Latest news with #DecentWorkandEconomicGrowth
The Wire
19-05-2025
- Business
- The Wire
AI Summit Organized at KIET – Where Education Meets Generation AI
On Friday, 19th May 2025, the Department of CSE (AI/AI&ML), at KIET Group of Institutions (located in Delhi-NCR), organized an AI Summit on the theme 'Where Education Meets Generation AI'. This theme aligned with the principles of SDG 4 (Quality Education), SDG 8 (Decent Work and Economic Growth), and SDG 9 (Industry, Innovation, and Infrastructure), … Continue reading "AI Summit Organized at KIET – Where Education Meets Generation AI"
Zawya
30-04-2025
- Business
- Zawya
International Islamic Trade Finance Corporation (ITFC) and Asakabank Ink US$ 20 Million Trade Finance Deal to Strengthen Uzbekistan's Private Sector
The International Islamic Trade Finance Corporation (ITFC) ( the trade finance arm of the Islamic Development Bank (IsDB) Group, has signed a US$ 20 million Line of Trade Finance Agreement with Asakabank to bolster trade finance solutions for SMEs and private sector clients in Uzbekistan. Structured under Murabaha, this facility is designed to support trade finance needs of SMEs, enabling business expansion, strengthening economic resilience, and contributing to sustainable development. By advancing UN SDG 8 (Decent Work and Economic Growth), the agreement empowers businesses to thrive, create jobs, and drive long-term economic progress. Through this financing, private sector companies in Uzbekistan will gain access to vital import and pre-export funding, further stimulating trade and enhancing key industries that drive the nation's economic growth. This strategic partnership marks a key milestone, making Asakabank ITFC's newest partner institution and increasing the number of active ITFC partner banks in Uzbekistan to 12. Commenting on the signing, Mr. Abdihamid Aweis Abu stated: 'The private sector serves as a key driver of economic growth in Uzbekistan, making access to funding essential for its contribution to the country's development. At ITFC, we are delighted to launch this strategic collaboration with Asakabank and are committed to strengthening our partnership to enhance trade finance accessibility for Uzbekistan's private sector and SMEs, empowering them to drive economic progress, as well as supporting the growth of Islamic finance in the country'. 'This agreement opens up new horizons for mutually beneficial cooperation and strengthens our bank's position on the international stage. The agreement with ITFC marks a strategic step for Asakabank, as ITFC is an organization that provides financial support at the international level and supports projects aligned with the principles of Islamic finance. This partnership will unlock new opportunities for Asakabank to attract investment, expand the range of services offered to our clients, and introduce innovative financial products. The agreement with ITFC paves the way for the development of the banking sector, promotes capital markets, and helps attract needed funding to support the private sector and SMEs.' Said Mr Tulyaganov Kudratilla, Chairman of the Board of AsakaBank. This financing aligns with the US$ 600 million Framework Agreement signed between ITFC and the Republic of Uzbekistan in March 2024, reinforcing ITFC's ongoing efforts to enhance trade finance access for SMEs and private sector businesses. Since 2019, ITFC has approved over US$ 168 million in financing for Uzbekistan's private sector, facilitating trade and contributing to economic development. Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC). About the International Trade Finance Corporation (ITFC): The International Islamic Trade Finance Corporation (ITFC) is the trade finance arm 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 socio-economic conditions of the people across the world. Commencing operations in January 2008, ITFC has provided more than US$83 billion of financing to OIC member countries, making it the leading provider of trade solutions for these member countries' needs. With a mission to become a catalyst for trade development for OIC member countries and beyond, the Corporation helps entities in member countries gain better access to trade finance and provides them with the necessary trade-related capacity-building tools, which would enable them to successfully compete in the global market.
Zawya
24-03-2025
- Business
- Zawya
The International Islamic Trade Finance Corporation (ITFC) Signs US$ 20 Million Line of Financing Agreement with Trustbank in Uzbekistan
The International Islamic Trade Finance Corporation (ITFC) ( a member of the Islamic Development Bank (IsDB) Group, signed a US$20 million Line of Trade Financing Agreement with Trustbank in Uzbekistan under the Murabaha structure. This agreement aims to bolster trade finance accessibility for SMEs, women entrepreneurs, green financing initiatives, and food security aimed at reinforcing Uzbekistan's economic resilience. Under this facility, import and pre-export financing will be available to private-sector businesses in Uzbekistan, driving trade and supporting sectors critical to the country's economic development. The signing ceremony took place at ITFC's headquarters, with Mr. Sardor Normukhamedov, Chairman of the Management Board of Trustbank, and Mr. Nazeem Noordali, Officer-in-Charge, CEO ITFC, formalizing the agreement. Commenting on the signing, Nazeem Noordali stated: "The private sector remains a key driver of Uzbekistan's economic development, and Trustbank's commitment to supporting its growth is commendable. At ITFC, we are dedicated to empowering businesses through strategic trade finance solutions, and this partnership with Trustbank provides a robust platform to achieve tangible and lasting economic impact." 'Our bank always strives for innovation, reliability and dynamic development. Cooperation with ITFC will allow us to combine our experience and advanced financial instruments to create effective solutions that meet modern challenges.' stated Mr. Sardor Normukhamedov. This financing falls within the US$600 million Framework Agreement signed between ITFC and the Republic of Uzbekistan in March 2024, which underscores ITFC's long-term commitment to fostering private sector development and strengthening the trade ecosystem of Uzbekistan. This agreement, the third consecutive facility between ITFC and Trustbank, brings the total financing provided to the bank to over US$44 million, further unlocking trade opportunities and enhancing financial inclusion. Since 2019, ITFC has approved over US$168 million in support of Uzbekistan's private sector, reinforcing its role in driving economic opportunities and advancing UN SDG 8 (Decent Work and Economic Growth). Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC). Contact Us: Tel: +966 12 646 8337 Fax: +966 12 637 1064 E-mail: ITFC@ Social Media: Twitter: @ITFCCORP ( Facebook: @ITFCCorp ( LinkedIn: International Islamic Trade Finance Corporation (ITFC) ( About the International Trade Finance Corporation (ITFC): The International Islamic Trade Finance Corporation (ITFC) is the trade finance arm 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 socio-economic conditions of the people across the world. Commencing operations in January 2008, ITFC has provided more than US$83 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.
