Trust Bank and ICD signs a collaboration MoU

The cooperation between Trustbank and ICD started on July 9, 2018, during the visit of the Trustbank’s delegation to Jeddah (Saudi Arabia)

DUBAI- The management of the Private Joint-Stock Bank “Trustbank” (Trustbank.uz/en) welcomed the delegation of the Islamic Corporation for the Development of the Private Sector (ICD), headed by the CEO, Mr. Ayman Sejiny.

The meeting was held in the framework of strengthening the cooperation between the two financial institutions following the Resolution of the President of the Republic of Uzbekistan and the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan previously declared on December 2017 and May 2019 respectively.

The cooperation between Trustbank and ICD started on July 9, 2018, during the visit of the Trustbank’s delegation to Jeddah (Saudi Arabia), where a Line of Financing agreement was signed between ICD and Trustbank for the amount of $ 7,000,000.

Via this line of finance, Trustbank financed several industrial projects including: production of cable-wire products, production of electronic components, construction, production of electronic devices. These projects contributed in creating more than fifty jobs. Moreover, the line of finance provided by ICD allowed Trustbank to enter a new stage in the development of international business. In addition, the bank has created a large client base, 11 branches and serving the population and enterprises throughout the country.

“Today, ICD is one of the most important and significant partners of Trustbank at the international level,” said the Chairman of the Board of the Trustbank – Mr. Sardor Normukhamedov.

Following the meeting, a Memorandum of Understanding (MoU) was signed between the two institutions. The MoU is related to a new initiative, a Global Platform for Private Sector where the two institutions and community of like-minded financial entities can collaborate on business opportunities, exchanging market intelligence and laying a foundation for actual financial transactions within the member countries and across borders.

The CEO of ICD, Mr Ayman Sejiny, commented “This meeting gave a special impetus to the further collaboration of Trustbank and ICD, discussing the new platform initiative launched by ICD during the IsDB 44th Annual Meeting in Marrakech, that will allow to start implementing new joint projects and will undoubtedly contribute to widen services provided by the bank in the field of entrepreneurship and small business development, as well as the creation of new jobs in the country.

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