ICD and Asia Alliance Bank Launch $25M Islamic Financing for Uzbekistan’s SMEs
ICD and Asia Alliance Bank have signed a $25M Islamic financing facility to support SME growth in Uzbekistan. This initiative strengthens their partnership and aligns with ICD’s mission to boost private sector development and economic resilience.
The Fourth Line: ICD and Asia Alliance Bank announce a USD 25 million Islamic line of financing facility to bolster Uzbekistan's private sector development.
Empowering Entrepreneurs: The new facility is designed to accelerate SME growth and foster economic development in Uzbekistan.
Strengthened Collaboration: This initiative reaffirms the long-standing partnership between ICD and Asia Alliance Bank, aligning with ICD's mission to support private sector growth.
The Islamic Corporation for the Development of the Private Sector (ICD) (https://ICD-PS.org) and Joint-Stock Commercial Bank “Asia Alliance Bank” have taken a significant step to enhance Uzbekistan’s private sector development. A USD 25 million Islamic line of financing facility has been signed, marking a milestone in their collaborative efforts to support small and medium-sized enterprises (SMEs) and the broader economic landscape.
This new financing facility, channeled through Asia Alliance Bank, is dedicated to empowering private sector projects in Uzbekistan. It aims to provide entrepreneurs with vital financial resources to launch and expand their ventures, thereby driving sustainable economic growth and contributing to the nation's economic resilience.
Asia Alliance Bank has been a trusted partner of ICD since 2013 and has previously received three line-of-financing facilities totaling USD 30 million. The newly proposed facility highlights the strength of their enduring partnership and underscores a shared commitment to fostering private sector development in Uzbekistan.
This initiative is closely aligned with ICD's Private Sector Development Strategy, which focuses on enabling economic dynamism and resilience by empowering SMEs and advancing financial inclusion.
Distributed by APO Group on behalf of Islamic Corporation for the Development of the Private Sector (ICD).
