Islamic Development Bank launches Saudi-backed $100mln fund in Uzbekistan

The fund has an initial capital of $100mln, and will target 34 micro, small, and medium enterprises

  
An engraved logo of the Islamic Development Bank Group is seen at the door of the bank in Jeddah, Saudi Arabia May 31, 2018.

An engraved logo of the Islamic Development Bank Group is seen at the door of the bank in Jeddah, Saudi Arabia May 31, 2018.

REUTERS/Reem Baeshen
 
 

DUBAI: The Islamic Development Bank is launching an economic development fund in Uzbekistan, which is backed by Saudi investors.

The fund has an initial capital of $100 million, and will target 34 micro, small, and medium enterprises.

It is also expected to generate 100,000 jobs, and help address poverty in the country.

The new economic fund is part of the IsDB’s series of development activities in Uzbekistan, which so far stand at $2.4 billion in value.

Copyright: Arab News © 2021 All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Islamic Finance