An Agreement has been signed between PJSB “Trustbank” and the Islamic Corporation for the Development of the Private Sector

 In order to ensure the implementation of the decrees of the President of the Republic of Uzbekistan “On measures to further improve the effectiveness of cooperation with international and foreign financial institutions” dated December 20, 2017, “On measures to further expand and deepen partnership with the Islamic Development Bank Group and the funds of the Arab Coordination Group” dated March 5, 2019, and the resolution of the Cabinet of Ministers “On measures to further develop cooperation with the Islamic Development Bank Group and the funds of the Arab Coordination Group” dated May 23, 2019, PJSB “Trustbank” continuously works with the Islamic Development Bank Group.
 In particular, in 2018, cooperation was established between the Islamic Corporation for the Development of the Private Sector (ICD) and the Private Joint-Stock Bank “Trustbank.” As part of this cooperation, the ICD allocated an initial funding line of 7 million US dollars to PJSB “Trustbank.” This cooperation has been expanding year by year. To date, the total amount of funds allocated by the ICD to PJSB “Trustbank” is 37 million US dollars.
 It should be noted that within the framework of 6 agreements between Trustbank and the Islamic Corporation for the Development of the Private Sector and the International Islamic Trade Finance Corporation, a total of 97 projects of small and medium-sized businesses in our country were financed for a sum of 64 million US dollars. These funds are directed towards the textile and pharmaceutical industries, public catering, services, electric vehicle trade, and other sectors. As a result, the number of entrepreneurs is growing in the regions, and most importantly, new jobs are being created. On November 26, 2024, members of the delegation led by the Chairman of the Board of PJSB “Trustbank” S. Normukhamedov met with representatives of the Islamic Corporation for the Development of the Private Sector in Jeddah, Saudi Arabia. The meeting focused on discussing ways to expand cooperation.
 As part of the meeting, a signing ceremony for a bilateral agreement between PJSB “Trustbank” and the Islamic Corporation for the Development of the Private Sector for 30 million US dollars was also held. This Agreement elevates the interaction between the two institutions to a new level. According to the document, financing of promising projects for small and medium-sized businesses in Uzbekistan will continue in accordance with Sharia law. This, in addition to supporting entrepreneurs in our country, will contribute to ensuring employment for the population. Within the framework of the meeting, the signing ceremony of a bilateral agreement between PJSB “Trustbank” and the Islamic Corporation for the Development of the Private Sector (ICD) for the amount of 30 million US dollars was also held. This Agreement elevates the interaction between the two institutions to a new level. According to the document, financing of promising projects for small and medium-sized businesses in Uzbekistan will be continued in accordance with the rules of Sharia law. This, in addition to supporting entrepreneurs in our country, will help to ensure employment of the population.