TASHKENT, Uzbekistan, February 14. Uzbekistan's Asia Alliance Bank and International Islamic Trade Finance Corporation (ITFC) signed a trade financing line agreement worth $10 million in Jeddah at the head office of ITFC on February 12, Trend reports.
The allocated $10 million will be used to support Asia Alliance Bank's SME clients and to meet their trade financing needs. This line of trade financing will serve to expand the range of offered banking services, support the development of small businesses and private entrepreneurship, as well as create new jobs and employment.
Asia Alliance Bank's cooperation with ITFC was established in 2018 by attracting Uzbekistan's first line of trade financing on the principles of Islamic financing in the amount of $9 million.
Meanwhile, the Swiss Symbiotics Investments company provided Uzbekistan's Asia Alliance bank with a loan in the amount of $4.5 million.
The loan is intended to finance micro, small, and medium-sized businesses in Uzbekistan.
