On November 6, a meeting was held at UzIPA with a delegation of the Islamic Development Bank Group – representatives of the International Islamic Trade Finance Corporation (IITFC), Islamic Investment Insurance and Export Credit Corporation (ICIEC) and Islamic Private Sector Development Corporation (ICD).
The IDB Group is a multilateral financial institution consisting of 5 institutions, which also includes IITFC, ICIEC and ICD. The goal of the IDB Group is to assist economic and social progress in countries that are members of the bank and support Muslim communities in different countries of the world.
Uzbekistan actively cooperates with the IDB, so in the framework of cooperation with the International Islamic Corporation for Trade Finance in 2018 $100 million framework agreement for trade finance was signed. As part of this line, agreements were signed with 4 banks of Uzbekistan.
The total investment portfolio of the Islamic Corporation for Investment Insurance and Export Credit in Uzbekistan is more than $340 million.
During the meeting, guests were informed about the Agency’s activities, its priority areas for active assistance to foreign investors and wide awareness of Uzbekistan’s opportunities abroad.
The delegation noted that the Islamic Corporation for Investment Insurance and Export Credit was established to provide investment insurance and export credit insurance solutions in accordance with Sharia principles and to strengthen economic relations between the countries of the Organization of Islamic Cooperation. ICIEC investment insurance solutions for banks and financial institutions provide protection against losses caused by non-commercial risks, which undoubtedly increases the confidence of foreign partners and large investors.
In addition, during the meeting it was noted that Uzbekistan today is a territory of new opportunities and in recent years, great interest of large and small companies in investing and implementing business projects in Uzbekistan has intensified.
Following the meeting, the parties noted that the signing of a joint memorandum will undoubtedly strengthen the close and long-term relationships between organizations and will provide information and consultation support.