19:00 / 04.09.2021
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IsDB to allocate a grant to develop legal framework for Islamic finance in Uzbekistan

The Islamic Development Bank (IsDB) will allocate Uzbekistan $265,000 to develop a legal framework for Islamic finance and $200 million for a sustainable rural development project.

The Islamic Development Bank will provide a $265,000 technical assistance grant to support the development of the legal framework for Islamic banking and finance in Uzbekistan.

The main goal of the project is to create a legal and technical framework for Islamic banking and finance in Uzbekistan, as well as to increase public awareness of Islamic finance.

The bilateral agreement was signed today, September 4, in Tashkent at a meeting of the IsDB’s Board of Governors. The press service of the Ministry of Investment and Foreign Trade told Kun.uz.

The agreement was signed by Deputy PM Sardor Umurzakov and President Muhammad Al-Jasser on behalf of the IsDB Group.

At the same time, the IsDB is allocating $200 million for a sustainable rural development project in Uzbekistan.

The aim of the project is to improve the living standards of the rural population. This service is designed to help reduce poverty and increase the resilience of the population to various situations and risks.

It should be recalled that the Islamic Development Bank, the Government of Uzbekistan and Saudi Arabia are also establishing an Economic Capacity Building Fund with an initial capital of $100 million.  The fund will be used for poverty reduction projects in Uzbekistan.

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