ITFC extends $30m facility to Hamkorbank

A recent US$30 million injection from the Worldwide Islamic Commerce Finance Company is ready to speed up Uzbekistan’s shift in the direction of moral, sustainable finance — strengthening Hamkorbank’s position on the forefront of the nation’s rising Islamic finance sector

The Worldwide Islamic Commerce Finance Company (ITFC) has expanded its partnership with Uzbekistan’s Hamkorbank by an extra US$30 million syndicated line of financing, bringing the entire facility between the 2 establishments to US$90 million — the biggest stand-alone ITFC private-sector facility within the nation.

The settlement, signed at ITFC headquarters in Jeddah throughout a go to by a high-level Hamkorbank delegation, varieties a part of a wider US$600 million framework association between the Republic of Uzbekistan and ITFC concluded in March 2024.

ITFC chief government Eng Adeeb Y. Al Aama mentioned: “This expanded partnership with Hamkorbank displays ITFC’s robust dedication to deepening non-public sector help and advancing Islamic finance in Uzbekistan. By extending this new facility, we’re enabling larger entry to commerce finance for SMEs and contributing to the nation’s efforts to construct a extra inclusive and sustainable economic system.”

Hamkorbank chairman Bakhtiyorjon Juraev added: “We’re delighted to have reached this important settlement with ITFC, with a complete publicity of US$90 million. This collaboration will play an important position in supporting and increasing Hamkorbank’s Islamic Financing portfolio, which aligns with our dedication to offering moral and progressive monetary options.

“We imagine that this partnership won’t solely improve our service choices but in addition contribute to the expansion of key sectors inside the area. We sit up for an extended and profitable relationship with ITFC as we proceed to help sustainable financial improvement.”

The extra funding will help small and medium-sized enterprises, ladies’s entrepreneurship, inexperienced finance and food-security initiatives in keeping with Uzbekistan’s nationwide improvement priorities.

Uzbekistan joined ITFC in 2019. Since then, the organisation — a part of the Islamic Growth Financial institution Group — has accredited a cumulative US$950 million in financing for Uzbek banks.

READ MORE: ‘Digitalization, monetary inclusion, and a brand new period of banking companies: Uzbekistan’s street to WTO membership’. As Uzbekistan advances towards WTO membership, digitalisation is reshaping its banking system and widening entry to finance. Max Johnson, a member of ANORBANK’s Supervisory Board, explores how reform, innovation and a younger, linked inhabitants are propelling the nation into a brand new period of monetary inclusion.

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_{Important picture: Mr. Bakhtiyorjon Juraev, Chairman of the Administration Board of Hamkorbank and Eng. Adeeb Y. Al Aama, CEO of ITFC. Credit score: Worldwide Islamic Commerce Finance Company (ITFC)}