ICIEC 2021 Annual
Report
Building Resilience in Times of Uncertainty
2021 Business Insured (USD)
9.79 Billion
Key Results
2021 Credit Rating
2020 GIFA Award
The Global Islamic Export Credit and Political Risk Insurance Award for 2020
Business Insured by Sector
2021 Business Insured Breakdowns
Business Line Breakdown
Geographic Breakdowns
Message From CEO
At ICIEC, we are deeply concerned about the tragic human losses, the socio-economic disruptions, and the strain on MSs caused by the COVID-19 pandemic. ICIEC expresses solidarity with our 48 MSs and has been working closely with the IsDB Group and the Corporation’s deep network of partners to bolster capacity for MSs recovery. ICIEC provides credit and political risk insurance to boost exports, sustain imports of strategic commodities, ensure investment protection, and minimize volatility. We also remain committed to the UN’s Sustainable Development Goals (SDGs) and helping our MSs achieve these goals.
Oussama Abdul Rahman Kaissi
Chief Executive Officer
ICIEC COVID-19 Response
In response to the global COVID-19 pandemic and to mitigate its impact in Member States, ICIEC has taken and continues to
take a balanced approach, supporting Member States to combat COVID-19 while safeguarding a sustainable portfolio.
The overall COVID-19 response program for IsDB Group has three stages: Respond, Restore, and Restart (known as 3Rs).
The program covers Member States’ needs in the short, medium and long-term respectively.
RESPOND
Immediate and Fast Disbursing Actions to Assist MCs Response to the Health and Social Emergency.
RESTORE / SUSTAIN
Medium Term Actions to overcome the Pandemic's peak effects on Health & Economy.
RESTART
Long Term Actions to Build Preparedness for Future; support revival of industries, and economic recovery through project financing.
Response Highlights
ICIEC is leveraging its leading role in industry associations,
existing partnerships and networks to support Member States
during the global pandemic.
Major Transactions
In 2021, ICIEC supported various landmark projects and transactions in its Member States. These projects are catalytic for the development of its Member States and crucial for their recovery from the COVID-19 pandemic.
Supporting Imports of Essential
Commodities to Pakistan
ICIEC has provided USD 50 million in coverage under the Bank Master Policy to TAIC to import essential commodities, such as crude oil, refined products, and liquified natural gas. These commodities are critical to Pakistan’s residential, commercial and industrial sectors for various purposes, including heating, cooking, generating electricity, and manufacturing a wide variety of products.
The development impact of this project is in supporting energy creation which in turn will help the industrial and economic growth of Pakistan.
ICIEC Reinsurance Supports the
Manufacturing Sector in Uzbekistan
ICIEC provided EUR 30 million in reinsurance cover to Russian ECA, EXIAR, for their policy with Russia Exim Bank (Roseximbank) for a loan facility to the Joint Stock Commercial Bank, Sanoat Qurilish Bank (SQB), a state-owned bank in Uzbekistan.
The proceeds are used for funding the construction of a Metallurgical Plant in Tashkent to produce cold-rolled metal for use in the automotive industry. The plant will have an annual production capacity of 500 thousand tons and create 672 new jobs. The transaction was executed under the framework of the Reciprocal Reinsurance Agreement signed between ICIEC and EXIAR.
Supporting the Green Projects in Egypt
ICIEC has provided an NHSO policy for USD 56 million covering the SMBC participation in the syndicated Green Term Loan arranged by Emirates NBD Capital Limited and First Abu Dhabi Bank PJSC, amounting to USD 1.5 billion in favour of the Ministry of Finance (MOF) of Egypt. The Eligible Green Projects are expected to have a significant positive impact on the environmental and social programs of Egypt.
The projects include seawater desalination plants with the most energy-efficient technologies that reduce water consumption and improve the efficiency of resources (such as collection, treatment, recycling, or reuse of water).
2021 Strategic Developments
Impact Developments
Sustainable Development Goals Impact
ICIEC is committed to the achievement of 6 SDGs.
ICIEC published the 4th edition of the Annual Development Effectiveness Report (ADER) in 2021. The ADER records and displays the developmental impact of the Corporation’s activities.
Growing Membership
ICIEC’s Membership represents a diverse range of economic backgrounds scaling from high income economies to least developed economies.
16
Member Countries are classified as LI/LDCs
Partnering for Impact
Understanding the value and impact of partnerships in expanding trade, strengthening coverage, and growing economies, ICIEC will continue to make efforts to forge new partnerships, in addition to strengthening existing ones.
Agreements and MoUs signed
Member State Partnerships
Reinsurance agreement with Saudi Eximbank, KazakhExport. Partnerships & MoU with IFPA, IOFS, UzIPA, BANK OF AFRICA BMCE Group.
Non-Member State Partnerships
Reinsurance agreement with EXIAR. MoU
with NEXI, KUKE.
Islamic Finance Impact
ICIEC is the only multilateral Export Credit Agency (ECA) in the world offering and promoting Shari’ah-compliant export credit and investment insurance solutions in the world. ICIEC remains dedicated to growing the Islamic finance industry through its product offerings, partnerships, and participation in international events aimed at deepening the awareness of Islamic finance and its benefits.
Efficiency Developments
Peer Benchmarking
ICIEC conducted an efficiency benchmarking exercise in 2021, to learn from its peers and to determine strategies how its operation can become more efficient.
Innovating Technology to Improve
Productivity
The Corporation undertook a comprehensive update of its Operations Manual and is currently in the process of automating and streamlining its end-to-end business solution.
Resilience Developments
Advancements in Risk Management and Reinsurance
The pivotal role of Risk Management helped the Corporation to successfully navigate the crisis period and uphold its strong credit profile thus far.
ICIEC Strategic Risk Priorities (2021-2024)
The Corporation’s target of implementing a fully-fledged Enterprise Risk Management (ERM) architecture as an enabler to achieving its strategic goals sets the foundation for the priorities for the coming Five-Year Risk Strategy.
Diversifying products
To optimize capital, ICIEC seeks to maintain a relevant product mix that addresses needs and builds on trends.
ICIEC has taken a balanced approach and has been able to maintain the Corporation’s strong Aa3 credit rating by Moody’s for the 14th consecutive year.
IsDB
Synergy
Developments
Risk Management
Several activities and initiatives were embarked upon, which have contributed significantly to the realignment of strategic objectives of the Corporation in managing risks throughout the crisis period and during the recovery phase. Some of the major milestones of ICIEC that have contributed to the strengthening of its risk management include the development and implementation of models and frameworks viz: Risk Management Framework, Risk Capital Model, Exposure Management Framework, Portfolio Reserving.
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