On September 7th, 2020 the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) signed a memorandum of understanding with Compañía Española de Seguros de Crédito a la Exportación, S.A., Compañía de Seguros y Reaseguros, SME (CESCE). CESCE is a Spanish Export Credit Agency (ECA) located in Madrid, Spain that manages the facilitation of export credit insurance on behalf of the State.

The partnership encourages cooperation in supporting trade and investment between Spain and ICIEC member countries through joint export credit insurance provisions in addition to promoting other forms of cooperation such as technical assistance and capacity building.

This MoU follows a string of recent ICIEC partnerships with European ECAs, including Austria’s OeKB and the U.K.’s UKEF. These partnerships facilitate responsive and flexible agreements for risk sharing in the form of reinsurance or co-insurance, encouraging both parties to expand their risk appetite for trade transactions and investments.

“During this time of economic uncertainty, ICIEC has placed high importance on building relationships with peer ECAs,” says ICIEC CEO, Mr. Oussama Kaissi. “By working jointly, the Corporation and its partners can increase the reach and depth of service offerings, therefore enabling both parties to provide the best support possible to our member countries”.