TASHKENT, Uzbekistan, March 5. Uzbekistan and the International Islamic Trade and Finance Corporation (ITFC) signed an agreement worth $100 million, Trend reports.
According to Uzbekistan's Economy and Finance Ministry, this agreement is aimed at strengthening food security in the country through the Fund for State Support of Agriculture under the Ministry of Economy and Finance of Uzbekistan.
The funds will be provided in two tranches on favorable terms, for a period of up to 24 months. These funds will allow the purchase of significant amounts of wheat to meet the needs of the Uzbek population, supporting the stability and development of the country's agricultural sector.
At the same time, an agreement was reached with representatives of the ITFC on further cooperation in the development of other priority areas.
Meanwhile, Uzbekistan's Asia Alliance Bank and ITFC signed a trade financing line agreement worth $10 million in Jeddah on February 12.
The allocated $10 million will be used to support Asia Alliance Bank's SME clients and to meet their trade financing needs.
The International Islamic Trade and Finance Corporation is a key institution of the Islamic Development Bank, whose task is to stimulate economic growth and trade development between the member countries of the Organization of Islamic Cooperation.
