Islamic Trade Finance Corp. signs $100m financing agreement with Uzbekistan’s Hamkorbank
RIYADH: The International Islamic Trade Finance Corp., a member of the Islamic Development Bank Group, has signed a $100 million financing agreement with Hamkorbank of Uzbekistan, marking the largest standalone Islamic trade finance deal granted to a bank based in the country.
The ITFC explained that the agreement aims to support small and medium-sized enterprises across the country by providing Shariah-compliant trade finance. It will also support women's entrepreneurship, green finance and food security initiatives.
This partnership builds upon the existing cooperation between the ITFC and Hamkorbank to improve access to trade finance and support private sector growth. It reflects the growing role of Islamic finance in Uzbekistan and expands the range of financing available to private sector companies.
The ITFC continues its efforts to promote trade to improve the economic and living conditions of people in member countries of the IsDB and throughout the Muslim world.
