JEDDAH: The Islamic Corporation for the Development of the Private Sector (“ICD”), a multilateral development financial institution and the private sector arm of the Islamic Development Bank (IsDB) Group, is pleased to announce the successful closure of a USD 60 million Shariah-compliant Syndicated Financing Facility for Joint Stock Company “Asakabank” (“Asakabank”), with an accordion feature to increase the facility size. This strategic collaboration is an intended partnership between the two institutions that aims to support the growth of private sector businesses in Uzbekistan by offering Shariah-compliant financing, in addition to the general corporate requirements of Asakabank.

The syndicated financing facility was structured and led by ICD, acting as Mandated Lead Arranger, Bookrunner and Investment Agent. Boubyan Bank K.S.C.P. participated as Joint-Lead Arranger. The transaction was further supported by the Islamic Corporation for the Insurance of Investment and Export Credit (“ICIEC”) through the provision of credit enhancement for the participant (s). The participation of Boubyan Bank K.S.C.P, as the sole Kuwaiti financial institution in the syndication, demonstrates its continued commitment to innovative Shariah-compliant financing structures and regional private sector development. Its participation highlights the growing appetite among Islamic financial institutions for structured syndication opportunities supported by robust risk mitigation solutions.

The ICD remains committed to developing Shariah-compliant financial channels in member countries to promote Islamic finance. This facility demonstrates the strong relationship of ICD with other leading Islamic Financial Institutions in its ongoing efforts to mobilize resources in support of the sustainable development of the private sector across its member countries.

Dr. Khalid Khalafalla, Acting CEO of ICD, stated, “I am glad to announce this landmark financing facility, which is designed to promote private sector projects in the Republic of Uzbekistan and to advance financing in full compliance with Shariah principles. This transaction also reflects ICD’s strong focus on mobilizing private sector resources, where for every dollar deployed by ICD, we have successfully mobilized an equivalent dollar from a partner institution. Through this initiative, we aim to empower private sector projects, particularly corporates and SMEs, those having meaningful developmental impact on the economy of Uzbekistan.”

Surat Utkurovich Zakirov, Acting Chairman of the Board of Asakabank, also stated, “Asakabank is a rapidly growing full-service bank offering a wide range of products and solutions for both retail and corporate customers. With the recent introduction of Islamic banking legislation in Uzbekistan, we consider ICD as a strategic partner in Sharia-compliant financing for the private sector and look forward to continuing our cooperation in the future.”

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PUNE: Piaggio Vehicles Pvt Ltd (PVPL), a 100% subsidiary of the Italian auto giant Piaggio Group and a pioneer in small passenger and commercial vehicles in India, has announced an exclusive partnership with RiseWise Capital, a leading fintech firm specialising in custom mobility financing. Through this collaboration, Piaggio introduces a first-of-its-kind battery replacement financing programme for its electric three-wheeler (3W) customers, making EV ownership more accessible and affordable.

This pioneering initiative offers up to 100% financing for battery replacement after three to four years of vehicle use, covering customers across RiseWise Capital’s operational areas – Maharashtra, Gujarat, Chhattisgarh, and Karnataka. It will gradually expand to other parts of India. With this partnership, Piaggio and RiseWise aim to ensure that customer fleets run smoothly while maintaining a positive turnover rate without incurring battery expenses or downtime.

This pioneering initiative allows Piaggio electric three-wheeler customers to replace their batteries after three to four years of vehicle use with 100% financing for the new battery. The program is designed to make EV ownership affordable and operationally seamless, addressing one of the key concerns for commercial EV operators: the cost of battery replacement. Customers can avail the financing through authorized Piaggio 3W dealers, with repayment structured upto 24 months at an affordable and reasonable interest rate, using the vehicle as collateral. This ensures that businesses can maintain fleet uptime, continue operations efficiently, and manage cash flow without the financial burden of an expensive battery replacement.

Speaking on the occasion, Diego Graffi, Chairman & MD, Piaggio Vehicles Pvt. Ltd., said, “At Piaggio, we continue to pioneer in the electric mobility space, with a focus on customer-centric innovation. This first-of-its-kind battery replacement financing offering in India underscores our commitment to making EV ownership simpler, more reliable, and financially viable. By partnering exclusively with RiseWise Capital, we are enabling commercial EV operators to sustain their operations without worrying about battery replacement costs. We believe this initiative will set a benchmark across the electric three-wheeler industry and accelerate EV adoption nationwide.”

Speaking on the occasion, Tejal Bhartiya, MD & CEO, RiseWise Capital Pvt Ltd. “Piaggio & RiseWise Capital partnership enables easy battery replacement without imposing high upfront costs on customers. It is designed to offer peace of mind by ensuring affordable and hassle-free battery replacements, while maintaining continuous uptime of the 3W EVs for uninterrupted business operations.“

Sham Jagtap, Executive Director, RiseWise Capital Pvt Ltd, expressed.”Piaggio’s strong EV portfolio and credibility in the industry make this collaboration impactful, helping businesses minimise downtime and scale sustainably. Together, we aim to set new standards for electric mobility finance in India. RiseWise Capital is Piaggio’s battery financing partner in India, introducing the nation’s first-ever battery replacement financing program.“

Key Features of the Battery Replacement Financing Scheme:

• Customers can avail financing of up to 100% of the battery invoice value for a new battery after 3–4 years of vehicle use (End of life of first battery)
• Flexible 24-month repayment schedule with a competitive interest rate of 10.99%onwards
• The existing Piaggio 3W EV will serve as hypothecated collateral for the loan
• Battery replacement insurance is mandatory and facilitated through authorised Piaggio dealers or partners
• Convenient multiple repayment options through ECS, NACH, or UPI AutoPay

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The initiative will be implemented in partnership with Apollo Agriculture Limited, a leading agriculture company in Kenya, to sell fertilizers through a part of its network. Most smallholder farmers in Kenya buy fertilizers through informal credit, microfinance institutions, and commercial channels. The project will support Apollo Agriculture Limited to sell fertilizer through a part of its network, thereby improving access to fertilizers for beneficiaries.

The project is expected to improve farming productivity by facilitating access to fertilizers for beneficiaries, thereby boosting farmer income and Kenya’s food security. The Fertilizer Financing for Sustainable Agriculture Management project will improve farming productivity by facilitating access to fertilizers for beneficiaries, thereby boosting farmer income and Kenya’s food security.

“The Fertilizer Financing for Sustainable Agriculture Management project will improve farming productivity by facilitating access to fertilizers for beneficiaries,” said Marie Claire Kalihangabo, Africa Fertilizer Financing Mechanism Coordinator. The project will stimulate the private sector’s fertilizer financing in Kenya, improving food production and the Bank’s Technologies for African Agricultural Transformation.

The fertilizer market’s leading players include importers, blenders, and the Kenyan government, which runs a fertilizer subsidy program. The project will support the distribution of over 7,000 tonnes of fertilizers to smallholder farmers in Kenya, who are the main beneficiaries of the fertilizer subsidy program. The project is expected to increase food production, income, and job creation for Kenyan farmers.

Benjamin Njenga, co-founder of Apollo Agriculture Limited, said: “Apollo Agriculture is pleased to establish a partnership with the Africa Fertilizer Financing Mechanism to support small-scale farmers, thereby boosting farmer income and Kenya’s food security.”

The Board of Directors of the African Development Bank approved the Fertilizer Financing for Sustainable Agriculture Management project because it will stimulate the private sector’s fertilizer financing in Kenya, improving food production and the Bank’s Technologies for African Agricultural Transformation. The project is expected to have a significant impact on the lives of smallholder farmers in Kenya, who are the backbone of the country’s agriculture sector.

In conclusion, the Africa Fertilizer Financing Mechanism’s commitment of over $2 million to support the distribution of fertilizers to smallholder farmers in Kenya is a significant step towards improving food production, income, and job creation for Kenyan farmers. The project, which will run between 2024 and 2026, is expected to have a significant impact on the lives of smallholder farmers in Kenya, who are the backbone of the country’s agriculture sector.

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