Jeddah, Kingdom of Saudi Arabia, 15 September  2022 - The Islamic Corporation for the Development of the Private Sector (ICD) Acting Chief Executive Officer, Eng. Hani Salem Sonbol, and Mr. Zafarjon Mustafaev, the Chief Executive Officer of Joint-Stock Company Joint Venture “Uzbek Leasing International A.O.” signed a US$15 Million Murabaha Facility Agreement which will be utilized by the Company to finance private sector businesses, especially Small and Medium Enterprises (SMEs) in Uzbekistan.

ICD has extended its fourth Murabaha financing facility to Uzbek Leasing International with the aim of promoting Islamic finance, improving financial inclusion, and supporting private sector development in Uzbekistan.

This Murabaha Financing facility will be utilized by Uzbek Leasing International to support the economic activities of private sector businesses in Uzbekistan, which have a crucial role to play in the country’s growth and development.

Uzbek Leasing International has benefited from the three lines of financing facilities totaling US$13 million extended in 2007, 2014, and 2017. These lines enabled the financial institution to support 36 new projects in the sectors of the economy like healthcare services, construction, and the production of construction materials, agriculture, and food processing.

The funding also created more than 1000 new jobs in Uzbekistan only through the leasing facilities of the Company.