On December 13, 2022, in Jeddah, Saudi Arabia, the International Islamic Trade and Finance Corporation (ITFC) and JSICB “Ipak Yuli” signed an agreement to provide support in trade finance to the private sector of Uzbekistan, as well as the development of small and medium-sized businesses (SMEs).

The successful implementation of this agreement between financial institutions, which is the first for them, was established under the Framework Agreement between the Government of the Republic of Uzbekistan and ITFC in the amount of USD 500 million, of which USD 15 million will be earmarked for trade finance in accordance with with Shariah principles to meet the growing demand of the Bank's private sector clients, including SMEs.

Commenting on the signing, Eng. Hani Salem Sonbol, CEO of ITFC said: “This agreement with Ipak Yuli Bank is in line with our interventions aimed at facilitating access to Sharia-compliant trade finance in the private sector in Uzbekistan. We remain committed to offering integrated trade solutions designed to address trade development challenges of our member countries and key partners as they look to pursue economic growth through increased trade.”

From his side, Mr. Saidabror Saydakhmedov, the Chairman of the Management Board of Ipak Yuli Bank said: "We are glad to sign our first agreement with ITFC, which gives a start to our future beneficial cooperation. The funds will be used for financing eligible trade deals of micro, small and medium enterprises in Uzbekistan, which will lead to increase of Islamic financial inclusion and awareness among MSMEs in the country".

About the International Trade Finance Corporation (ITFC) 

The International Islamic Trade Finance Corporation (ITFC) is a member of the Islamic Development Bank (IsDB) Group. It was established with the primary objective of advancing trade among OIC member countries, which would ultimately contribute to the overarching goal of improving the socio-economic conditions of the people across the world. Commencing operations in January 2008, ITFC has provided US$66 billion of financing to OIC member countries, making it the leading provider of trade solutions for these member countries’ needs. With a mission to become a catalyst for trade development for OIC member countries and beyond, the Corporation helps entities in member countries gain better access to trade finance and provides them with the necessary trade-related capacity-building tools, which would enable them to successfully compete in the global market.