Uzbekistan seeks long-term strategic program with Islamic Development Bank
The proposal reflects Uzbekistan’s strategy to align foreign investment with its domestic reform agenda and long-term development goals
TASHKENT, Uzbekistan (MNTV) — Uzbekistan has proposed a long-term Strategic Partnership Program with the Islamic Development Bank (IsDB), signaling ambitions to expand development financing and double the scale of joint projects across the country.
President Shavkat Mirziyoyev announced the initiative on September 17 during a meeting with IsDB President Muhammad Sulaiman Al Jasser at the “Road to Prosperity” international forum in Namangan. The proposal reflects Uzbekistan’s strategy to align foreign investment with its domestic reform agenda and long-term development goals.
The IsDB operates on Sharia-compliant principles, offering alternatives to interest-based lending through profit-sharing, leasing, and sukuk instruments. For Uzbekistan, which has been gradually expanding access to Islamic finance, the partnership provides not only capital but also expertise in building a legal and institutional framework for Sharia-compliant banking.
Observers say this could help diversify the financial system and attract investment from Gulf states and other Muslim-majority markets.
The Bank has already become one of Uzbekistan’s largest multilateral partners, with a joint portfolio exceeding $5 billion. Projects span transport, housing, energy, healthcare, and education, with more than 40 percent of funding directed toward the private sector.
Officials emphasize that expanding Sharia-compliant finance will be key to supporting entrepreneurship, job creation, and poverty reduction.
Under the proposed program, new priorities include modernizing highways, restoring irrigation systems, building advanced medical centers in the regions, and expanding credit opportunities for small and medium enterprises.
Al Jasser, for his part, praised Uzbekistan’s hosting of the Namangan forum and reaffirmed the Bank’s readiness to back national poverty alleviation initiatives.
By shifting from project-by-project funding to a coordinated strategic framework, Tashkent aims to mobilize larger resources and provide longer-term certainty for investors.
Analysts say the initiative could bolster Uzbekistan’s standing as a reform-driven economy in Central Asia while highlighting its embrace of Sharia-compliant finance as part of a diversified growth strategy.
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