Agreements worth $330 million were signed in favor of Uzbekistan on the sidelines of Islamic Development Bank’s (IsDB) 2021 Annual Meetings held in Tashkent.
“We have learned a lot about the pressing development problems faced by our participating countries in connection with the pandemic. The topics discussed during the week, especially during the round table of governors, should contribute to the formation of the bank’s activities in the coming years,” said IsDB Group president Muhammad Al Jasser.
He added that three main promising topics were considered: accelerating the recovery after COVID-19, combating the growth of poverty, increasing sustainability and prosperity, as well as promoting green economic growth in the organization’s member countries.
A $265,000 grant agreement was signed aimed at technical support in the development of a regulatory framework for the development of Islamic banking and finance in Uzbekistan.
Another $51,535 grant was signed with the International Islamic Academy of Uzbekistan. It provides technical assistance in creating a smart class (repair, furniture and equipment) for Islamic development.
Trustbank, InfinBANK and Orient Finans Bank received credit lines worth $10 million each.
The funds are to be channeled towards healthcare, as well as private sector enterprises affected by the pandemic. According to the organizers, this does not apply to entrepreneurs engaged in any activity that does not comply with Sharia law.
Since 2003, the IsDB has allocated $2.4 billion to Central Asia’s most populous state for the development of agriculture, the financial sector, healthcare, transport, energy and other spheres. (Uzreport/Business World Magazine)