Jeddah, KSA - The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank (IDB) Group, recently signed a US$ 15 million Shariah-compatible line of financing agreement with the Halk Bank of Uzbekistan.
This facility is part of a US$ 50 million Small & Medium Enterprises (SMEs) Line of Financing approved in 2013 bringing the total amount of line of financing facilities approved by ICD for Uzbekistan since 2007 to US$ 133 million.

The line of financing is expected to support eligible SMEs in Uzbekistan and at the same time help ICD expand its SME sector investments in the country and further contribute to the development of Islamic banking and finance there.
Khaled Al Aboodi, CEO and General Manager, ICD, welcomed the initiative which would enhance the growth of the SME sector in Uzbekistan by providing faster access to finance for local SMEs.

On the occasion, the Chairman of Halk Bank, Nodir Nazarov, expressed thanks to the ICD and reaffirmed his institution’s dedication to invest the ICD Line of Financing for the growth of the SMEs which is one of the main engines of economic development in the country.

About the ICD
ICD is a multilateral organization and a member of the Islamic Development Bank (IDB) Group established in 1999 with a paid-up capital of US$ 2 billion. The mandate of ICD is to support economic development and promote the development of the private sector in its member countries through providing financing facilities and/or investments which are in accordance with the principles of Shariah. ICD also provides advice to Governments and private organizations to encourage the establishment,
expansion and modernization of private enterprises.

About the Halk Bank
Halk Bank is a 100% state owned Joint Stock commercial bank which has been operating in Uzbekistan since 1995. The Bank’s principal activities are commercial and retail banking operations. The Bank’s capital reached US$ 102 million while its assets grew to US$ 1.1 billion. The bank is expanding its investment operations to meet the banking needs of its growing client base.