The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org), a member of the Islamic Development Bank (IsDB) Group, and Joint-Stock Commercial Bank with Foreign Capital Hamkorbank, have reinforced their partnership through the signing of an increase in the Line of Trade Financing Agreement, with an additional US$30 million.

The signing ceremony took place at ITFC Headquarters in Jeddah, Saudi Arabia, during the official visit of a high-level delegation from Hamkorbank. The agreement was signed by Eng. Adeeb Y. Al Aama, CEO of ITFC, and Mr. Bakhtiyorjon Juraev, Chairman of the Management Board of Hamkorbank, in the presence of senior officials from both institutions.

This facility brings the total financing between ITFC and Hamkorbank to US$90 million, marking the highest stand-alone ITFC private sector facility in Uzbekistan. The expanded collaboration aims to support SME and private sector growth, promote women’s entrepreneurship, foster green finance, and enhance food security, in alignment with Uzbekistan’s national development priorities.

The financing is part of the US$600 million Framework Agreement signed between the Republic of Uzbekistan and ITFC in March 2024. The Framework Agreement prioritizes support for the private sector and SMEs through trade finance facilities, reaffirming ITFC’s commitment to enhancing economic resilience and promoting sustainable growth in Uzbekistan.

On this occasion, Eng. Adeeb Y. Al Aama, CEO of ITFC, commented: “This expanded partnership with Hamkorbank reflects ITFC’s strong commitment to deepening private sector support and advancing Islamic finance in Uzbekistan. By extending this new facility, we are enabling greater access to trade finance for SMEs and contributing to the country’s efforts to build a more inclusive and sustainable economy.”

Mr. Bakhtiyorjon Juraev, Chairman of the Management Board, JSCB Hamkorbank, stated: “We are delighted to have reached this significant agreement with ITFC, with a total exposure of US$90 million. This collaboration will play a crucial role in supporting and expanding Hamkorbank’s Islamic Financing portfolio, which aligns with our commitment to providing ethical and innovative financial solutions. We believe that this partnership will not only enhance our service offerings but also contribute to the growth of key sectors within the region. We look forward to a long and successful relationship with ITFC as we continue to support sustainable economic development.”

Uzbekistan became a member of ITFC in 2019, and since then, ITFC has played a pivotal role in supporting the country’s trade finance needs, advancing the private sector, and promoting access to Shariah-compliant financial solutions by approving a cumulative US$950 million in favour of the banks in the country.