ICD and JSC â€śUzbek Leasing Int.â€ť cooperate to finance SMEs in Uzbekistan
The Islamic Corporation for the Development of the Private Sector (“ICD”), the private sector arm of IDB Group, and JSC “Uzbek Leasing Int.” have entered into a Joint Strategic Collaboration to finance SMEs in Uzbekistan.
Khaled Al-Aboodi, CEO of ICD, and Zafar Mustafaev, CEO of JSC “Uzbek Leasing Int.” signed the financing agreement for the amount of $7 million during IDB 42nd Annual Meeting which took place at Hotel Hilton Jeddah.
“Uzbekistan is a key partner for ICD and we hope to scale up the cooperation with the Uzbekistani government and the private sector actors. This MoU will pave the way for ICD and strengthen its will to finance the private sector in the country and help SMEs achieve their objectives and have a better impact on the local economy,” said Al-Aboodi.
The collaboration will focus on developing private sector especially SMEs, supporting 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.
Mustafaev said, “We are delighted about this partnership with ICD and Uzbek Leasing International. Through this partnership we are further committed to empower growth and innovation by bringing modern technologies in the priority sectors of Uzbek economy.”