Jeddah, March 13, 2025 — The Islamic Corporation for the Development of the Private Sector (ICD), a member of the Islamic Development Bank (IsDB) Group, has announced a landmark $25 million Islamic financing initiative aimed at fostering the growth of Uzbekistan’s private sector. In collaboration with Asian Alliance Bank, the financing deal is set to provide crucial support to small and medium-sized enterprises (SMEs) across the country, encouraging their expansion and contributing to the nation’s overall economic development.
The financing is part of ICD’s ongoing strategy to empower businesses in IsDB member countries, focusing on driving sustainable growth and creating long-term job opportunities. With a particular emphasis on SMEs, which play a vital role in the economic fabric of many developing nations, the partnership is designed to provide these enterprises with the financial resources they need to scale up, innovate, and compete in global markets. This, in turn, will support Uzbekistan’s broader economic objectives, including diversification, entrepreneurship, and export enhancement.
The ICD's involvement in Uzbekistan is aligned with its broader mission to promote private-sector growth in its member states in a manner that is consistent with Islamic Sharia principles. Through investments in private-sector projects, the ICD strives not only to boost economic activity but also to ensure that such growth is inclusive and sustainable. By adhering to these principles, the ICD aims to create meaningful impacts, such as improving local infrastructure, fostering business innovation, and expanding trade opportunities.
In addition to its financial contribution, the partnership with Asian Alliance Bank will further facilitate access to capital for aspiring entrepreneurs and established businesses alike. This collaboration underscores the critical role of financial institutions in unlocking economic potential, as it provides both a foundation for future growth and a mechanism for wealth creation.
With this $25 million financing agreement, the ICD has reaffirmed its commitment to supporting member countries' development efforts. The partnership marks a significant step in enhancing Uzbekistan’s private sector capacity and aligns with the country’s ongoing economic reforms aimed at fostering a more competitive and resilient economy.