Capital Markets Development Agency of the Republic of Uzbekistan (CMDA), the United Nations Development Programme (UNDP) and Islamic Development Bank (IsDB) signed a Statement of Intent (SoI) in Sustainable Development Goals (SDGs) and development of Uzbekistan’s financial market, CMDA reports.
On July 16, 2020, the process of signing SoI in the format of an online conference had been completed.
“The Agency is highly committed to the SDG agenda and developing new financial instruments, in particular, the Sukuk bonds to close the gap in achieving the national SDGs”, said Atabek Nazirov, Director of CMDA.
“Uzbekistan and the countries of the world are going through difficult times, experiencing one of history’s deadliest pandemics. Against this backdrop, the Government of Uzbekistan is skillfully applying for immediate support, as well as developing long term strategies to help the country recover from the crisis. This forward-looking approach can be observed in the intentions of the Agency in accelerating the development of new financing instruments”, said Matilda Dimovska, UNDP Resident Representative in Uzbekistan, during the online signing ceremony.
As the Vice President of the IsDB for Country Programs, Mansur Muhtar, noted, the bank is pleased to support the initiatives of Uzbekistan on the way to expand financial opportunities for the development of the country.
The agreement will establish an essential foundation for the securities market in Uzbekistan. The joint cooperation will help to develop a legal and institutional framework for the introduction of a new financial instrument. Therefore, in order to issue an Islamic financial product in 2021 particular steps should be undertaken.