On November 5, 2026, the Islamic Corporation for Private Sector Development (ICD), a subsidiary of the Islamic Development Bank Group, announced a Shariah‑compliant financing agreement with Open Bank (Anorbank) of Uzbekistan, pledging $10 million to support private‑sector projects in the Central Asian nation, the Saudi Press Agency reported.
The contract was signed at ICD’s headquarters in Jeddah, Saudi Arabia, a location that has become a hub for the bank’s initiatives in the region. The agency noted that the agreement is intended to provide funding for eligible private‑sector projects, including small and medium‑sized enterprises and larger firms operating in Uzbekistan.
According to the agency, the financing agreement “reflects ICD’s commitment to expanding its Islamic‑finance footprint in Central Asia.” By partnering with a local digital bank, ICD aims to deliver Shariah‑compliant financial services that align with the economic development goals of both the bank and Uzbekistan.
Open Bank, described in the announcement as a digital banking institution focused on retail and SME customers, will serve as the transaction conduit for the $10 million. The collaboration is intended to channel resources into productive sectors of the Uzbek economy, promoting job creation and sustainable growth.
The financing document, as cited by the agency, outlines the types of projects eligible for support, but does not detail the specific criteria or the expected timeline for disbursement. Instead, the focus is on the broad objectives of providing accessible capital to firms that can contribute to economic expansion.
ICD’s announcement stresses that the partnership and the associated financing will help advance the development and expansion of the private sector, in line with its broader strategy to increase access to Islamic‑finance‑compatible services across member states.
There are no quotes from officials or signatories included in the Saudi Press Agency report. The language used by the agency is consistent with its previous releases on ICD’s initiatives in other markets.
While the announcement outlines the purpose and scope of the agreement, the exact allocation of the $10 million, the criteria for evaluating individual projects, and the projected timeline for fund disbursement were not disclosed in the public statement, leaving those details open to future clarification.
