ITFC approves $10m for SME financing in Uzbekistan

The International Islamic Trade Finance Corporation, a member of the Islamic Development Bank Group, has signed a $10m ‘Line of Trade Finance Agreement’ with PJSCB Orient Finans to support private sector and small and medium-scale enterprise development in Uzbekistan.

Its Chief Executive Officer, Hani Salem Sonbol, said, “This $10m trade finance facility for PJSCB Orient Finans will allow ITFC to enhance its support to Uzbekistan as the private sector in the country seeks to recover from the social and economic impact of the coronavirus pandemic. The development impact that these lines of trade finance are widespread and indicative of ITFC’s unbending commitment to Uzbekistan, its people and its socio-economic growth.”

Also, Chairman of the Board of PJSCB Oreint Finans, Tokhir Djunaydullaev, noted, “Currently, we are developing our corporate lending and mutually beneficial cooperation with international financial institutions in compliance with the mission of PJSCB Orient Finans that is to provide modern banking services to new and existing clients in accordance with their needs and demands.

“This Line of Trade Finance Agreement for $10m is concluded between ITFC and PJSCB Orient Finans along these lines. This financing will be used for the benefit of the private sector, including SMEs. This is a wonderful opportunity for our clients to be financed under Sharia standards and use trade finance instruments for their transactions. I believe in a strong cooperation with ITFC.”

In addition, ITFC said it had approved seven other lines of trade finance facilities of $56m for local banks in Uzbekistan.