Islamic Trade Finance Corporation approves US$10m for Uzbekistan based Private Joint Stock Commercial Bank ‘Orient Finans’

By Anthony Areh

The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, has signed a $10 million Line of Trade Finance Agreement with PJSCB Orient Finans to support private sector and SME development in Uzbekistan.

Commenting on the Line of Trade Finance Facility, Mr. Hani Salem Sonbol, ITFC CEO, said: “This $10 million trade finance facility for PJSCB Orient Finans will allow ITFC to enhance its support to Uzbekistan as the private sector in the country seeks to recover from the social and economic impact of the coronavirus pandemic.

The development impact that these lines of trade finance have are widespread and indicative of ITFC’s unbending commitment to Uzbekistan, its people and its socio-economic growth.” 

PJSCB Oreint Finans Chairman of the Board, Mr. Tokhir Djunaydullaev spoke of the contribution that this financing will make, saying: “Currently we are developing our corporate lending and mutually beneficial cooperation with international financial institutions in compliance with the mission of PJSCB Orient Finans that is to provide modern banking services to new and existing clients in accordance with their needs and demands.

This Line of Trade Finance Agreement for US$10 million is concluded between ITFC and PJSCB Orient Finans along these lines. This financing will be used for the benefit of the private sector, including SMEs.

This is a wonderful opportunity for our clients to be financed under Sharia standards and use trade finance instruments for their transactions. I believe in a strong cooperation with ITFC.”

In addition to the line of finance to PJSCB Orient Finans, ITFC has approved seven other Lines of Trade Finance Facilities for the total amount of $56 million for local banks in Uzbekistan.