On the 20th of July this year, director of the State Assets Management Agency Akmalkhon Ortikov and a chief executive officer of the Islamic Corporation for the Insurance of Investment and Export Credit (hereinafter - ICIEC) Oussama Kaissi, a member of the Islamic Development Bank Group, signed a Memorandum of understanding.

The Memorandum, compiled on the principles of mutually beneficial cooperation and trust among the parties, implies cooperation in the direction of exchanging information for the purpose of upgrading knowledge and expertise in the field of facilitating trade, investment, privatization and corporate governance.

At the same time, the document is aimed at cooperation in the field of privatization, namely support in attracting potential investors by conducting promotional campaigns among ICIEC's client base and large entrepreneurs about state assets to be privatized in Uzbekistan.

In addition, the document plans to launch a process aimed at providing practical support for the development of privatization and corporate governance processes in Uzbekistan. In particular, there will be provided all necessary assistance in the organization of seminars, working meetings, as well as in the form of mutual visits and conversations between representatives of both sides on topical issues and aspects of agreed topics. If necessary, representatives of other institutions may participate in the exchange of information and experience with mutual consent.

For reference, the Islamic Corporation for the Insurance of Investment and Export Credit ("ICIEC"), is an export and credit insurance organisation and member of the Islamic Development Bank Group having its principal office in Jeddah, Saudi Arabia. ICIEC, is an active provider of various insurance products for different classes of trade finance and investment transactions applicable to economic activities or projects in the Member States.