ICIEC Newsletter

ديسمبر 2020

Message from the CEO

I am honoured and delighted to present the second issue of the Corporation’s quarterly newsletter. These newsletters feature updates and announcements, industry insights, and success stories from ICIEC and our partners. During this time of uncertainty, ICIEC has placed strong emphasis on the need to keep trade flowing, while also targeting areas of urgent and essential relief. We have been hard at work, partnering with peer IsDB Group institutions such as ISFD to support Member Countries in mitigating the effects of the pandemic and preserve the flow of essential imports. This second edition of the newsletter features a number of updates from the third quarter of 2020, with each article featuring ICIEC strategy and performance highlights. This edition’s insights include the future of risk and digital technologies, the need to respond to climate change, and the strategic partnerships the Corporation has recently engaged. This newsletter reflects our effort to communicate directly with you, our important partner, and we look forward to hearing what you think. Please do not hesitate to reach out if you have any comments on the newsletter or if you have suggestions for future editions. We want to hear from you! Sincerely,

Oussama Kaissi


CEO of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC)

الأخبار و الأحداث

December 10th of 2020ICIEC signed a Memorandum of Understanding with the Export Credit Agency of Belarus, EXIMGARANT.

December 14th ICIEC released the G20 Presidency’s mandated PRI stock-take study, The G20 Saudi Presidency for 2020 requested that Multilateral Development Banks (MDBs) conduct a stock-take study on “Best Practices of MDBs and Specialized Multilateral Insurers (SMIs) in Political Risk Insurance for Equity Investments, Medium and Long-Term (MLT) Debt Investments and other Insurance Solutions.”

أفكار

Continuing Investments in Developing Countries: ICIEC’s Role in Mitigating Risk

Insights from the Inside: ICIEC’s role in the G20 Saudi Presidency

Lessons Learned: Supporting Trade through COVID-19

أبرز المشاريع

ICIEC covers SMBC financing to Egyptian Ministry of Finance

As part of the Government of Egypt’s strategy to fight against the social and economic impacts of the COVID-19 pandemic, the Egyptian Ministry of Finance appointed international banks to arrange a syndicated facility of USD 1.5 billion. ICIEC provided USD 135 million in NHSO policy for Sumitomo Mitsui Banking Corporation’s (SMBC) London Branch, covering its participation in the syndicated facility. The transaction will also serve SDG 8 by promoting inclusive and sustainable growth, employment and decent work.

ICIEC cover supports the construction of a state-of-the-art Olympic stadium in Senegal

ICIEC has extended over EUR 143 million in cover toward infrastructure developments in Diamniadi, Senegal. ICIEC’s cover contributes to the construction of a 50,000 seat capacity Olympic football stadium, two training grounds and a system to produce and store the solar energy that will power the stadium. In addition to creating nearly 400 jobs, the stadium construction project contributes to the creation of Diamniadio Urban Pole, one of Government of Senegal’s flagship projects, which fits into the broader context of Plan Senegal Emergent (“PSE”).

ICIEC provides cover for financing of essential imports to Nigeria in response to COVID-19

ICIEC has provided USD 12.5 million in cover, issuing the Corporation’s first ever BMP Murabaha to BMCE Bank of Africa Morocco in support of its financing for a Nigerian bank. ICIEC’s support allowed for the urgent financing to secure essential imports of food and refined oil to Nigeria, helping to offset the social and economic distress caused by the COVID-19 pandemic. ICIEC has played a crucial role in facilitating trade flow and reinforcing trust, directly supporting banks and private sector resilience through the crisis.