Saudi ICD Secures Massive $10 Million Shariah-Compliant Deal in Uzbekistan

Funding the Private Sector

Saudi financial institutions are aggressively expanding their economic influence deep into Central Asia. The Islamic Corporation for the Development of the Private Sector (ICD), acting as the private sector arm of the Islamic Development Bank Group, just inked a massive $10 million financing agreement with Uzbekistan's Anorbank. Officials signed the lucrative Shariah-compliant deal directly at the IsDB Group headquarters in Jeddah today. This cash will aggressively support eligible private sector projects and large corporations operating across Uzbekistan.

Targeting SMEs for Job Creation

The primary goal of this massive financing deal is to rapidly channel funds into key productive sectors to force sustainable economic growth. By partnering with Anorbank—a highly agile digital banking institution—the ICD ensures that small and medium-sized enterprises (SMEs) get the crucial financial backing they desperately need. Expanding access to Shariah-compliant services directly drives entrepreneurship and creates meaningful employment opportunities abroad, perfectly aligning with the strategic objectives of the Saudi-backed IsDB Group.

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