By Ayomide Otitoju
The Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, and Hamkorbank, a joint-stock commercial bank with foreign capital, have strengthened their partnership by signing an increase in their Line of Trade Financing Agreement with an additional US$30 million.
The signing ceremony took place at ITFC Headquarters in Jeddah during a high-level visit by the Hamkorbank delegation. The agreement was signed by Eng. Adeeb Y. Al Aama, CEO of ITFC, and Mr. Bakhtiyorjon Juraev, Chairman of the Management Board of Hamkorbank, in the presence of senior officials from both institutions.
With the new facility, the total financing between ITFC and Hamkorbank now stands at US$90 million, marking the largest stand-alone ITFC private sector facility in Uzbekistan. The expanded collaboration targets SME and private sector growth, women’s entrepreneurship, green finance, and food security, aligning with Uzbekistan’s national development priorities.
The financing forms part of the US$600 million Framework Agreement signed between the Republic of Uzbekistan and ITFC in March 2024, which prioritizes support for SMEs and private sector trade finance to promote sustainable economic growth.
“This expanded partnership with Hamkorbank reflects ITFC’s strong commitment to deepening private sector support and advancing Islamic finance in Uzbekistan,” said Eng. Adeeb Y. Al Aama. “By extending this new facility, we are enabling greater access to trade finance for SMEs and contributing to the country’s efforts to build a more inclusive and sustainable economy.”
Mr. Bakhtiyorjon Juraev added:
“We are delighted to have reached this significant agreement with ITFC, with a total exposure of US$90 million. This collaboration will enhance Hamkorbank’s Islamic financing portfolio and support sustainable economic development across key sectors in the region. We look forward to a long and successful partnership with ITFC.”
Since Uzbekistan became an ITFC member in 2019, the corporation has approved a cumulative US$950 million in support of local banks, advancing trade finance, promoting private sector growth, and providing Shariah-compliant financial solutions.
