Trustbank and the International Islamic Trade and Finance Corporation sign cooperation agreement
Tashkent, Uzbekistan (UzDaily.com) -- Private joint-stock bank "Trustbank" continues to work to strengthen cooperation with international and foreign financial institutions.
Within the framework of the measures specified in the Resolution of the President of the Republic of Uzbekistan “On measures to further increase the effectiveness of cooperation with international and foreign financial institutions” from 20 December 2017 from 20 December 2017 and the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan "On measures to further develop cooperation with the group Islamic Development Bank and the Arab Coordination Group funds” from 23 May 2019, the bank signed an agreement with the International Islamic Trade and Finance Corporation (a subsidiary of the Islamic Development Bank) on the allocation of a new financing line in the amount of US$8 million.
The main purpose of the agreement is the development of small business and private entrepreneurship in the Republic of Uzbekistan by supporting trade operations lasting up to one year, aimed at the acquisition of modern technological equipment and other fixed assets. The submitted projects must comply with Sharia law.
The agreement plays an important role in the consistent implementation of promising projects aimed at increasing the export potential of the bank's clients, filling the domestic market with competitive import-substituting products and creating new jobs.
Cooperation between Trustbank and the International Islamic Trade and Finance Corporation began 2 years ago. In November 2018, the International Islamic Trade and Finance Corporation allocated the first line of financing in the amount of US$4 million to the private joint-stock bank Trustbank, which has been fully utilized to date.