Jeddah: The Islamic Corporation for the Development of the Private Sector (ICD) and Joint-Stock Commercial Bank “Asia Alliance Bank” have deepened their collaboration with the launch of a USD 25 million Islamic line of financing.
This initiative is designed to fuel small and medium-sized enterprises (SMEs), supporting their expansion and fostering economic resilience in Uzbekistan.
Key points include, USD 25 Million Financing: ICD and Asia Alliance Bank introduce a new Islamic financing facility to accelerate private sector growth in Uzbekistan, SME Empowerment: The initiative aims to provide critical financial support for entrepreneurs and small businesses and Long-Standing Collaboration: This facility strengthens a decade-long partnership, reinforcing their shared commitment to economic development.
Since 2013, Asia Alliance Bank has partnered with ICD, previously securing USD 30 million in financing facilities. This latest agreement underscores their shared vision of strengthening financial inclusion and private sector dynamism in Uzbekistan.
Aligned with ICD’s Private Sector Development Strategy, this initiative focuses on enhancing economic opportunities and sustainable growth by empowering SMEs.
Established in 2009, Asia Alliance Bank operates under a license from the Central Bank of Uzbekistan and is headquartered in Tashkent. It provides financial services across 10 branches and 46 banking service points, employing over 1,000 professionals. More details: Asia Alliance Bank.
A member of the Islamic Development Bank (IsDB) Group, ICD promotes private sector growth in member countries through Shariah-compliant financing and advisory services. ICD holds credit ratings of ‘A2’ from Moody’s, ‘A+’ from Fitch, and ‘A-’ from S&P.
For further information, contact Nabil El-Alami, Communications & Corporate Marketing Division Head, at Nalami@isdb.org.
