The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) is supporting a EUR 132.5 million financing package arranged by Standard Chartered to help complete a major steel manufacturing project in Uzbekistan. According to a press release made available to us, the funding—backed by ICIEC’s sovereign cover—will support the final phase of Uzmetkombinat’s new Casting and Rolling Complex in the industrial city of Bekabad.
The project forms part of Uzbekistan’s wider push to reduce reliance on imported steel. Once operational, the facility is expected to produce hot-rolled coils (HRCs), a key industrial material that the country currently imports. Local production is anticipated to lower costs for manufacturers in construction, pipe fabrication, and heavy industry, while improving supply-chain stability.
The investment also carries significant implications for Bekabad, a city of about 100,000 people where Uzmetkombinat remains a cornerstone employer. The company employs more than 8,000 workers, with thousands more benefiting through indirect jobs and supporting services. Analysts say the completion of the new complex could stabilise the local economy and create additional employment opportunities.
This marks the second major ICIEC–Standard Chartered collaboration in Uzbekistan this year. Earlier in 2025, the two institutions announced a EUR 160.4 million Islamic-financing facility for Agrobank to expand lending to small and medium-sized enterprises (SMEs). Together, the deals highlight growing interest from international lenders in supporting Uzbekistan’s industrial reforms through Shariah-compliant financial structures.
ICIEC’s Chief Executive Officer, Dr. Khalid Khalafalla, said the transaction aligns with the corporation’s mandate to “de-risk trade and investment” across member states. He added that supporting Uzbekistan’s largest steel producer could enhance industrial resilience at a time when global supply chains remain under pressure.
Standard Chartered, which has been expanding its presence in frontier markets, characterised the deal as part of its strategy to back industries central to economic diversification. Desislava Radeva, the bank’s Executive Director for Development and Agency Finance, described the shift to locally sourced HRCs as “a huge leap forward” for Uzbekistan’s manufacturing sector.
ICIEC—widely regarded as the only Islamic multilateral insurer of its kind—has provided credit and political risk insurance for more than three decades. The organisation holds high ratings from Moody’s and S&P and says it has cumulatively insured over USD 121 billion in trade and investment across its 51 member countries.
While the full impact of the Bekabad complex will depend on global steel prices and domestic uptake, observers note that Uzbekistan continues to prioritise industrial capacity in key sectors. The latest ICIEC-backed financing suggests that international partners are prepared to share risk in exchange for long-term participation in the country’s expanding industrial landscape.
