ICD and JSC Asia Alliance Bank Cooperate to Finance SMEs in Uzbekistan

The Islamic Corporation for the Development of the Private Sector (ICDrdquo;) (www.ICD-ps.org), the private sector arm of IDB Group, and JSC Asia Alliance Bankrdquo; (www.AAB.uz) have entered into a Joint Strategic Collaboration to finance SMEs in Uzbekistan. The signing ceremony took place at Hotel Hilton in Jeddah during the IDB 42nd Annual Meeting.

Mr. Khaled Al-Aboodi CEO of ICD and Mr. Khakimov Umid, First Deputy Chairman of JSC Asia Alliance Bankrdquo;, signed the financing agreements for the amount of USD12 million.

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.

Mr. Khalid Al-Aboodi, CEO of ICD stated 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.rdquo;

Mr. Khakimov Umid said, 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.rdquo;

Source: Islamic Corporation for the Development of the Private Sector (ICD).