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Uzbekistan greenlights new projects with Islamic Development Bank

Uzbekistan greenlights new projects with Islamic Development Bank
Photo: IsDB

Uzbekistan has greenlighted six new projects with the Islamic Development Bank (IsDB), the Muslim world's premier multilateral financial institution.

On Monday, Sardor Umurzakov, Deputy Prime Minister and Minister of Investments and Foreign Trade of the Republic of Uzbekistan, who is also the Chairman of the IsDB Board of Governors, met with Muhammad Al Jasser, President of the Islamic Development Bank and Chairman of the IsDB Group. The two officials met in Tashkent, the venue of the 2021 IsDB Group Annual Meetings which is set to convene later this week.

Umurzakov and Al Jasser discussed the state of cooperation between IsDB Group entities and Uzbekistan and followed-up on the implementation of joint projects. Noting the success of IsDB’s Group activities in Uzbekistan to date, which includes support to over 100 projects related to socio-economic development of the country, the two sides discussed further deepening their partnership.

As a first step, six investment projects related to multiple fields have been approved, including the project to support small and medium-sized enterprises, as well as those that focus on different sectors such as education, healthcare, and improving quality of life in rural areas.

Al Jasser also highlighted the readiness of IsDB Group subsidiaries, such as the Islamic Corporation for the Development of the Private Sector (ICD), the International Islamic Trade and Finance Corporation (ITFC), and the Islamic Corporation for Insurance of the Investment and Export Credit (ICIEC), to expand their activities in Uzbekistan.

The IsDB Group has played an important role in supporting entrepreneurship, increasing employment, and expanding social welfare in Uzbekistan through its development financing interventions.

The meeting also reviewed final preparations for the IsDB Group Annual Meetings, which will be held at the Tashkent City International Congress Centre from 1-4 September.