The International Islamic Trade Finance Corporation (ITFC) and Asia Alliance Bank have inked an agreement to bolster trade financing for Uzbekistan's private sector, particularly small and medium-sized enterprises (SMEs).
Under the agreement, ITFC will provide a line of financing of US$10m to Asia Alliance Bank, aimed at meeting the trade finance requirements of private sector clients, with a specific emphasis on SMEs. Notably, this line of trade financing facility will cater to the import and pre-export financing needs of private sector clients, including SMEs, in Uzbekistan. The funds will be extended under the Murabaha structure, ensuring adherence to Shariah principles.
