Tashkent, Uzbekistan (UzDaily.com) - An event organized by the International Islamic Trade and Finance Corporation (ITFC) for partner organizations in the CIS region was held on 1 September as part of the 46th annual meeting of the IDB group.

Within the framework of the 46th annual meeting of the IDB group, the International Islamic Trade and Finance Corporation (ITFC) held an event on the topic: "ITFC in the CIS: prospects for trade finance and trade development", at which she spoke about the successful partnership projects of ITFC in the CIS in the field of Islamic trade finance, financial sector and trade development ”.

The event was attended by Sardor Umurzakov - Deputy Prime Minister, Minister of Investments and Foreign Trade, Chairman of the Board of Governors of the IDB in Uzbekistan, Mohammed Suleiman Al Jasser - Chairman of the Islamic Development Bank (IsDB) Group, Hani Salem Sonbol - Executive Director of the International Islamic Trade Finance Corporation (ITFC), the leadership of the Ministry of Finance of Uzbekistan, the Ministry of Investment and Foreign Trade of Uzbekistan, the Central Bank of Uzbekistan, partner banks in the CIS region and other high-ranking officials.

IDB Chairman Muhammad Al Jasser highlighted the key role that the Islamic Development Bank Group plays in supporting its member countries in coping with the impact of the COVID-19 pandemic through its Strategic Preparedness and Response Plan (SPRP) and the Respond, Recover and Restart ". Muhammad Al-Jasser added that “over the four decades of our cooperation, the IDB Group has played an important role in supporting several economic and social sectors at the regional level. The total amount of financing provided by the IDB Group to the CIS countries to support key sectors and projects in education, health, energy, transport and rural development is US$6.4 billion. In the area of trade, the International Islamic Trade Finance Corporation (ITFC) plays a leading role in the region, with funding exceeding US$1.2 billion. The funds are aimed at supporting the private sector, small and medium enterprises and critical sectors of agriculture and food security”.

Hani Salem Sonbol, Executive Director of ITFC, also highlighted the important role of ITFC partners in supporting member countries in the CIS region. “Together with member countries of the Organization of Islamic Cooperation and our partners, ITFC has identified specific challenges and obstacles to more sustainable growth and competitiveness. Among them are issues related to the access of small and medium-sized enterprises to finance and the development of trade potential. We intend to do even more in these two areas to ensure sustainable development of the region. "

The event showcased ITFC trading solutions provided to support the private sector, mainly small and medium-sized enterprises, for the procurement of equipment and raw materials. ITFC also highlighted new trade development initiatives such as the CIS Trade Development Program.

During the event, ITFC signed agreements with a number of banks in Uzbekistan to provide financing for 15 million US dollars, as well as an Agreement on the provision of technical assistance for the implementation and transformation of reporting in accordance with international financial reporting standards (IFRS) with banks in Uzbekistan.

In conclusion, Hani Salem Sonbol said that “ITFC plans to become a leading provider of trade solutions for its member countries, continuing to provide support in the aftermath of the pandemic. The COVID-19 pandemic response strategy, in which the ITFC provided US$1.1 billion in trade finance, best demonstrates our desire to restore economic growth.”

Since its inception in Uzbekistan in 2018, ITFC has approved funding of US$211 million in 13 operations and has conducted several rounds of capacity building activities involving 150 public and private sector experts.