This significant event took place during the annual 50th anniversary meeting of the Islamic Development Bank Group in Riyadh, which will strengthen the long-standing business ties between our banks. The memorandum provides an opportunity for the bank to attract a new line of financing and further develop cooperation in the introduction of Islamic finance.

     Also, as part of this event, a meeting was held with representatives of the International Islamic Trade Finance Corporation (ITFC), with which a signing ceremony for the Trade Finance Line Agreement took place on February 12, 2024 in the city of Jeddah. This financing is provided by Asia Alliance Bank to SME clients to support their activities and meet their trade finance needs.

     This partnership opens up new opportunities for the development of Islamic finance in Uzbekistan and strengthening economic ties between countries.
     Cooperation between Asia Alliance Bank and ICD began in 2013. To date, the Bank has successfully attracted 4 lines of financing totaling US$30 million from ICD. The lines were successfully developed and contributed to the implementation of 17 projects, thanks to which over 300 new jobs were created.