ICIEC Newsletter

septembre 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)

Nouvelles et Evènements

22 June 2020ICIEC signed a Memorandum of Understanding with Austrian Export Credit Agency (ECA) Oesterreichische Kontrollbank Aktiengesellschaft (OeKB).

17 August 2020ICIEC signed a Memorandum of Understanding with UK Export Finance (UKEF), the United Kingdom’s Export Credits Guarantee Department.

07 September 2020The Corporation released its Annual Development Effectiveness Report (ADER) for 2019. The Report details how ICIEC actively supports Member Countries’ to achieve their development agendas, working in alignment with their unique path towards prosperity.

7 September 2020ICIEC signed a Memorandum of Understanding with Compañía Española de Seguros de Crédito a la Exportación, S.A., Compañía de Seguros y Reaseguros, SME (CESCE) – a Spanish Export Credit Agency that manages the facilitation of export credit insurance on behalf of the State.

14 September 2020At the 10th annual Global Islamic Finance Awards (GIFA) ICIEC was awarded “The Global Islamic Export Credit and Political Risk Insurance Award for 2020”. This marks the fourth time ICIEC has received this accolade since its introduction in 2016.

23 October 2020ICIEC and IsDB have jointly launched the COVID-19 Guarantee Facility, an innovative program providing US$2 billion in support of the private sector.

aperçus

LOOKING FORWARD: THE FUTURE OF RISK

RECOVERY THROUGH PARTNERSHIPS: CELEBRATING INTERDEPENDENCE

STEPPING INTO DIGITIZATION: NO TURNING BACK NOW

SUPPORTING MEMBER COUNTRY NEEDS THROUGH THE ICIEC-ISFD COVID-19 EMERGENCY RESPONSE INITIATIVE (ICERI)

THE IMPORTANCE OF RESPONDING TO CLIMATE CHANGE IN THE OIC REGION

Faits saillants de projets

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.

ICIEC insurance supports financing for Senegal’s urgent strategic commodities

ICIEC has recently extended USD 9 million in LC confirmation insurance to BMCE Bank of Africa Morocco in order to secure urgent imports of strategic commodities to Senegal. The COVID-19 pandemic, combined with flooding, has caused a serious supply chain disturbance and economic distress in the country. The ‘ICIEC ISFD Covid-19 Emergency Response Initiative’ has eased the financial burden on the transaction by structuring a concessional all-in pricing mechanism, helping Senegal to preserve the flow of essential imports.

ICIEC reinsurance supports increased insurance capacity for Indonesian ECA

ICIEC provided USD 143 million in reinsurance capacity to support PT Asuransi Asei Indonesia’s short-term trade credit insurance program. The reinsurance treaty program was originally signed in 2018 and the successful renewal is an indication that ICIEC’s presence in this region is well received by member country ECAs. ICIEC’s presence not only increases local insurance capacity, but also expands access to the extended IsDB group. This transaction is supporting the Member Country ECA in increasing their insurance capacity to support policyholder’s exports.