ICD and JSC “Hamkorbank” sign US$12m agreement

Tashkent, Uzbekistan (UzDaily.com) -- The Islamic Corporation for the Development of the Private Sector, the private sector arm of IDB Group, will provide US$12 million of financial resources to JSC “Hamkorbank” to finance SMEs in Uzbekistan.

The document was signed during IDB 42nd Annual Meeting which took place in Jeddah, Saudi Arabia.

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.

Mr. Khalid Al-Aboodi, CEO of ICD stated: “ICD has been engaging with local banks in Uzbekistan to strengthen the SMEs. This MOU will enable us to establish an all-encompassing financial network to support local SMEs willing to develop their business in the country.”

Mr. Ikram Ibragimov said: “We are delighted about this partnership with ICD and Hamkorbank. Through this partnership we intend to further provide high quality services to the clients, to stably develop our banking business, to grow together with our clients, partners and all stakeholders for the benefit of the country.”

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