Uzbek Fintech Development Supported Through $20m Line of Finance Agreement

ICDs When trust bank Signed a $20 million line of credit. The facility will be used to fund Uzbek private sector and fintech businesses. The focus will be on small and medium enterprises (SMEs). The Line of Finance aims to promote Islamic finance, improve financial inclusion and support Uzbekistan’s private sector development.

Hani Salem Sombor, Acting Chief Executive Officer of ICD

Hani Salem Sombor in EnglishDeputy Chief Executive Officer of Islamic Corporation for Private Sector Development (ICD), and Saldor Norm Hamedovthe chairman of the private joint stock bank “Trust Bank” (Bank) signed an agreement to improve the Uzbek fintech scene.

This Line of Finance Facility is the third facility that ICD has provided to Trustbank. It aims to promote Islamic finance and improve financial inclusion. All the while, it appears to be helping develop Uzbekistan’s private sector.

Trustbank has already benefited from two previous lines of financing totaling $17 million extended in 2018 and 2021. This allowed the financial institution to support 11 new projects. These span different sectors of the economy.

“We are delighted to continue our partnership with Trustbank and help grow Uzbekistan’s private sector. I hope that it will also lead to the economic development of the country.”

Saldor Normhamedov, Chairman of the Board of Trustbank, added:

“We are grateful for the continued support of the ICD and the opportunity to access funds that are aligned with our values. We can contribute to the development of the entire economy of the country.”

  • Francis Bignell

    Francis is a journalist and leading correspondent in Latin America, with a Bachelor’s degree in Classical Civilizations and a professional interest in North and South America.

Leave a Reply

Your email address will not be published. Required fields are marked *