ICIEC Newsletter

December 2020

Message from the CEO

It is my pleasure to present the 2020 year end issue of the ICIEC newsletter. We have developed this publication with the intent to facilitate regular updates from the Corporation to our respected clients and stakeholders, while providing periodic communication on our key activities and results. This edition of the newsletter highlights key projects, news, and events from the final quarter of 2020. As we reflect on the unprecedented events of the past year, ICIEC also intends to provide insightful articles that highlight the Corporation’s positive outlook, resilience and recovery efforts. We have provided an overview of ICIEC’s activity throughout 2020, as well as a more in-depth look at ICIEC’s involvement in this year’s G20 events. You will also find the Corporation’s lessons learned for supporting trade throughout the pandemic and a rationale for why using Political Risk Insurance (PRI) to develop fragile states is vital to attracting investment. Our aim is that these updates convey our engagements, perspectives, and industry news while enhancing our networks with our valued partners. Please do not hesitate to reach out if you have any comments on the newsletter or if you have suggestions for future editions. We look forward to hearing from you!
Sincerely,

Oussama Kaissi


CEO of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC)

News & Events

December 10th of 2020ICIEC signed a Memorandum of Understanding with the Export Credit Agency of Belarus, EXIMGARANT.

Read more here

December 14th ICIEC released the G20 Presidency’s mandated PRI stock-take study, The G20 Saudi Presidency for 2020 requested that Multilateral Development Banks (MDBs) conduct a stock-take study on “Best Practices of MDBs and Specialized Multilateral Insurers (SMIs) in Political Risk Insurance for Equity Investments, Medium and Long-Term (MLT) Debt Investments and other Insurance Solutions.”

Read more here

Insights

Continuing Investments in Developing Countries: ICIEC’s Role in Mitigating Risk

Insights from the Inside: ICIEC’s role in the G20 Saudi Presidency

Lessons Learned: Supporting Trade through COVID-19

Project Highlights

ICIEC supports the construction of “Green” office infrastructure in the city of Abidjan

ICIEC has provided EUR 50 million in non-payment cover against the default of financial obligations for a loan facility that Société Générale is granting to Côte d’Ivoire’s Ministry of Finance. The funding is being used for the construction of Tower F, an energy efficient public office building set to host more than 3,500 people and 750 vehicles. The building is part of a larger blueprint for the City of Abidjan, which lays the foundation for the construction of 6 public office towers that are intended to host all the institutions and public authorities of the State of Côte d’Ivoire. By insuring the financing for the construction of this “Green” office building, ICIEC is contributing to the development of basic infrastructure, the enhancement of energy-efficiency, and empowering communities in Côte d’Ivoire.

Securing essential imports of wheat to enhance food security in Bangladesh

ICIEC is supplying USD 7.1 million in coverage under the ICIEC-ISFD COVID-19 Emergency Response Initiative (ICERI) to one of the leading private commercial banks in Bangladesh, the State Bank of India (SBI). The transaction serves to directly respond to the challenges posed by the COVID-19 pandemic by supporting the importation of vital wheat imports into the country at subsidized cost, enhancing food security for the citizens of Bangladesh. This transaction directly contributes to the achievement of SDG 2: Zero hunger in ICIEC’s member country.

ICIEC Supports import of Mining heavy machineries to Kazakhstan

ICIEC has extended USD 9.5 million in Specific Transaction Policy to Eurasian Machinery, the official distributor of Hitachi Construction Machinery (HCM) in Kazakhstan and Central Asia, covering 80% of the total sales contract and assisting in the import of capital goods. The cover has allowed Eurasian Machinery to provide four Hitachi excavators to the Kazakhstan mining sector. ICIEC’s involvement in the transaction is supporting Kazakhstan’s mining sector, a priority industry for the country.