ICIEC Supports Greater Capacity and New Jobs in the Egyptian Maritime Industry
ICIEC recently covered a contract of approximately USD 9.6 million which will see an expansion of the Alexandria Port in Egypt – doubling its existing capacity. Currently handling approximately 60% of Egypt’s foreign trade, expansion of the Port will see Egypt grow as a center for world trade and global logistics within the Middle East. The project is an implementation of the Egyptian Maritime Transport Strategy, which aims to increase the competitiveness of Egyptian ports within the region. ICIEC’s support for the project will contribute to the creation of 3000 temporary construction jobs, in addition to almost 3000 direct and 2000 indirect long-term jobs.
ICIEC Reinsurance Secures Continued Investment in Côte d’Ivoire Power Industry
ICIEC is providing cover of USD 20.4 million for a power generation project in Côte d’Ivoire – increasing access to affordable and reliable electricity in the region. The Reinsurance – Breach of Contract guarantee will ensure continued security of investment from the Multilateral Investment Guarantee Agency (MIGA) in the Azito Thermal Power Plant. The Azito project is designed to generate clean, low cost power for both household and commercial consumption, enabling greater participation in the economy and creating a 10% increase in energy generation capacity. ICIEC’s reinsurance guarantee will help catalyze further foreign direct investment in the Côte d’Ivoire power industry, supporting the ICIEC member country achieve its greater goal of becoming a middle-income country.
ICIEC Insurance Drives 4G Expansion Across Indonesia
ICIEC has issued EUR 50 million in guarantee coverage for a transformational telecommunications project in Indonesia. The project will facilitate the telco operator’s three-year business strategy to accelerate the already rapidly growing digital economy in ICIEC’s member country, Indonesia. By investing approximately USD 2 billion to expand and strengthen its 4G network, the telco operator will ensure 90% of Indonesia’s 267 million people have access to reliable voice and data coverage. The investments will be directed towards Indonesia’s underserved rural areas in particular, ensuring broader participation in the nation’s economic growth and prosperity. ICIEC’s leading role in this transaction reflects the Corporation’s strategy to support member countries in preparing for the future and embracing the opportunities provided by the digital economy.
ICIEC Provides Insurance for a Shari’ah Compliant Facility to Fund Mining Transactions
ICIEC provided USD 19.6 million insurance cover for Sidra capital, a Saudi Arabia-based Shari’ah compliant asset manager to facilitate its loan to an Indonesian trader in the mining sector. The transaction will ensure Indonesian mining companies have access to much needed capital to continue to expand operations. The development of this sector provides economic opportunities to vulnerable populations in some of Indonesia’s most remote regions.
ICIEC Insurance Expands Côte d’Ivoire Health Sector in the midst of Global Pandemic
ICIEC is providing EUR 143 million cover for a Deutsche Bank investment in Côte d’Ivoire. Two new hospitals with a collective capacity of 400 beds will be built in the south-eastern towns of Adzope and Aboisso, bringing state of the art equipment and facilities to this underserved region. The two hospitals will employ around 600 local people and foster the development of a micro-economy in the areas surrounding them. Additionally, the project will finance five new medical units in existing hospitals across the country. The project EPC will be conducted by a Moroccan contractor, supporting the export of services from another ICIEC member country and facilitating intra-OIC trade of services and human capital between Cote d’Ivoire and Morocco.
ICIEC Insurance Supports the Purchase of High-end Medical Equipment in Punjab
ICIEC recently extended USD 2.3 million, the extent of the Corporation’s line limit, in non-payment insurance to support the supply and installation of state-of-the-art CT scan equipment to District Headquarters hospitals in Punjab, Pakistan. This project will greatly assist the Pakistani healthcare sector in fighting the COVID-19 pandemic by providing doctors with a more cost effective and accurate method for diagnosing patients. The project was funded as part of an ongoing program with the Government of Punjab to improve the lack of essential medical diagnostic equipment in the province. ICIEC’s involvement in the transaction also directly supports the Punjab Health Reforms Roadmap, initiated in April 2014, to improve the quality of healthcare facilities in Pakistan’s most populous province.