The International Islamic Trade Finance Corporation (ITFC) has signed agreements worth US$20mn and €40mn with Uzbek bank Trustbank and the Comoros ministry of finance, respectively.
Trustbank will use its US$20mn line of trade finance to offer import and pre-export financing for SMEs, women-led businesses, green financing initiatives and food security programmes, according to the ITFC.
The Murabaha deal is part of a US$600mn framework agreement signed between Uzbekistan and the ITFC in March of 2024. It is the third consecutive facility between the ITFC and Trustbank, bringing its total financing provided to the bank to US$44mn.
“The private sector remains a key driver of Uzbekistan’s economic development, and Trustbank’s commitment to supporting its growth is commendable,” says Nazeem Noordali, the ITFC’s chief executive and operating officer.
“At ITFC, we are dedicated to empowering businesses through strategic trade finance solutions, and this partnership with Trustbank provides a robust platform to achieve tangible and lasting economic impact.”
Uzbekistan’s private sector has received over US$168mn of support from the ITFC since the country joined the organisation in 2019.
The second deal will provide the government of the Comoros with €40mn to import refined petroleum and liquefied petroleum gas.
The trade finance agreement is part of a three-year US$330mn framework agreement signed in September.
“I am proud and optimistic to sign today this framework agreement between the Union of Comoros and the ITFC,” minister of finance for the Comoros, Ibrahim Mohamed Abdourazak said at the time. “This agreement marks a key milestone for the development of vital sectors such as energy, agriculture, and SMEs, the driving forces of our economy.”
The ITFC says the financing could provide up to 100% of the country’s annual petroleum import requirements, describing it as a “crucial step” for the island’s energy security, economic resilience and social stability.
The ITFC has extended over US$657mn in finance to the island nation since the organisation was established in 2008.
