Jeddah / Madrid

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the insurance arm of the Islamic Development Bank (IsDB) Group, signed a landmark Reinsurance Agreement (RA) with the  Compania Espanola de Seguros de Creditito a la Exportacion, S.A., Compania de Seguros y Reaseguros SME (CESCE), the official Spanish export credit agency (ECA).

The Agreement was signed by Mr Oussama Kaissi, Chief Executive Officer of ICIEC, Ms Beatriz Reguero Naredo, Chief Operating Officer, State Account Business, CESCE, in a virtual ceremony on 18 February 2022.

Under the Reinsurance Agreement, ICIEC will provide Shariah-compliant reinsurance solutions covering CESCE’s exposure in ICIEC Member Countries originating from Spanish companies/banks transactions.

“This agreement,” emphasizes Mr Oussama Kaissi, CEO of ICIEC, “consolidates our long-standing partnership with CESCE in supporting export development and Foreign Direct Investment (FDI) in ICIEC Member Countries in which Spanish companies/banks are located in or involved with. We look forward to consolidating our relationship with CESCE, especially during this period when the world is recovering from the ongoing impacts of the COVID-19 pandemic and as our member countries are in the midst of building back fairer in their economies and societies on the way also towards achieving the transition to Net Zero and the UN Sustainable Development Goals (SDGs).”

Among ICIEC’s mandate is also to promote the flow of foreign investments among and into its Member Countries and enlarge the scope of trade transactions between them and their third-party partners.

Mr Oussama Kaissi, CEO of ICIEC, welcomed the signing of this landmark Agreement. “Co-operation between ICIEC and CESCE would bring about better coordination and more efficient implementation of their respective activities to the benefit of partners in ICIEC Member Countries.

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) provided US$ 40 million insurance cover to ING Bank (Tokyo Branch) for a financing facility to Turkmenistan for the purchase of Komatsu machinery from Japan for the development of the country's agriculture sector.

The insurance cover to mitigate non-payment risk comes under ICIEC's Non-Honoring of Sovereign Financial Obligations Policy. The extended financing facility to the Government of Turkmenistan is through the State Bank for Foreign Economic Affairs (TFEB).

Agriculture is a significant economic sector in Turkmenistan, contributing 11.7% of GDP in 2019 and employing 40% of the workforce. However, the cultivated land represents only 4% of the total arable land. The global COVID-19 pandemic has severely impacted Turkmenistan. Over the last few years, climate change and the adverse environmental challenges of irrigation in a desert environment have similarly affected the country's agricultural sector.

Turkmenistan used to be the world's 10th largest cotton producer. Cotton exports have fallen dramatically, partly due to water shortages and outdated irrigation methods and technology. Cotton cultivation also required a large amount of water to be diverted from the Amu Darya River, which resulted in polluting fertilizer effluent flowing into the river and causing environmental damage. Other challenges include difficulties in producing enough livestock feed and heavy bureaucracy due to central planning. In 2019, the Government decided to halt raw cotton exports favouring textiles and ready-made garments.

The development impact of the facility and insurance cover is wide-ranging. It includes reducing Turkmenistan's exposure to volatile commodity prices, diversifying the economy and exports, stabilizing import substitution and balance of payments, improving food self-sufficiency and the efficiency of the agriculture sector by providing the latest irrigation technology, thus increasing yields; and promoting the rational use of water resources and the provision of clean water.

"Since Turkmenistan joined ICIEC as a Member Country in 2019," Mr Oussama KAISSI, CEO of  ICIEC, stresses, "the Corporation has been growing its presence in the country, seeking opportunities to promote FDI and expand the exports. ICIEC supports Turkmenistan by mitigating political and commercial risk for trade and investment by providing risk mitigation tools and financial solutions for banks, corporates, ECAs, and other insurers. We prioritize support for projects that contribute to Turkmenistan's strategic development goals, especially in support of the country's transport and agricultural sectors."

Ms Riko Kikuchi, Country Manager of ING Bank N.V., Tokyo Branch, similarly commented: "ING Bank is very grateful for the strong support of ICIEC in our role as Mandate Lead Arranger of financing for the Government of Turkmenistan. We are delighted to have been part of this important project and support the business between Japan and Turkmenistan."

The facility is in support of five U.N. SDGs, namely achieving Zero Hunger (SDG2) through food security, improved nutrition, and sustainable agriculture; provision of Clean Water and Sanitation (SDG6); promoting Responsible Consumption and Production (SDG12); contributing to Climate Action (SDG13), and forging Partnerships for Sustainable Development (SDG 17).

The Islamic Development Bank Group (IsDB Group) Private Sector Entities namely the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the Islamic Corporation for the Development of the Private Sector (ICD), and the International Islamic Trade Finance Corporation (ITFC) in collaboration with IsDB Group Business Forum (THIQAH) and Annual Investment Meeting (AIM) organized a Trade & Investment event at the Egyptian Pavilion, Expo 2020 in Dubai - UAE on January 11th, 2022 under the theme: "Strengthening Trade and Investment in OIC Member Countries."

The event drew from the IsDB Group's efforts to eradicate poverty through its initiatives and inclusion in the fight against COVID-19 to discuss opportunities to promote trade and investment in its member countries during times of unstable economic conditions. The private sector entities (ICIEC, ICD, and ITFC) seek to ensure the continued economic growth of its member countries and aims at improving the lives of the communities they serve.

The panel session, held during the event, consisted of expert speakers from the IsDB Group private sector entities and attracted business people at the Dubai Expo 2020. The speakers shed light on the role of the IsDB Group in supporting OIC member countries' trade and investment, especially in volatile markets and fragile economic ecosystems. They also shared related experiences and best practices.

ICIEC highlighted its role in boosting OIC member countries' trade and investment opportunities, playing a pivotal role in deploying risk management tools to mitigate the adverse impacts of economic shocks emanating from various sources, including pandemics. The ICD also stressed its role in building a resilient and competitive private sector, thus significantly contributing to the economic stability of the OIC member countries. Furthermore, ITFC emphasized its instrumental role in introducing the OIC member countries to international financial markets by providing integrated trade solutions towards shifting the industry to accepting a wide array of innovative solutions.

Jeddah, KSA

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the export credit and investment insurance agency of the Islamic Development Bank (IsDB) Group, has signed yesterday a landmark Memorandum of Understanding (MoU) with  Nippon Export and Investment Insurance (NEXI), the Export Credit Agency (ECA) of Japan, whereby the two entities expressed their willingness to strengthen and further expand their existing cooperation.

The MoU was signed virtually by Mr Oussama KAISSI, Chief Executive Officer of ICIEC, and Mr Atsuo Kuroda, Chairman and CEO of NEXI.  

ICIEC and NEXI are already cooperating in a reinsurance framework to cover projects in ICIEC member countries. Today's agreement follows the signing of an MoU on 27^th August 2019 for Accelerating Trade and Investments Targeting Africa by Japanese Companies between the two parties.

Under the new MoU, ICIEC and NEXI plan to strengthen and expand the strategic partnership in greenfield projects being significant to Japan and the ICIEC member countries, conforming to ICIEC's mandate and NEXI’s strategy.

The two parties are particularly interested in jointly supporting greenfield projects in the Middle East, Central Asia and African countries.

This new cooperation may include the provision of Co-Insurance and Reinsurance. The aim is also to leverage ICIEC's extensive local knowledge and networking in member countries in Asia, Sub-Saharan Africa (SSA) and the MENA region. In this respect and of greenfield projects, ICIEC may assist NEXI in its due diligence process for such projects, including on-site due diligence.

"This new MoU," says Mr Oussama KAISSI, CEO of ICIEC, "further consolidates our long-standing and growing partnership with NEXI in supporting bankable projects and inward Foreign Direct Investment (FDI) into our member countries in the MENA and SSA regions. Through our respective suites of de-risking solutions, we hope to boost the involvement of public-private partnerships in much-needed development and infrastructure projects in the mutually targeted countries in the Middle East, Central Asia and African countries".

"We plan to cooperate in developing the business environment to facilitate financing proposals from Japanese companies through the active underwriting of projects and the provision of reinsurance facilities. ICIEC has a long history of operations in the organization of Islamic Cooperation (OIC) member countries. Japanese companies wish to expand their presence in the Middle East, Central Asia and African countries. This occasion represents a welcome opportunity to capitalize on our mutual strengths to carry out our core mandates of helping countries and the lives and livelihoods of their citizens."

Mr Atsuo Kuroda, Chairman and CEO of NEXI, commented at the virtual signing of the MoU: "Since signing the previous MOU in August 2019, ICIEC and NEXI have been closely working together to explore potential areas of cooperation. In that sense, the reinsurance framework we have established is the first major accomplishment that will solidify the two institutions' further cooperation. Acknowledging that there are many possible forms of cooperation other than reinsurance, the purpose of the new MOU is not only to further strengthen the relationship between ICIEC and NEXI but to take our cooperation to a whole new level, which the next goal is to collaborate in greenfield projects that are significant for ICIEC member countries and Japan. It is expected of such greenfield projects to bring about many positive impacts, such as assisting countries to recover from the COVID-19 pandemic as well as open doors for significant economic development."

لندن- في عامها الحادي عشر، قامت جوائز التمويل الإسلامي العالمية بتكريم المؤسسة الإسلامية لتأمين الاستثمار وائتمان الصادرات- الذراع التأميني لمجموعة البنك الإسلامي للتنمية- بجائزة ائتمان الصادرات والتأمين ضد المخاطر السياسية لعام 2021.

وأثناء التكريم في حفل توزيع الجوائز الافتراضي، قدّم الرئيس التنفيذي للمؤسسة الإسلامية لتأمين الاستثمار وائتمان الصادرات، أسامة القيسي، الشكر لمتعهدي جوائز التمويل الإسلامي العالمية 2021 لمنحهم هذا التكريم المستحق للمؤسسة.

وأكد القيسي أن هذه الجائزة تمثل تعزيزاً لدور قطاع الائتمان المتوافق مع الشريعة الإسلامية والتأمين ضد المخاطر السياسية في مساعدة البلدان الأعضاء على التعافي خلال جائحة كوفيد -19 الحالية، كما أنها اعتراف بجهود إدارة المؤسسة وموظفيها في دعم جهود البلدان الأعضاء في إعادة البناء في حقبة ما بعد الأزمة من خلال ضمان توافر الأدوية الأساسية والمعدات الطبية والإمدادات الغذائية، إلى جانب أنها ستساعدنا أيضًا في مضاعفة جهودنا للقيام بدورنا.

وبوصفها المؤسسة الرائدة في مجال التأمين على الائتمان والمخاطر السياسية المتوافقة مع الشريعة الإسلامية في العالم، فإن المؤسسة الإسلامية لتأمين الاستثمار وائتمان الصادرات تسعى جاهدة لتعزيز تنمية الصادرات والاستثمار في بلدانها الأعضاء والبالغ عددها 48 بلداً وذلك من خلال تقديم حلول مبتكرة لتخفيف المخاطر. وسواء كان الأمر متعلقاً بتشجيع الصادرات، أو تسهيل الواردات، أو خطوط التمويل والاستثمارات التي لها تأثير في البلدان الأعضاء، فإن مجموعة حلول تخفيف المخاطر التي تقدمها المؤسسة الإسلامية لتأمين الاستثمار وائتمان الصادرات تعتبر مبتكرة ومصممة حسب الطلب، لا سيما في حقبة التعافي الاقتصادي التي ستعقب جائحة كوفيد-19.

وعبر عملياتها التراكمية على مدار 27 عامًا، فقد قامت المؤسسة الإسلامية لتأمين الاستثمار وائتمان الصادرات بالتأمين على ما مجموعه 78 مليار دولار أمريكي من عمليات التجارة والاستثمار، كان منها نصيب عمليات الاستثمار 15.6 مليار دولار أمريكي في العديد من البلدان الأعضاء في المؤسسة.  كذلك، ساهمت المؤسسة الإسلامية لتأمين الاستثمار وائتمان الصادرات بمبلغ 643 مليون دولار أمريكي كتغطية تأمينية ضمن برنامج التأهب والاستجابة الاستراتيجي الخاص بمجموعة البنك الإسلامي للتنمية والذي يهدف للتخفيف من الآثار السلبية الناجمة عن جائحة كوفيد-19 وتبلغ قيمته 2.3 مليار دولار أمريكي.  هذا وقد جاءت استجابة المؤسسة للجائحة مسترشدة ببرنامج " 3 Rs" والمعروف باسم: الاستجابة والاستعادة والبدء من جديد، وبما يتماشى مع مبادرات البنك الإسلامي للتنمية. كما أطلقت المؤسسة الإسلامية لتأمين الاستثمار وائتمان الصادرات بالإشتراك مع البنك الإسلامي للتنمية برنامج تسهيلات ضمان كوفيد-19 والذي تبلغ قيمته 2 مليار دولار أمريكي ويهدف بشكل خاص إلى دعم القطاع الخاص، ولا سيما القطاعات التي تأثرت بجائحة كورونا في البلدان الأعضاء، إلى جانب جذب الاستثمارات عبر الحدود. وفي تعليق لها، أكدت لجنة جوائز التمويل الإسلامي العالمية "أن جائزة ائتمان الصادرات والتأمين ضد المخاطر السياسية العالمية تُمنح لمؤسسة رائدة في مجال ائتمان الصادرات والتأمين ضد المخاطر السياسية، تقوم بتقديم خدمات وحلول مبتكرة ومتوافقة مع الشريعة الإسلامية، كما أنها تلبي احتياجات العملاء وشركاء الأعمال في جميع أنحاء العالم مع القيام بتعزيز ائتمان الصادرات والاستثمارات والحلول المبتكرة لتخفيف الآثار السلبية الناجمة عن جائحة كوفيد-19. كذلك فإن حصول المؤسسة الإسلامية لتأمين الاستثمار وائتمان الصادرات على الجائزة مرة أخرى يعتبر دليلاً على دور المؤسسة الهام في دعم البلدان الأعضاء فيها والبالغ عددها 48 بلداً".

Tashkent, The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the insurance arm of the Islamic Development Bank (IsDB) Group, and the Islamic Organisation for Food Security (IOFS) today signed a memorandum of understanding (MoU) whereby the two entities will collaborate using their respective strengths in providing insurance in support of trade and investment towards promoting food security, sustainable agriculture and rural development.

IOFS is headquartered in Nur Sultan in Kazakhstan and is a specialised new international agency of the Organisation of Islamic Cooperation (OIC) with the specific mandate of formulating a food security strategy for its 57 member countries.

The MoU was signed by Mr Oussama Kaissi, Chief Executive Officer of ICIEC, and H.E. Mr Yerlan A. Baidaulet, Director General of IOFS, during the 46th Annual Meetings of the IsDB Group held in Tashkent, Uzbekistan from 1-4 September 2021.

“The Covid-19 pandemic,” emphasizes Mr Oussama Kaissi, CEO of ICIEC, “highlighted supply chain disruption in vital supplies including food and medicines. A recent UN multi-agency report warns of a dramatic worsening of world hunger in 2020, with an estimated tenth of the global population – up to 811 million people – undernourished. While some of the impact comes from the COVID-19 fallout, many of the structural shortcomings relating to food insecurity and poor nutrition, predate the pandemic. ICIEC has supported over US$1.4 billion in trade and investment in the agricultural sector since its inception in support of the UN SDG 2 (Zero Hunger). We look forward to cooperating with IOFS in this vital area leveraging our expertise in trade facilitation and risk management, and our vast private sector network in member countries.”

In this respect, it will take a huge effort for the world to honour its pledge to end hunger by 2030 to achieve SDG 2. Asia, Africa and Latin America, where most of ICIEC membership is located are the most affected by hunger and food insecurity.

The MoU will provide ICIEC and IOFS a general framework for collaboration including attracting and promoting investment in agribusiness and food security; promoting best practices in food safety and Halal products to boost intra-OIC food trade in the private sector; promoting ‘South-South/Triangular Cooperation’; and boosting the involvement of SMEs in agri/food business.

About ICIEC The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) is a member of the Islamic Development Bank (IsDB) Group, effectively its export credit and investment insurance agency, guarantees provider and reinsurance. ICIEC was established in 1994 as a multilateral institution to strengthen the economic relations between member countries of the OIC. ICIEC’s vision is to be recognized as the preferred enabler of trade and investment for sustainable economic development in Member Countries. Its mission is to facilitate trade and investment between member countries and the world by providing Shariah-compliant risk mitigation tools and financial solutions.

Tashkent, The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the insurance arm of the Islamic Development Bank (IsDB) Group, and the Islamic Food Processing Association (IFPA) today signed a Strategic Partnership Agreement (SPA) whereby the two entities will collaborate using their respective strengths in promoting agri-food projects and investments.

IFPA is headquartered in the Astana International Financial Centre in Nur Sultan in Kazakhstan. It is a subsidiary of the Islamic Organisation for Food Security (IOFS), and a specialised international agency of the Organisation of Islamic Cooperation (OIC).

The MoU was signed by Mr Oussama Kaissi, Chief Executive Officer of ICIEC, and H.E. Yerlan A. Baidulet, Chairman of International IFPA Non-Profit Organisation, during the 46th Annual Meetings of the IsDB Group held in Tashkent, Uzbekistan from 1-4 September 2021.

IFPA aims to develop direct relationships between agricultural businesses in the IOFS member states by establishing B2B cooperation between private sectors among OIC member states. It is also a platform for strengthening intra-OIC trade, enhancing investment activities among OIC countries, developing and implementing large-scale inter-state projects, concluding trade operations, and intensifying trade and commercial outreach.

“ICIEC and the IFPA,” stressed Mr Oussama Kaissi, “share the goal of fostering commercial contacts and strategic alliances in the wider food supply chain as well as the expansion of export markets. This agreement paves the way for the parties to work together in the future in order to achieve common goals that would boost the agri-food sector’s contribution to the GDP of OIC Member States. We look forward to engaging with IFPA as the multilateral private sector platform for intra-OIC agri-food trade and investment.”

The SPA will provide ICIEC and IFPA a general framework for collaboration including attracting and promoting investment in agribusiness and food security; collecting due diligence, KYC and credit search documentation of prospective customers; referring potential clients; promoting joint marketing and promotion activities; and boosting the involvement of SMEs in agri/food business.

About ICIEC The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) is a member of the Islamic Development Bank (IsDB) Group, effectively its export credit and investment insurance agency, guarantees provider and reinsurance. ICIEC was established in 1994 as a multilateral institution to strengthen the economic relations between member countries of the OIC. ICIEC’s vision is to be recognized as the preferred enabler of trade and investment for sustainable economic development in Member Countries. Its mission is to facilitate trade and investment between member countries and the world by providing Shariah-compliant risk mitigation tools and financial solutions.

Tashkent, The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the insurance arm of the Islamic Development Bank (IsDB) Group, and the JSC Russian Agency for Export Credit and Investment Insurance (EXIAR) today signed an Amendment Addendum relating to the Reciprocal Reinsurance Agreement signed on 4th November 2015.

The Addendum was signed by Mr Oussama Kaissi, Chief Executive Officer of ICIEC, and Mr Nikita Gusakov, Chief Executive Officer of EXIAR during the 46th Annual Meetings of the IsDB Group held in Tashkent, Uzbekistan from 1-4 September 2021.

“These amendments to the original Reciprocal Reinsurance Agreement with EXIAR,” maintains Mr Oussama Kaissi, CEO of ICIEC, “are important for our future cooperation as more opportunities open up in the member countries of ICIEC and the IsDB Group in Central Asia. ICIEC recently provided €30 million reinsurance cover to EXIAR to support a €68.18 million loan facility extended by the Russia Exim Bank (Roseximbank) to the Uzbek state-owned bank, SQB, to finance the construction of a metallurgical plant in Tashkent.”

ICIEC is seeking to enhance its presence in Central Asia. As one of ICIEC’s 48 Member Countries, Uzbekistan is a country with great potential for trade and investment, sitting in a strategic position between China and Europe and endowed with abundant natural resources.

About ICIEC The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) is a member of the Islamic Development Bank (IsDB) Group, effectively its export credit and investment insurance agency, guarantees provider and reinsurance. ICIEC was established in 1994 as a multilateral institution to strengthen the economic relations between member countries of the OIC. ICIEC’s vision is to be recognized as the preferred enabler of trade and investment for sustainable economic development in Member Countries. Its mission is to facilitate trade and investment between member countries and the world by providing Shariah-compliant risk mitigation tools and financial solutions.

Tashkent, The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the insurance arm of the Islamic Development Bank (IsDB) Group, and the Saudi Eximbank today signed two landmark Facultative Reinsurance Agreements (FRAs) whereby ICIEC would provide Credit Reinsurance Cover to  the Saudi ECA.

The FRAs were signed by Mr Oussama Kaissi, Chief Executive Officer of ICIEC, and Eng. Saad Alkhalb, Chief Executive Officer of Saudi Eximbank, during the 46th Annual Meetings of the IsDB Group held in Tashkent, Uzbekistan from 1-4 September 2021. The formal signing ceremony in Tashkent took place in the presence of Dr. Muhammad Al Jasser, IsDB Group President and Chairman of ICIEC, and participating dignitaries.

“These agreements,” emphasizes Mr Oussama Kaissi, CEO of ICIEC, “consolidates our long-standing partnership with the Saudi Export Program and now the Saudi Eximbank in supporting export development and Foreign Direct Investment in Saudi Arabia.”

Under the FRAs, ICIEC will provide Shariah-compliant reinsurance covering up to 70% of Saudi Eximbank’s exposure under a Documentary Credit Insurance Policy Commercial and Political Risks (Multi Risk) issued to the Original Insured up to the agreed Credit Amount Limit.

About ICIEC The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) is a member of the Islamic Development Bank (IsDB) Group, effectively its export credit and investment insurance agency, guarantees provider and reinsurance. ICIEC was established in 1994 as a multilateral institution to strengthen the economic relations between member countries of the OIC. ICIEC’s vision is to be recognized as the preferred enabler of trade and investment for sustainable economic development in Member Countries. Its mission is to facilitate trade and investment between member countries and the world by providing Shariah-compliant risk mitigation tools and financial solutions

Tashkent, the challenges and hardships unleashed by the COVID-19 pandemic has made access to concessional finance through Public Private Partnerships (PPPs) even more important for countries such as Uzbekistan.

This is particularly so in developing the healthcare, transport, and renewable energy sectors maintained HE Mr Shukhrat Vafaev, Deputy Minister of Investments and Foreign Trade in his keynote address at the High-Level Panel Discussion on “The Role of ICIEC to Attract PPP Investments in the Post-COVID19 Era” held yesterday in Tashkent during the 46th Annual Meetings of the IsDB Annual Meetings. ICIEC organized this timely event in partnership with the Investment Promotion Agency of Uzbekistan.

With a growing population estimated to reach 40 million by 2025, Uzbekistan will see a growing demand for social and development infrastructure. “It is difficult for the government to finance all this,” added Mr Vafaev. “Instruments provided by ICIEC and MIGA are critical for raising financing for modernizing our infrastructure. Our private sector is actively seeking Shariah-compliant financing and insurance solutions for projects. There is great potential in Uzbekistan for ICIEC and other IFIs.”

The Government, he observed, is very encouraged by the interest shown by international companies to tender and participate in Uzbekistan’s PPP strategy for renewable energy especially solar power plants. “We are keen for similar participation in the transport sector especially the road infrastructure. We are a landlocked country and depend on out road network. We are currently promoting two PPP projects, including the Tashkent-Samarkand Toll Road Project plus projects in healthcare provision. I believe all these projects would not be possible without the support from our international development partners including the IsDB Group and ICIEC.”

Tashkent’s strategy encompasses a private sector enabling strategy which includes a funding mix comprising PPP, Green Finance, Project Finance etc. It is keen to diversify its sources of funding options which help investors to de-risk their investments. Institutions such as ICIEC, stressed Mr Vafaev, can play a vital role in instilling trust and confidence amongst the private sector with a relatively small investment in relation to the overall size of the project. Not only in Uzbekistan but the wider Central Asia region.

Mr Oussama Kaissi, CEO of ICIEC, in his opening remarks, reminded that when well-designed and implemented in a balanced regulatory environment to avoid unnecessary fiscal risks, PPPs can bring greater efficiency and sustainability to the provision of public services, thus allowing to free-up scarce public resources for other purposes.

A burgeoning private sector and investment in infrastructure can lead to the recovery from the COVID-19 pandemic for economic transformation, job creation, and inclusive growth. Like many other sectors, infrastructure was brought to a near standstill by Covid-19. “ICIEC,” stressed Mr Kaissi, “has risen to the challenge by responding swiftly to the pandemic by forging strategic partnerships, ensuring the continuance of critical trade flows, and creating innovative de-risking solutions to help mitigate fallout in Member Countries. Political risk insurance and credit enhancement have a track record of effectively de-risking and thus catalyzing private investment into emerging markets through capital-efficient instruments.”

Cumulatively, over 27 years, ICIEC has insured US$78 billion in trade and investment, with the latter accounting for US$15.6 billion in various ICIEC member countries. ICIEC contributed US$643 million in insurance coverage towards the implementation of the IsDB Group’s US$2.3 billion Covid mitigation Strategic Preparedness and Response Program (SPRP), guided by the 3 Rs (Respond, Restore, Restart) ethos. ICIEC and IsDB jointly also launched the US$2 billion COVID-19 Guarantee Facility (CoGF), which is specifically aimed at supporting the private sector, in particular, COVID hit industries in member countries and to attract cross-border investments.

“We are encouraged by the Government of Uzbekistan’s stated intention to use PPPs to channel increasing levels of private investment towards infrastructure investments in various sectors,” observed Mr Kaissi. “I would like to reiterate that ICIEC is keen to leverage its unique position as the leading Shariah-compliant ECA in the world and its prominent partnerships with MIGA and ECAs by providing credit and investment de-risking solutions to effect development impact through improving the lives of citizens in Member Countries, to promote inclusiveness and connectivity among them and to improve access to Islamic finance.”

About ICIEC The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) is a member of the Islamic Development Bank (IsDB) Group, effectively its export credit and investment insurance agency, gurantees provider and reinsurance. ICIEC was established in 1994 as a multilateral institution to strengthen the economic relations between member countries of the OIC. ICIEC’s vision is to be recognized as the preferred enabler of trade and investment for sustainable economic development in Member Countries. Its mission is to facilitate trade and investment between member countries and the world by providing Shariah-compliant risk mitigation tools and financial solutions.