ICD and joint-stock commercial bank Turonbank strengthen partnership to support private sector growth in Uzbekistan
Empowering Entrepreneurs: The new facility is designed to accelerate SME growth and foster economic development in Uzbekistan.
Strengthened Collaboration: This initiative reaffirms the long-standing partnership between ICD and Turonbank, aligning with ICD's mission to support private sector growth.
Jeddah, Kingdom of Saudi Arabia – The Islamic Corporation for the Development of the Private Sector (ICD) and Private Joint-Stock Bank 'Turonbank' have taken a significant step to enhance Uzbekistan's private sector development. A USD 30 million Islamic line of financing facility has been signed, marking a milestone in their collaborative efforts to support small and medium-sized enterprises (SMEs) and the broader economic landscape.
This new financing facility, channeled through Turonbank, is dedicated to empowering private sector projects in Uzbekistan. It aims to provide entrepreneurs with vital financial resources to launch and expand their ventures, thereby driving sustainable economic growth and contributing to the nation's economic resilience.
Turonbank has been a trusted partner of ICD since 2017 and has previously received two line-of-financing facilities totaling USD 35 million. The newly proposed facility highlights the strength of their enduring partnership and underscores a shared commitment to fostering private sector development in Uzbekistan.
This initiative is closely aligned with ICD's Private Sector Development Strategy, which focuses on enabling economic dynamism and resilience by empowering SMEs and advancing financial inclusion.
About Turonbank
Joint-Stock Commercial Bank "Turonbank", established in 1990 under the license from the Central Bank of the Republic of Uzbekistan No. 8 to conduct banking operations and headquartered in Tashkent, the capital of the Republic of Uzbekistan. Today, the bank provides financial services in 21 branches across the country. For more information visit Turonbank's website at: https://turonbank.uz/en/.
About the Islamic Corporation for the Development of the Private Sector (ICD)
ICD is a multilateral organization and a member of the Islamic Development Bank (IsDB) Group. ICD's mandate is to support economic development and promote the growth of the private sector in its member countries through providing financing facilities and/or investments in accordance with Shariah principles. Additionally, ICD offers advisory services to governments and private organizations to encourage the establishment, expansion, and modernization of private enterprises. ICD is rated 'A2' by Moody's, 'A+' by Fitch, and 'A-' by S&P.
For More Information
For further details, please contact: Nabil El-Alami, Communications & Corporate Marketing Division head, Nalami@isdb.org.
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