Under the Chairmanship of H.E Dr. Ibrahim bin Abdulaziz bin Abdullah Al-Assaf, the Finance Minister and the Governor of the Islamic Development Bank (IDB) Group for Saudi Arabia, the Board of Governors of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), member of the Group, approved in its 21st Annual Meeting, the Annual Report and the Financial Results for 1434H (2014) for the Corporation. The Annual Meeting was held at Hilton Hotel in Jeddah, Saudi Arabia, on 26th June 2014, in conjunction with the 39th IDB Annual Meeting. 

The annual report shows that the business insurance provided by ICIEC to its 41 member countries’ investors and exporters stood at USD 3.3 billion, a growth of 9% compared to 1434H (2013). Total indemnification paid by ICIEC to its clients amounted to US$ 1.6 million, while recovers registered  US$ 2.31 million, an increase of 9% over last year. 

Commenting on the overall results, Dr. Abdel-Rahman Eltayeb Taha, the CEO of the Corporation, said “Despite the continuing effect of the global financial crisis and the subsequent economic recession that caused a world-wide decline in trade and investment flows, ICIEC was able to support significant trade flows of member countries and key development projects in post-conflict and fragile member countries”. 

It is worth mentioning that at the margin of the Annual Meeting ICIEC celebrated its 20 years Anniversary which coincides with the 40th Anniversary of its parent Islamic Development Bank. As part of the celebration, ICIEC organized a seminar titled “The Future Role of ICIEC in Supporting Trade and Investments In Member Countries”.