The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and the Islamic Development Bank (IsDB) have jointly launched the  COVID-19 Guarantee Facility, an innovative program providing US$2 billion in support of the private sector. The facility will be implemented by the two entities to support COVID-19 hit industries in the OIC member countries and to attract cross-border investments.

The COVID Guarantee Facility’s Framework Agency Agreement was signed by IsDB Group’s President, H.E. Dr. Bandar Hajjar, and ICIEC’s CEO, Mr. Oussama Kaissi, following the approval of IsDB’s Board of Executive Directors in its 336th meeting in June 2020.

The Agency Agreement assigns clear roles and responsibilities between the institutions based on their specializations, laying the foundation for a new operational model for the systematic partnerships between IsDB and IsDB Group entities. This agreement is expected to set the tone for mainstreaming synergies between ICIEC and other IsDB Group entities beyond the COVID Guarantee Facility.

ICIEC’s CEO, Mr. Oussama Kaissi, stated that “the framework agreement opens the door for new forms of cooperation between IsDB Group entities. ICIEC is very focused on addressing the challenges our Member Countries are facing in mitigating the repercussions of COVID-19 and we are dedicated to ensuring that the Corporation will meet all the framework’s requirements for the COVID-19 Guarantee Facility to be implemented successfully.”