The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, has inked a $10mn line of trade finance agreement with Uzbekistan’s Orient Finans Bank to support the private sector and SME development.

Commenting on the facility, Hani Salem Sonbol, ITFC CEO, said: “This $10mn trade finance facility for Orient Finans will allow ITFC to enhance its support to Uzbekistan as he private sector in the country seeks to recover from the social and economic impact of the coronavirus pandemic. The development impact that these lines of trade finance have are widespread and indicative of ITFC’s unbending commitment to Uzbekistan, its people and its socio-economic growth.”

Orient Finans chairman of the board, Tokhir Djunaydullaev, spoke of the contribution that the financing would make, saying: “Currently we are developing our corporate lending and mutually beneficial cooperation with international financial institutions in compliance with the mission of Orient Finans that is to provide modern banking services to new and existing clients in accordance with their needs and demands. This Line of Trade Finance Agreement for $10mn is concluded between ITFC and Orient Finans along these lines. This financing will be used for the benefit of the private sector, including SMEs. This is a wonderful opportunity for our clients to be financed under Sharia standards and use trade finance instruments for their transactions. I believe in strong cooperation with ITFC.”

ITFC has also approved seven other line of trade finance facilities for the total amount of $56mn for local banks in Uzbekistan.