The Deputy PM/Minister of Investments and Foreign Trade Sardor Umurzakov summed up the outcomes of the annual meeting of the IsDB Board of Directors in Tashkent at a press briefing Saturday.
“I am particularly pleased to share with you the outcomes achieved during the meeting, which surpassed all the most daring forecasts and expectations. The results of our joint work will undoubtedly have the most direct and positive impact on the national economy, expedite the development of small and medium-sized businesses and significantly improve the social infrastructure of our country,” Umurzakov said.
He noted that the government of Uzbekistan, Saudi Arabia and the IsDB signed a memorandum of cooperation to create a US$ 100 million Fund for Expanding Economic Opportunities of Uzbekistan. The fund will aim to support youth and women's entrepreneurship, financial support for measures taken by the state to reduce poverty, as well as investing in small and medium-sized businesses and start-up projects. In the future, the fund's capital is planned to be increased to US$ 500 million.
In addition, an agreement was signed between the International Islamic Trade and Finance Corporation (ITFC) and Trustbank to open a US$ 15 million-trade finance line. An agreement was also signed with Turonbank to provide technical assistance in the implementation of reporting in accordance with international financial reporting standards (IFRS).
At the end of the press briefing, the parties signed a US$ 200 million loan agreement to modernize the rural infrastructure of the Republic of Karakalpakstan, Khorezm, Bukhara and Navoi provinces within the framework of the Obod Qishloq program aimed at improving the quality of life of the population of these territories.
Also, a US$ 80 million loan agreement was signed to equip the institutions of the oncological service of Uzbekistan with modern high-tech equipment, a grant agreement on the development of a regulatory framework for Islamic banking and finance in the Republic of Uzbekistan worth of $ 265,000, which will make it possible to introduce mechanisms in our country. Islamic finance.
“I am convinced that the potential for cooperation between Uzbekistan and the IDB is not fully tapped and this is a priority of our further joint work aimed at the effective implementation of the bank's mission in our country. Uzbekistan is in solidarity with the IsDB, whose mission is to give people the opportunity to independently manage their economic and social progress, creating an infrastructure that allows them to fully tap their potential,” Umurzakov concluded.
