BAKU, Azerbaijan, Aug. 27
By Ilkin Seyfaddini - Trend:
The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IDB) Group, signed an $8 million Murabaha(Islamic financing structure in which the seller and buyer agree to the cost and markup of an asset ) structured credit line financing with Trustbank, a private joint-stock bank in Uzbekistan, Trend reports with reference to the Bank.
The financing aims to minimize the impact of COVID-19 by supporting the import and pre-export financing needs of small and medium-sized enterprises (SMEs) in the country.
“ITFC’s second line of financing in favor of Trustbank reflects its commitment to helping Uzbekistan fight back against the social and economic impact of the coronavirus pandemic," said ITFC CEO, Hani Salem Sonbol.
“Support for the private sector is critical in safeguarding value chains across the country and the wider region. This operation is, in addition to five other lines of finance supporting local banks in Uzbekistan since 2018, reflect the ITFC’s unbending commitment to the nation of Uzbekistan, its industries, and its people," he added.
Cooperation between Trustbank and the International Islamic Trade and Finance Corporation started in 2018. In November 2018, the International Islamic Trade and Finance Corporation allocated the first $4 million credit line to Trustbank, which has been fully utilized to date.
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