Trustbank and ICD sign US$30 million agreement

Tashkent, Uzbekistan (UzDaily.com) —  On 26 November 2024, Trustbank and the Islamic Corporation for the Development of the Private Sector (ICD) signed a US$30 million agreement.

This partnership strengthens the cooperation between the two institutions and is aimed at financing promising small and medium-sized enterprise (SME) projects in Uzbekistan that adhere to Sharia principles.

The agreement builds on a successful partnership initiated in 2018, when the ICD provided Trustbank with an initial funding line of US$7 million.

Over the years, the total amount of funding provided by the ICD has grown to US$37 million. Through six agreements with various international organizations, 97 projects in diverse sectors—including textiles, pharmaceuticals, catering, electric vehicle trade, and others—have been financed.

This new agreement represents a significant step in supporting SMEs in Uzbekistan, fostering job creation and entrepreneurship.