CEO of International Islamic Trade Finance Corporation Eng. Hani Salem Sonbol was interviewed by UzA Correspondent Gulrukh Abdullayeva during the 46th Annual Meetings of the Board of Governors of the Islamic Development Bank.

Question:  Your Excellency, we are more than glad for your consent to be interviewed. 

We would like to know about your impressions on the 46th Annual Meetings of the Board of Governors of the Islamic Development Bank (IsDB) and whether it has matched your expectations.

Answer: I am more than happy with my delegation here to be in this beautiful country named Uzbekistan. Honestly, we were not expecting what we have seen. We have seen something that is very incredible: the way it was organized, the hospitality of people and the facilities. I have been attending many annual meetings and this one is among the best. What makes it special – it was held with a huge number of participants despite the pandemic with all the effective measures taken by the government of Uzbekistan. That is why we all want to applaud and commend the efforts made by the host country to make this event very successful.

Question: What are the ways through which ITFC is planning to boost the access of SMEs to finance and the trade potential in the CIS member countries? 

Answer: The CIS region is really rich in both natural and human resources. ITFC is sure of the potential of member countries to grow. What we are trying to do is to be relevant to the development process of the region and to make sure that we maximize our impact on making it successful. Using different types of products, we intervene in many new sectors and support knowledge transfer along with the capacity building. For sure, ITFC is coming up with integrated solutions to improve the efficiency and performance of those sectors. This is why we significantly focus on training, extend advisory services, provide technical assistance and explore all available ways to support the capacities of CIS member countries. 

Since the inception of ITFC, we have exceeded 1.2 billion USD in the CIS region. To my mind, the number can go even further under the CIS development program which will be introduced next year. Moreover, ITFC tries to be aligned with the national development plans of member countries. I think, with the diversity of products we will also be able to contribute to the digital transformation and increase the conduct of e-trade on Fintech solution platforms which is cost-efficient.  All in all, ITFC can really make big difference in the given region. 

Question: On 1 September ITFC signed the agreement on providing funding to several banks of Uzbekistan totaling 15 million USD. Could you comment on that? 

Answer: These agreements are part of the new strategy of ITFC to enhance our intervention in the private sector. We would like to contribute to the development of SMEs in IsDB member countries as they were most affected by the pandemic. That is why we want to support the private sector in Uzbekistan and beyond. ITFC has devoted more time to build relationship with local banks, financial institutions so that we could together support private sector development. 

As you have seen, during the annual meeting ITFC has signed agreements with many banks of the host country to ensure they can then be able to finance the SMEs. 

Question:  ITFC started its activity in Uzbekistan in 2018. How do you see the future of bilateral relations?

Answer: In fact, ITFC is to capitalize the reforms applied to the trade sector especially here in Uzbekistan. We have heard from Deputy Prime Minister H.E. Sardor Umurzakov about the reforms in process and ITFC at all levels is ready to enhance the cross-border trade and export of Uzbekistan which is double landlocked. 

Since we started dealing with Uzbekistan in 2018, almost 225 million USD was approved to assist the country`s agriculture sector and financial institutions. We want to go beyond that and try to get involved through above mentioned CIS development program and I am sure Uzbekistan will be a major player. 

ITFC is truly optimistic that the future will bring growth to Uzbekistan, especially taking into account its young population which is active as well as dynamic. So, we also support the human capital within the country through training and facilitation programs. 

The corporation is ready to apply all available products in addition to financing as our main concern is to see Uzbekistan among larger players of the global trading system. 

Once again, what we see that is taking place in your country is really amazing. Congratulations to the people of Uzbekistan and we hope to witness more growth here in the nearest future.

UzA