Welcome to this Second Quarterly ICIEC Newsletter of 2025, coming with the theme “Coalition of the Willing—Rethinking Credit & Investment Insurance in Times of Crisis,” which is featured strongly in the various articles in this issue.

Together they home in on the two key themes in our insight articles—the first discusses the resilience, determination, and operational agility of the industry in mitigating geopolitical risks and disruptions and surveys several of the current and emerging trends.

In the second insight, an article from Mourad Mizouri, Head of the MENA Region Division of the Business Development Department at ICIEC, discusses the challenges of volatility, uncertainty, complexity, and ambiguity in the post-pandemic era and how multilateral credit and investment insurers such as ICIEC are adapting and building organisational resilience going forward. The article offers a primer in ‘How to Do Multilateral Development Banking in Uncertain Times.

In our Profile Interview, Mr. Yuichiro AKITA, President of the Berne Union (the International Union of Credit and Investment Insurers), speaks exclusively to the ICIEC Newsletter and discusses how Berne Union members have consistently demonstrated resilience and innovation in responding to past crises through the development of new products, the launch of fresh initiatives, and enhanced collaboration with partner institutions, and how they have actively worked to safeguard global trade and investment flows during these challenging times and the unforeseen crises in the years ahead.

In our Member Country Profile, our focus is on Nigeria, the most populous nation and fourth largest economy in Africa, which is undergoing profound structural economic reforms and transition. Pape Diagne, Country Manager, Senegal, at ICIEC, profiles Nigeria’s rebounding economy, its key indicators and challenges, the close collaboration between the IsDB Group and Nigeria, and its expanding relationship with ICIEC from traditional short-term trade finance to long-term investment guarantees and sovereign risk coverage.

We have our regular Meet the Team feature, which covers the nature and redefinition of risk management beyond its traditional role as a control mechanism to become a strategic driver of transformation, injecting a new-found operational agility for multilateral institutions to pursue their mandates. This redefinition explains, Tauhidur Rahman, Manager, Risk Management Division, ICIEC, is especially timely as development finance institutions worldwide face mounting expectations to achieve greater impact within increasingly constrained capital and risk parameters. He also delves into ICIEC’s journey of redefining risk—highlighting how a smarter, more strategic approach is reshaping its future, reinforcing its financial strength, and accelerating sustainable development impact across its Member States.

This is followed by our regular Business Update and Project Highlights, and the News and Events of the industry in Q2 2025. We hope you enjoy reading this edition of our Newsletter and find it very informative!