The Islamic Corporation for the Development of the Private Sector ("ICD") (www.ICD-PS.org), the private sector arm of IDB Group, and JSCB "Microkreditbank", Uzbekistan have entered into a Joint Strategic Collaboration to finance SMEs in Uzbekistan. The CEO of ICD, Mr. Khaled Al-Aboodi, and the Acting Chairman of the Management Board of JSCB "Microkreditbank", Mr. Shukhrat Rasulov, attended the signing of the Line of Financing facility agreement for the amount of USD 12 million.

The collaboration will focus on developing private sector especially SMEs, supporting economy, strengthening the balance sheet of the Bank, improving the living standard of the population by creating jobs, generating tax revenues for the government and promoting Islamic Banking in the country.

Mr. Khalid Al-Aboodi, CEO of ICD stated "ICD has been successfully engaging with local banks in Uzbekistan to strengthen the SMEs. We are pleased to extend a line of financing facility to Microkreditbank which will be enhancing the impact of socio-economic development."

Mr. Shukhrat Rasulov said, "We are delighted about this partnership with ICD and Microkreditbank. Through this partnership we are further committed to provide professional provision of wide spectrum of banking services which conform to the business needs of customers while promoting private entrepreneurship in the Republic of Uzbekistan."

Distributed by APO on behalf of Islamic Corporation for the Development of the Private Sector (ICD).

Media Inquiries:
Mr. Nabil El Alami
Email: NAlami@ISDB.org
Fax: +966 12 6444427
Tel: +966 12 6468192

About JSCB "Microkreditbank":
JSCB "Microcreditbank" was established on May 5, 2006 and is headquartered in Tashkent, the capital city of the Republic of Uzbekistan. Bank has 85 branches and 140 mini-banks that provide banking services to the population in regions of the Uzbekistan. The bank offers loans, microcredits, internet banking and deposit products to SME clients and corporate entities.

About the Islamic Corporation for the Development of the Private Sector:
ICD (www.ICD-PS.org) is a multilateral organization and a member of the Islamic Development Bank (IDB) Group. The mandate of ICD is to support economic development and promote the development of the private sector in its member countries through providing financing facilities and/or investments which are in accordance with the principles of Shari'ah. ICD also provides advice to governments and private organizations to encourage the establishment, expansion and modernization of private enterprises. ICD is rated AA/F1+ by Fitch and Aa3/P1 by Moody's. For more information visit www.ICD-PS.org.