JEDDAH — The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of IDB Group, and JSCB ‘Microkreditbank’, Uzbekistan have entered into a Joint Strategic Collaboration to finance SMEs in Uzbekistan. ICD CEO Khaled Al-Aboodi, and the Acting Chairman of the Management Board of JSCB ‘Microkreditbank’, Shukhrat Rasulov, attended the signing of the Line of Financing facility agreement for the amount of $12 million.
The collaboration will focus on developing private sector especially SMEs, supporting economy, strengthening the balance sheet of the Bank, improving the living standard of the population by creating jobs, generating tax revenues for the government and promoting Islamic Banking in the country.
Al-Aboodi stated, “ICD has been successfully engaging with local banks in Uzbekistan to strengthen the SMEs. We are pleased to extend a line of financing facility to Microkreditbank which will be enhancing the impact of socio-economic development.”
Rasulov said, “We are delighted about this partnership with ICD and Microkreditbank. Through this partnership we are further committed to provide professional provision of wide spectrum of banking services which conform to the business needs of customers while promoting private entrepreneurship in the Republic of Uzbekistan.”
JSCB ‘Microcreditbank’ was established on May 5, 2006 and is headquartered in Tashkent, the capital city of the Republic of Uzbekistan. Bank has 85 branches and 140 mini-banks that provide banking services to the population in regions of the Uzbekistan. The bank offers loans, microcredits, internet banking and deposit products to SME clients and corporate entities. — SG
