ICD and Asia Alliance Bank cooperate to finance Uzbekistan SMEs
The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of IDB Group, and JSC “Asia Alliance Bank” have entered into a joint strategic collaboration to finance SMEs in Uzbekistan.
The signing ceremony between Khaled Al-Aboodi, CEO of ICD and Khakimov Umid, First Deputy Chairman of JSC “Asia Alliance Bank”, for the amount of $12 million took place at Hotel Hilton in Jeddah during the IDB 42nd Annual Meeting.
“ICD has been successfully engaging with local banks in Uzbekistan to strengthen the SMEs. We are pleased to extend the next line of financing facility to Asia Alliance Bank which will enhancing the impact of socio-economic development,” said Al-Aboodi.
The collaboration will focus on developing private sector especially SMEs, supporting the economy, strengthening the balance sheet of the Bank, improving the living standard of the population by creating jobs, generating tax revenues for the government and promoting Islamic Banking in the country.
“Asia Alliance Bank is committed to further strengthen its position in the Uzbek banking sector as a reliable, modern credit institution, providing a wide range of banking services and support SMEs in Uzbekistan. We are delighted about this partnership with ICD and Asia Alliance Bank. Through this partnership we aim to provide further support to enterprises in Uzbekistan to achieve their highest potentials,” said Umid.