Islamic Development Bank launches Saudi-backed $100m fund in Uzbekistan

Published 02 Sep,2021 via Arab News - Economy DUBAI - The Islamic Development Bank is launching an economic development fund in Uzbekistan, which is backed by Saudi investors.

The fund has an initial capital of $100 million, and will target 34 micro, small, and medium enterprises.

It is also expected to generate 100,000 jobs, and help address poverty in the country.

The new economic fund is part of the IsDB’s series of development activities in Uzbekistan, which so far stand at $2.4 billion in value.

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