By Ayomide Otitoju
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-compliant multilateral insurer and member of the Islamic Development Bank (IsDB) Group, has backed a €132.5 million financing arranged by Standard Chartered for Joint-Stock Company “O’zbekiston Metallurgiya Kombinat” (Uzmetkombinat), Uzbekistan’s largest steel producer.
The funding, supported by ICIEC’s sovereign cover, will enable the completion of Uzmetkombinat’s new Casting and Rolling Complex in Bekabad, Southern Uzbekistan. Once operational, the facility will produce hot-rolled coils (HRCs)—a key product previously imported—enhancing the country’s steel self-sufficiency and strengthening competitiveness in construction and manufacturing.
The project is expected to improve supply chain efficiency and reduce costs for local industries, including pipe manufacturing and construction. It will also generate significant social and economic benefits for Bekabad, home to around 100,000 people, where Uzmetkombinat currently employs over 8,000 workers and supports thousands of indirect jobs.
This marks the second major collaboration between ICIEC and Standard Chartered in Uzbekistan in 2025, following a €160.4 million Islamic financing facility to Joint-Stock Commercial Bank “Agrobank,” which aimed to expand access to finance for small and medium-sized enterprises (SMEs) nationwide.
Dr. Khalid Khalafalla, CEO of ICIEC, said:
“This landmark transaction exemplifies ICIEC’s mandate to de-risk trade and investment and catalyze sustainable economic growth across our Member States. By supporting Uzbekistan’s largest steel producer, we are fostering industrial capacity, job creation, and long-term economic resilience. Our continued partnership with Standard Chartered demonstrates our shared commitment to impactful development projects.”
Desislava Radeva, Executive Director, Development and Agency Finance, Standard Chartered, added:
“We are proud to partner again with ICIEC to support Uzmetkombinat. Steel production is a strategic industry for Uzbekistan, and domestic HRC sourcing is a major step forward. This project highlights Standard Chartered’s expertise in driving growth in dynamic markets.”
