Tashkent, Uzbekistan (UzDaily.com) -- Recently, cooperation between Uzbekistan and Saudi Arabia has been developing at a dynamic pace, in particular, work with financial institutions such as the Islamic Corporation for the Development of the Private Sector (ICD) and the International Islamic Trade and Finance Corporation (IITFC). By financing the above institutions, projects are being implemented in the field of construction, agriculture, infrastructure and transport.

The country’s leadership has charged ministries and departments, including commercial banks of Uzbekistan, with the goal of attracting foreign direct investment to further finance promising projects.

In order to fulfill the tasks set, Turonbank worked with the ICD and IITFC to attract financing on the Murabaha principle.

Within the framework of the official visit of the delegation of Turonbank to Jeddah (Kingdom of Saudi Arabia), agreements were signed with the ICD in the amount of US$10.0 million and IITFC in the amount of US$6.0 million to finance small businesses and private entrepreneurship of the Republic of Uzbekistan.

The agreement with the ICD will allow small businesses and private entrepreneurship of the Republic of Uzbekistan to attract long-term financing for up to 5 years for the purchase of technological equipment and fixed assets.

The agreement with IITFC will allow small businesses and private entrepreneurship of the Republic of Uzbekistan to attract financing for up to 1 year to replenish working capital (purchase of raw materials and goods).

These are the first transactions of Turonbank to attract foreign direct investment and the bank continues to work with other financial institutions to attract lines.