Standard Chartered announces EUR 160.4 million Islamic financing for growth of small and medium-sized enterprises in Uzbekistan
on February 10, 202510 February 2025, London, UK – Standard Chartered announces EUR 160.4 million of Islamic financing for Joint-Stock Commercial Bank “Agrobank”, one of the largest banks in Uzbekistan. The loan is supported by The Islamic Corporate for the Insurance of Investment and Export Credit (ICIEC), which is part of the Islamic Development Bank.
Standard Chartered acted as ICIEC Coordinator, Structuring Bank, Investment Agent, Mandated Lead Arranger, and Bookrunner in this transaction.
Agrobank will use proceeds of this facility to provide Shariah compliant Islamic financing for retail customers and support the growth of small and medium-sized enterprises (SMEs) across various sectors in Uzbekistan. On-lending will be provided through electronic marketplace platforms owned by Agrobank, while their subsidiary (Joint-Stock Company “Smart Bank”) will be the operational agent for Islamic products. This ICIEC-supported loan facility unlocks access to Islamic finance for retail customers and SMEs, supporting economic development and job creation in Uzbekistan while further fostering financial inclusion.
This transaction marks Standard Chartered’s third deal with Agrobank, and builds on a strong portfolio of seven projects already supported by the Bank in Uzbekistan- One example of these projects includes supporting the Republic of Uzbekistan in its Largest Ever Bond Issuance in June 2024. This project is also the first Murabaha structure in Uzbekistan for Standard Chartered and ICIEC.
Desislava Radeva, Executive Director, Development and Agency Finance, Standard Chartered, says: “We are proud to play our part, through Islamic Finance, in driving financial inclusivity, economic growth and prosperity for such an important and vital sector of Uzbekistan. Aligning our strengths with those of our trusted partners at ICIEC, the positive impact derived from this transaction paves the way for future collaboration in Uzbekistan that will thrive from a similar financing structure.”
To confirm their intentions in relation to the transaction, Standard Chartered and officials at Agrobank and ICIEC came together on 28 January for a signing ceremony involving Rustam Mamatkulov (Chairman of Agrobank) and Saif Malik (UK CEO of Standard Chartered) in the capital Tashkent.
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