Having been actively engaged in supporting the Government and local banking institutions of Uzbekistan since 2018, ITFC has committed a total financing of $773m to the country.
- The first financial commitment of $600m, spanning the period of 2024 to 2026, was signed by Laziz Kudratov, minister of investment, industry and trade, IsDB governor of Uzbekistan, and Hani Salem Sonbol, CEO of ITFC is directed towards trade finance, agricultural and food security financing for the public sector, support for state-owned enterprises, and funding for SMEs in sectors such as pharmaceuticals, food and agriculture, textile, and manufacturing.
- The second $100m Murabaha Financing Agreement, was signed by Ilkhom Norkulov, first deputy minister of economy and finance, and Hani Salem Sonbol, CEO of ITFC. This financing arrangement seeks to boost food security and agriculture in Uzbekistan through the procurement of strategic agricultural commodities, thereby ensuring a stable supply of wheat throughout the year, stabilising wheat prices and providing vital support to local farmers.
- ITFC has also entered into a Line of Trade Financing Agreement with AgroBank and its subsidiary SmartBank, amounting to $15m. This agreement is to support SMEs and the private sector in Uzbekistan. The finance will extend Sharia-compliant trade finance solutions to the private sector and SME clients of AgroBank and SmartBank, focusing on sectors like food and agriculture, manufacturing, and textiles, with a special emphasis on financing green projects.
These accords were formalised on the sidelines of the Arab Coordination Group meeting, held from 4-5 March 2024, in Tashkent, Uzbekistan.
Another aspect of this collaboration is the "Trade Connect Central Asia+ (TCCA+)" Programme, a flagship initiative pioneered by ITFC. This programme targets the expansion and economic integration of trade cooperation among six countries: Azerbaijan, Kazakhstan, the Kyrgyz Republic, Tajikistan, Turkmenistan, and Uzbekistan.
Commenting on these agreements Sonbol, CEO of ITFC said: " The agreements signed strengthen our collaboration with Uzbekistan and are a testimony of our commitment to the socio-economic development in Uzbekistan and the Central Asia region at large. We believe the projects and programmes that will benefit from the approved financing will positively contribute to national economic growth.
“We are pleased to be covering key sectors such as food security and the private sector which align with our focus on contributing to the achievement of the Sustainable Development Goals especially SDG 2 (Zero Hunger) and SDG 8 (Decent Work & Economic Growth).”
With an emphasis on key sectors such as trade finance, agriculture, and SME development, these agreements are expected to stimulate growth, ensure food security, support SMEs, and foster sustainable economic opportunities.
ITFC stated its dedication to driving positive change in Uzbekistan and the broader region, leveraging its expertise and resources to promote prosperity and resilience.
