Islamic Corporation for the Development of the Private Sector (ICD) and Joint-Stock Commercial Bank “Turonbank” Strengthen Partnership to Support Private Sector Growth in Uzbekistan

• The Third Line: ICD and Turonbank announce a USD 30 million Islamic line of financing facility to bolster Uzbekistan’s private sector development.

• 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.

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.