I am pleased to present the Annual Report of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) for 2023, marking a momentous year in our 30-year history with cumulative business insured surpassing USD 108.3 billion since inception. This landmark achievement, with more than half of this business conducted in the last five years, underscores our significant growth and impact in recent years. We owe a debt of gratitude to our founding stakeholder the Islamic Development Bank (IsDB), as well as the unalloyed support of our host country the Kingdom of Saudi Arabia, and 49 shareholders, who have been instrumental to our continuing success.
The year 2023 faced significant global challenges, marked by the economic aftermath of the pandemic, the war in Ukraine leading to a severe energy crisis, supply chain disruptions in critical food commodities, renewed macroeconomic threats, and conflict in Palestine. In this context, ICIEC’s intervention through provision of export credit and political risk insurance including de-risking and credit enhancement solutions, was more crucial than ever to support our Member States in securing strategic commodities and fostering cross-border trade and investments.
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.
Oussama Abdul Rahman Kaissi
Chief Executive Officer
