https://arab.news/9u6e5
RIYADH: Thirteen banks in Uzbekistan have secured a combined $566 million in financing through a key initiative by the International Islamic Trade Finance Corp., a member of the Islamic Development Bank Group.
The funding aims to foster job creation, drive economic development, and empower local communities, according to a report by the Saudi Press Agency.
ITFC is committed to using these funds to support the private sector’s import and pre-export requirements, with a particular focus on small and medium-sized enterprises, which are vital to the country's economic growth and resilience.
This initiative aligns with the ITFC's broader mission to provide integrated trade solutions to member countries of the Islamic Development Bank. The institution, which currently has 57 member states, is primarily funded by Saudi Arabia, the largest shareholder with a 22.5 percent stake in the corporation.
The funds will specifically target SMEs, which are globally recognized as key drivers of economic growth. The ITFC has already provided over $69 billion in financing to the member countries of the Organization of Islamic Cooperation, solidifying its position as a leading provider of trade solutions within the OIC community.
In addition to financial support, ITFC also focuses on improving access to trade finance and offering technical assistance programs. These efforts equip member-state entities with the tools they need to compete successfully in the global marketplace.