NBU said on 6 November the sides signed a memorandum of understanding to further develop economic cooperation between Uzbekistan and ICD.

The memorandum envisages establishment of strategic partnership and development of mutual beneficial long-term and effective cooperation between the NBU and ICD, assist to expansion and modernization of private businesses, using Islamic finance instruments and mechanisms, stimulation of development of investment opportunities. The memorandum will also contribute to diversification of financial products.

ICD also plans in future provide technical assistance to prepare, finance and implementation of the projects, including modern technologies.

ICD was established by the Islamic Development Bank (IsDB) Board of Governors during their 24th annual meeting held in Jeddah in Rajab 1420H (November 1999). The head office of ICD is in Jeddah, Kingdom of Saudi Arabia.

The Islamic Corporation for the Development of the Private Sector (ICD) is a multilateral organization, affiliated with the Islamic Development Bank (IsDB) Group. Its shareholders are the IsDB, 45 Islamic member countries, and 5 public financial institutions from member countries.

The mandate of ICD is to support economic development of its member countries through provision of finance to private sector projects in accordance with principles of the Sharia through promoting private sector development. ICD also provides advice to governments and private organizations to encourage the establishment, expansion and modernization of private enterprises.