On the occasion of ICIEC’s 30th anniversary, I have the pleasure to present to you our 7th edition of the Development Effectiveness Report. This report provides an insight into how ICIEC’s insurance services are strategically designed to achieve targeted impacts in the key developmental sectors, contributing to the Sustainable Development Goals (SDGs), whilst also aligning to national development plans of the Member States. 

Over our 30-year history, we have helped expand opportunities for trade and investment linked to our Member States, supporting thousands of exporters to venture into new markets. In 2023, we crossed a momentous milestone with cumulative business insured since inception surpassing USD 100 billion with more than half of this business conducted in the last five years alone. To further underscore our significant growth and impact in recent years, our intra-OIC business surpassed USD 50 billion in trade and investment in 2023.

During 2023, ICIEC faced significant global challenges marked by the economic aftermath of the pandemic, the conflict in Ukraine leading to a severe energy crisis, and supply chain disruptions in critical food commodities. We responded to these serious challenges by forging critical partnerships to support Member States’ food security programs and operationalized the Arab Africa Guarantee Fund (AAGF), which incorporates a food security component. We accelerated our contribution to addressing global food security challenges, surpassing our initial pledge of USD500 million by approving USD 788 million by the end of 2023 as part of the IsDB Group’s USD 10.5 billion Food Security Response Program (FSRP).

We remain committed to expanding our impact and integrating climate action and food security for the benefit of our Member States. We will continue to engage with stakeholders to identify challenges and devise bespoke insurance solutions. During COP28 in Dubai, ICIEC launched its Climate Change Policy and ESG Framework, reaffirming ICIEC’s policy thrust in promoting sustainable development and resilience in the face of climate challenges. Additionally, IsDB and ICIEC joined the Energy Transition Accelerator Financing Platform (ETAF), managed by The International Renewable Energy Agency (IRENA), positioning ourselves as a key player in climate action initiatives.

Going forward, we remain committed to advancing our mission and expanding our impact in the years to come. We will continue to work closely with our member states, partners, and stakeholders to identify emerging challenges and develop tailored insurance solutions that address their unique needs. Through collaboration and innovation, we will strive to create an environment conducive to sustainable economic growth, trade facilitation, and the attraction of FDIs.

In closing, we would like to express our utmost gratitude to ICIEC’s outgoing CEO, Mr. Oussama Al Kaissi for the remarkable growth of ICIEC’s business insured and developmental impacts whilst maintaining continuous corporate profitability during his tenure.