Jeddah:The Islamic Corporation for the Development of the Private Sector (ICD), a branch of the Islamic Development Bank (IsDB) Group, has finalized a $10 million Shariah-compliant financing agreement with Anorbank of Uzbekistan. This agreement was signed at the headquarters of the IsDB Group in Jeddah.
According to Saudi Press Agency, the agreement aims to bolster private sector initiatives in Uzbekistan, focusing on small and medium-sized enterprises (SMEs) as well as larger corporations. The financing is intended to direct financial resources into key sectors of the Uzbek economy, aligning with Shariah principles and the development goals shared by ICD and Uzbekistan.
The financing underscores ICD's dedication to enhancing access to Shariah-compliant financial services in Central Asia through its partnership with Anorbank, a digital banking institution. This initiative is expected to support businesses that can generate significant employment opportunities and promote sustainable economic growth. Special emphasis on SMEs is seen as crucial for strengthening the private sector and widening economic participation throughout Uzbekistan.
ICD's mission is centered on stimulating private sector growth and improving livelihoods in its member countries by utilizing innovative Islamic financing solutions. The financing program with Anorbank is designed to foster job creation and entrepreneurship in Uzbekistan, aligning with ICD's strategic goals of promoting inclusive and sustainable economic development among IsDB Group member countries.
