ICD issues US$42m to three Uzbek commercial banks
Tashkent, Uzbekistan (UzDaily.com) --
The Islamic Corporation for the Development of the Private Sector (ICD), affiliated with the Islamic Development Bank (IDB) Group, opened US$42 million credit line to three Uzbek commercial banks.
The ICD issued US$15 million to the National Bank of Uzbekistan for Foreign Economic Activity and Asaka Bank each and US$12 million to Uzpromstroybank, an Uzbek TV reported on 9 June.
The management of the Uzbek banks and the ICD general manager Khalid Mohamed Al-Aboodi signed the corresponding agreements in Tashkent, Uzbekistan, on Tuesday, 9 June.
The credit line is allocated for organization of new production capacities in industry, agriculture, transport and information technologies.
The Islamic Corporation for the Development of the Private Sector (ICD) is a multilateral organization, affiliated with the Islamic Development Bank (IDB) Group. Its shareholders are the IDB, 45 Islamic member countries, and 5 public financial institutions from member countries.
ICD was established by the IDB Board of Governors during their 24th annual meeting held in Jeddah in November 1999. The head office of ICD is in Jeddah, Kingdom of Saudi Arabia.
The mandate of ICD is to support economic development of its member countries through provision of finance to private sector projects in accordance with principles of the Shari?a through promoting private sector development. ICD also provides advice to governments and private organizations to encourage the establishment, expansion and modernization of private enterprises.
Projects financed by ICD are selected on the basis of their contribution to economic development considering factors such as creation of employment opportunities and contribution to exports. ICD also attracts co-financiers for its projects and provides advice to governments and private sector groups on policies to encourage the establishment, expansion and modernization of private enterprises, development of capital markets, best management practices and enhance the role of market economy. ICD operates to complement the activities of IDB in member countries and also that of national financial institutions. Uzbekistan joined the ICD in 2004.