Riyadh – The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, signed an $8 million worth of Murabaha-structured line of trade finance with Trustbank, a private joint-stock bank in Uzbekistan.
The financing aims to minimise the impact of COVID-19 by supporting the import and pre-export financing needs of small and medium-sized enterprises (SMEs) in the country, according to a press release on Wednesday.
In this respect, ITFC CEO, Hani Salem Sonbol, said: “ITFC’s second line of financing in favour of Trustbank reflects its commitment to helping Uzbekistan fight back against the social and economic impact of the coronavirus pandemic."
“Support for the private sector is critical in safeguarding value chains across the country and the wider region. This operation is, in addition to five other lines of finance in favour of local banks in Uzbekistan since 2018, reflect the ITFC’s unbending commitment to the nation of Uzbekistan, its industry, and its people," he concluded.
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