On 1-4 September, Tashkent hosted the 46th Annual Meetings of the IsDB Board of Governors “Respond, Restore, Restart: Post-COVID Resilience and Prosperity for All”.

At the Closing Press Conference, Chairman of the IsDB Board of Governors – Deputy Prime Minister – Minister of Investments and Foreign Trade of the Republic of Uzbekistan Sardor Umurzakov noted that holding the meeting in Tashkent for the first time in the post-COVID period with the direct participation of leaders and members of delegations demonstrates the recognition by the Bank’s leadership and member countries of Uzbekistan’s significant contribution to the development of the Islamic world, as well as the consistent reforms successfully implemented in the country in the past few years.

It was emphasized that the Uzbek side has taken a responsible approach to the organization of the meeting – all necessary measures have been taken to ensure sanitary and epidemiological safety, ensuring that not a single case of coronavirus infection was recorded among participants during the entire event. 

The meeting included several important and substantive events that allowed for a comprehensive discussion of member countries' experience in ensuring the protection of the population during quarantine restrictions, implementing crisis management measures to overcome the economic consequences of the pandemic and building new schemes and mechanisms for international cooperation in the context of the global economic downturn. 

“The President of the Republic of Uzbekistan took part in the official opening ceremony, which indicates the special importance attached by the country's leadership to cooperation with the IsDB and further expansion of the partnership, referring to increasing the number of joint projects and programs. During the ceremony, the Head of state put forward several proposals to develop the Bank's activities and flesh out the agenda of bilateral interaction with new initiatives”, Deputy Prime Minister noted.

It was noted that the meeting also provided an effective platform to establish and discuss the prospects for deeper cooperation among the IsDB member country delegations. Several bilateral talks were held, and concrete agreements and outcomes were reached.

Sardor Umurzakov shared the practical results achieved during the meeting, which will undoubtedly have the most direct and positive impact on the national economy, accelerate the development of small and medium-sized enterprises and considerably improve the social infrastructure of Uzbekistan.

He informed that the Government of Uzbekistan, Saudi Arabia and the IsDB signed a Memorandum of Cooperation to establish the Economic Empowerment Fund of Uzbekistan with an initial capital of 100 million dollars. The Fund will support youth and women's entrepreneurship, support poverty reduction measures undertaken by the government, and invest in small and medium-sized businesses and start-up projects.

It is expected that the Fund, the capital of which will eventually reach 500 million dollars, will become an effective platform to provide financial and technical assistance to entrepreneurs in launching new projects and initiatives. In addition, a relevant letter of intent has been signed between the Ministry of Investments and Foreign Trade of the Republic of Uzbekistan and the Islamic Development Bank.

The International Islamic Trade Finance Corporation (ITFC) and Trustbank signed an agreement on opening a line of trade finance for 15 million USD. An agreement was also signed with Turonbank to provide technical assistance in implementing reporting in accordance with International Financial Reporting Standards (IFRS).

It was noted that a Loan agreement will be signed to modernize rural infrastructure in the Republic of Karakalpakstan, Khorezm, Bukhara and Navoi regions under the Obod Qishloq (Prosperous Village) program for a total of 200 million dollars, aimed at improving the quality of life in these territories. Also, a Loan agreement will be signed to equip institutions of oncological service of Uzbekistan with modern high-tech equipment totaling 80 million dollars, which will increase the efficiency of diagnosis of diseases, thereby increasing the chances of a successful recovery of patients.

A grant agreement will be signed to develop a regulatory framework of Islamic banking and finance in Uzbekistan for 265 thousand dollars, which will enable the introduction of mechanisms of Islamic finance in Uzbekistan.

In addition, the International Islamic Academy and the IsDB will sign an agreement on technical assistance for the establishment of a "smart" classroom for Islamic development based on the Academy.

The total amount of the agreements to be signed will be more than 280 million dollars.

Deputy Prime Minister noted that the potential of interaction between Uzbekistan and the IsDB has not been fully exploited and this is the priority of further joint work aimed at the most effective implementation of the Bank's mission in Uzbekistan.

UzA