Tashkent, Uzbekistan (UzDaily.com) -- The International Islamic Trade and Finance Corporation (ITFC) provided Uzbekistan with loan funds in the amount of US$715 million.

The funds will be used to support agriculture, food security and the country’s small and medium-sized business sector.

ITFC and Uzbekistan signed agreements on the sidelines of the Arab Coordination Group meeting in Tashkent.

ITFC’s US$600 million in funds will support trade finance, agriculture finance and food security, and strengthen public sector enterprises and small and medium-sized enterprises in critical sectors such as pharmaceuticals, food processing, agriculture, textiles and manufacturing.

As part of the Murabaha agreement, Uzbekistan will receive US$100 million for the purchase of agricultural products to ensure year-round availability of wheat, which will help stabilize wheat prices for local farmers.

In addition to sectoral support, ITFC has also committed US$15 million in collaboration with AgroBank and its subsidiary SmartBank. This initiative aims to increase the contribution of the private sector to the economic development of Uzbekistan by providing trade finance solutions. Aimed at supporting the food, agriculture, manufacturing and textiles sectors, this funding is also intended to encourage financing of green projects, aligning with sustainable development goals.

The agreements highlight ITFC’s commitment not only to the socio-economic development of Uzbekistan, but also to promoting regional economic integration through the Trade Connectivity Central Asia+ (TCCA+) program.

This program aims to increase cooperation in trade and investment among the six countries, promoting economic growth and stability in Central Asia.