2021) African FinTech start-up ImaliPay raises upfront funds to meet the financial needs of outsourced workers Coronavirus – Africa: First doses of COVID-19 COVAX vaccine administered in Africa Coronavirus – Rwanda: COVID-19 update (February 28, 2021) The Qhubeka ASSOS team announces a solid program for Le Samyn Professor Umar Danbatta to deliver the Bullion lecture SouthBridge Investments announces innovative joint venture with Charles Kié as CEO African Energy Chamber Advisory Board book now available for pre-order Africa LNG report now available: Mozambique at the forefront of global gas development Vodacom Democratic Republic of the Congo (DRC) and Mondia launch the first maternal health service of its kind in the Democratic Republic of the Congo Africa can and must decide how to harness its natural resources, especially with gas (by NJ Ayuk) Hapag-Lloyd opens new office in Kenya 5th for Clarke at the Royal Bernard Drome Classic Are you self-employed in Equatorial Guinea? (By Pablo Mitogo and Ana Vizcarro Dyombe) ENGIE acquires a 100 MW concentrated solar power plant in South Africa Coronavirus – Rwanda: COVID-19 update (February 27, 2021) Coronavirus – Nigeria: COVID-19 update (February 27, 2021) Coronavirus – Zimbabwe: COVID-19 update (February 27, 2021) Coronavirus – Malawi: COVID-19 update (February 27, 2021) Sports journalism: Guinean security must release Dioulde now – AIPS Africa Coronavirus – Kenya: COVID-19 update (February 27, 2021) Coronavirus – Eswatini: COVID-19 update (February 27, 2021) Coronavirus – Uganda: COVID-19 update (February 26, 2021) Coronavirus – Rwanda: COVID-19 update (February 26, 2021) Coronavirus – Eswatini: COVID-19 update (February 26, 2021) Coronavirus – Kenya: COVID-19 update (February 26, 2021) Coronavirus – Nigeria: COVID-19 update (February 26, 2021) Coronavirus – Zambia: COVID-19 update (February 26, 2021) Coronavirus – Zimbabwe: COVID-19 update (February 26, 2021)