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The International Islamic Trade Finance Corporation (ITFC) Signs US$ 20 Million Line of Financing Agreement with Trustbank in Uzbekistan
This agreement reinforces ITFC’s commitment to supporting economic development in Uzbekistan by enhancing trade finance accessibility for SMEs and key private sector entities
The private sector remains a key driver of Uzbekistan’s economic development, and Trustbank’s commitment to supporting its growth is commendable
The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-idb.org/), a member of the Islamic Development Bank (IsDB) Group, signed a US$20 million Line of Trade Financing Agreement with Trustbank in Uzbekistan under the Murabaha structure. This agreement aims to bolster trade finance accessibility for SMEs, women entrepreneurs, green financing initiatives, and food security aimed at reinforcing Uzbekistan’s economic resilience.
Under this facility, import and pre-export financing will be available to private-sector businesses in Uzbekistan, driving trade and supporting sectors critical to the country’s economic development.
The signing ceremony took place at ITFC’s headquarters, with Mr. Sardor Normukhamedov, Chairman of the Management Board of Trustbank, and Mr. Nazeem Noordali, Officer-in-Charge, CEO ITFC, formalizing the agreement.
Commenting on the signing, Nazeem Noordali stated: "The private sector remains a key driver of Uzbekistan’s economic development, and Trustbank’s commitment to supporting its growth is commendable. At ITFC, we are dedicated to empowering businesses through strategic trade finance solutions, and this partnership with Trustbank provides a robust platform to achieve tangible and lasting economic impact."
“Our bank always strives for innovation, reliability and dynamic development. Cooperation with ITFC will allow us to combine our experience and advanced financial instruments to create effective solutions that meet modern challenges.” stated Mr. Sardor Normukhamedov.
This financing falls within the US$600 million Framework Agreement signed between ITFC and the Republic of Uzbekistan in March 2024, which underscores ITFC’s long-term commitment to fostering private sector development and strengthening the trade ecosystem of Uzbekistan.
This agreement, the third consecutive facility between ITFC and Trustbank, brings the total financing provided to the bank to over US$44 million, further unlocking trade opportunities and enhancing financial inclusion. Since 2019, ITFC has approved over US$168 million in support of Uzbekistan’s private sector, reinforcing its role in driving economic opportunities and advancing UN SDG 8 (Decent Work and Economic Growth).
Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).
The International Islamic Trade Finance Corporation (ITFC) Signs US$ 20 Million Line of Financing Agreement with Trustbank in Uzbekistan
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About the International Trade Finance Corporation (ITFC):
The International Islamic Trade Finance Corporation (ITFC) is the trade finance arm of the Islamic Development Bank (IsDB) Group. It was established with the primary objective of advancing trade among OIC member countries, which would ultimately contribute to the overarching goal of improving socio-economic conditions of the people across the world. Commencing operations in January 2008, ITFC has provided more than US$83 billion of financing to OIC member countries, making it the leading provider of trade solutions for these member countries’ needs. With a mission to become a catalyst for trade development for OIC member countries and beyond, the Corporation helps entities in member countries gain better access to trade finance and provides them with the necessary trade-related capacity-building tools, which would enable them to successfully compete in the global market.