The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) Supports EUR 132.5 Million Financing to Strengthen Uzbekistan’s Steel Industry

 

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) (https://ICIEC.IsDB.org), a Shariah-compliant multilateral insurer and member of the Islamic Development Bank (IsDB) Group, is pleased to announce its support for a landmark EUR 132.5 million financing arranged by Standard Chartered for Joint-Stock Company “O’zbekiston Metallurgiya Kombinat” (Uzmetkombinat), the largest steel producer in Uzbekistan. 

The financing, backed by ICIEC’s sovereign cover, will enable the completion of Uzmetkombinat’s new Casting and Rolling Complex in Bekabad, Southern Uzbekistan. Once completed, the facility will produce hot-rolled coils (HRCs)—a critical product previously imported—thereby boosting the country’s self-sufficiency in steel production and enhancing competitiveness in the construction and manufacturing sectors. 

The introduction of domestically produced HRCs marks a new milestone for Uzbekistan, ensuring greater supply chain efficiency and reduced costs for local industries such as pipe manufacturing and construction. The investment will also have a significant social and economic impact in Bekabad, a city of 100,000 people where Uzmetkombinat already employs more than 8,000 workers and sustains thousands of indirect jobs. 

This project represents the second significant transaction between ICIEC and Standard Chartered in Uzbekistan during 2025. Previously, ICIEC supported a EUR 160.4 million Islamic financing facility for Joint-Stock Commercial Bank “Agrobank,” enhancing access to finance for small and medium-sized enterprises (SMEs) across the country. 

Commenting on the transaction, Dr. Khalid Khalafalla, CEO of ICIEC, stated: “This landmark transaction exemplifies ICIEC’s mandate to de-risk trade and investment and to catalyze sustainable economic growth across our Member States. By supporting Uzbekistan’s largest steel producer, we are not only fostering the development of critical industrial capacity but also contributing to enhanced self-reliance, job creation, and long-term economic resilience. We are proud to deepen our collaboration with Standard Chartered through this second major transaction in Uzbekistan, which underscores the strength of our partnership and our shared commitment to advancing impactful development projects.” 

Desislava Radeva, Executive Director, Development and Agency Finance, Standard Chartered, says: “We are proud to partner once again with ICIEC to support a valuable client, Uzmetkombinat. Steel production represents a key strategic industry for Uzbekistan and the domestic sourcing of HRCs is a huge leap forward for the country. It is an example of Standard Chartered’s expertise in driving prosperity in some of the world’s most dynamic markets.” 

Distributed by APO Group on behalf of Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC).

Email:
ICIEC-Communication@isdb.org  

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About The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC): 
As a member of the Islamic Development Bank (IsDB) Group, ICIEC commenced operations in 1994 to strengthen economic relations between OIC Member States and promote intra-OIC trade and investment by providing credit enhancement and risk mitigation solutions. The Corporation is the only Islamic multilateral insurer in the world and has been at the forefront of delivering a comprehensive suite of de-risking solutions to support cross-border trade and investment for its 51 Member States. ICIEC has maintained its “Aa3” rating with a stable outlook from Moody’s for 18 consecutive years, positioning the Corporation among the leaders in the Credit and Political Risk Insurance (CPRI) industry. Additionally, S&P has reaffirmed ICIEC’s “AA-” rating for the second year with a stable outlook. ICIEC’s resilience is underpinned by its sound underwriting practices, global reinsurance network, and strong risk management framework. Since inception, ICIEC has cumulatively insured over USD 121 billion in trade and investment, supporting key sectors such as energy, manufacturing, infrastructure, healthcare, and agriculture in its member states.  

For more information, Visit https://ICIEC.IsDB.org