TASHKENT: Uzbekistan and the International Islamic Trade Finance Corporation (ITFC) discussed expanding collaboration to address the rising demand for Islamic finance in the country’s private sector, Trend reports.

According to ITFC, the issue was discussed during a meeting in Riyadh between ITFC’s Chief Operating Officer Nazeem Noordali and representatives from Uzbekistan’s Trustbank, chaired by Chairman of the Board Sardor Normukhamedov.

ITFC’s Chief Operating Officer welcomed the continuous collaboration with Trustbank.

Meanwhile, the ITFC has committed $15 million to Uzbekistan in collaboration with AgroBank and its affiliate, SmartBank.

This initiative aims to increase the private sector’s contribution to Uzbekistan’s economic development by providing trade finance solutions. Aimed at supporting the food, agriculture, manufacturing, and textile sectors, this financing is also designed to encourage the financing of green projects in line with sustainable development goals.

Source: Trend News Agency