The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank Group (IsDB), is pleased to announce that the Republic of Uzbekistan has joined the membership of ICIEC and became the 46th member country.

Uzbekistan is the geographic and population center of Central Asia. The country has a diverse economy and a young population which totals over 30 million.  In recent years, Uzbekistan has undertaken wide-ranging market reforms aimed at increasing jobs and prosperity. The country benefits from abundant natural resources, low public debt, a growing labor force, and a strategic geographic position between China and Europe.

The Republic of Uzbekistan joined the IsDB in September 2003. The bank has since then provided significant development assistance, worth approximately USD 2.0 billion. In 2018, The Government of Uzbekistan and IsDB signed a Partnership Strategy for 2018-2021 focused on supporting sustainable socio-economic development in the country through several bilateral and regional initiatives.

The Republic of Uzbekistan’s accession to ICIEC follows an October 2018 official visit of Mr. Oussama Kaissi, Chief Executive Officer of ICIEC to meet with H.E. the Governor, Uzbekistan, and other top officials in Tashkent. Mr. Kaissi welcomed Uzbekistan, stating: “The Republic of Uzbekistan’s membership opens the door for its private and public sectors to benefit from risk mitigation and credit enhancement services offered by ICIEC to expand their exports worldwide and investments in ICIEC Member Countries. Similarly, it allows exporters, banks and investors from other member and non-member countries, to cover political and commercial risks related to their operations in Uzbekistan.”