The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-idb.org), a member of the Islamic Development Bank (IsDB) Group, has signed a trade finance agreement with Aloqabank, Uzbekistan. The US $15 Million facility is the first allocated to Aloqabank as it joins the growing network of the Corporation’s partner banks in Uzbekistan. The facility will support the import and pre-export financing needs of Aloqabank clients, particularly SMEs. The financing shall equally support the Bank’s quest to expand its Sharia Compliant trade finance offering and help the private sector clients, especially SMEs, with recovery in post COVID-19 period. This agreement, which falls under the US$ 500 million Framework Agreement, between the Republic of Uzbekistan and ITFC was signed by Mr. Abdihamid Aweis Abu, ITFC’s General Manager, Trade Finance, and Mr. Khasan Rakhmatov, Deputy Chairman of the Management Board of Aloqabank. Commenting on the agreement, Mr. Abdihamid said: “ITFC believes in the ability of the private sector to be a catalyst of post-covid economic recovery, and this new partnership with Aloqabank provides us with another platform to support the SMEs in Uzbekistan. We are committed to building this partnership in ways that will make it impactful for the bank, its clients, and the economy in general.” Since 2018, ITFC has approved 18 Line of Trade Finance Facilities for the total amount of USD176 million in favor of banks in Uzbekistan to support the private sector, especially SMEs.Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC). Contact Us: Twitter: bit.ly/3mi4bbG Facebook: bit.ly/3vKnZaS LinkedIn: bit.ly/3GH80ix Tel: +966 12 646 8337 Fax: +966 12 637 1064 E-mail: ITFC@itfc-idb.org 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 socioeconomic conditions of the people across the world. Commencing operations in January 2008, ITFC has provided US$61 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. Send us your press releases to pressrelease.zawya@refinitiv.com © Press Release 2021 Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release. The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk. To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
