Uzbekistan signed a 100 million dollar "murobaha" agreement with ITFC

The Ministry of Economy and Finance of Uzbekistan has signed a $100 million Murobaha financing deal and an agency agreement with the International Islamic Trade and Finance Corporation. Funds will be allocated in two installments for a period of up to 24 months in order to ensure food safety.

On March 4, the Ministry of Economy and Finance of Uzbekistan and the International Islamic Trade and Finance Corporation (ITFC) signed a $100 million Murabaha financing agreement and an agency agreement to deepen economic cooperation, the ministry's press service reported.

The agreement is aimed at strengthening food security in the country through the State Support Fund for Agriculture under the Ministry of Economy and Finance.

"The amount will be allocated in two installments for a period of up to 24 months under favorable conditions. These funds allow to meet the needs of the population of Uzbekistan, to support the stability and development of the country's agrarian sector," the report said.

The International Islamic Trade Finance Corporation (ITFC) is the flagship institution of the Islamic Development Bank, whose mission is to promote economic growth and trade development among the member countries of the Organization of Islamic Cooperation.