ICIEC Newsletter

juillet 2020

Message from the CEO

I am honoured and delighted to welcome you to the first edition of the new ICIEC newsletter. These newsletters, published quarterly, will feature updates and announcements, industry insights and success stories from ICIEC and our partners. During times of crisis and uncertainty, open communication is more critical than ever. As the situation unfolds, information changes rapidly and keeping up with the most current news can become a challenge. That’s why ICIEC is redoubling its efforts to both sharing our perspective and listening to the views and ideas of others. This newsletter is a critical part of this effort and reflects our genuine desire for greater engagement with our partners. This first edition features a number of updates from the previous months, including ICIEC’s contribution to mitigating the economic effects of the pandemic on our member countries. You will also find fascinating insights from member country ECAs on the impact of the pandemic on their operations, and a view on the future of Islamic Finance in a post-COVID world. 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

19 September 2020 ICIEC has been active in mitigating risks to keep trade and investment flowing through the provision of multilateral shariah-compliant risk insurance solutions.

14 August 2020 ICIEC released its Annual Report and financial statements for 2019 upon approval from the Board of Governors. The Corporation has once again demonstrated its resilience through a year of general volatility.

29 May 2020 ICIEC signed a Memorandum of Understanding with Uzbekistan National Export-Import Insurance Company (Uzbekinvest). Uzbekistan is one of ICIEC’s 47 member countries and the partnership creates opportunity for joint strategic projects between the two insurance entities.

30 June 2020 ICIEC participated in a webinar hosted by IsDB Group with over 700 participants entitled, “IsDB Group Private Sector Action Response to COVID-19”. The webinar discussed the challenges facing the private sector and global economy during the COVID-19 outbreak.

13 July 2020 ICIEC hosted a Zoom webinar in conjunction with the Islamic Centre for Development of Trade (ICDT) discussing the role and experiences of insurance and export credit agencies (ECAs) in OIC countries along with the insurance sector response to the COVID-19 pandemic.

aperçus

RESPONDING TO URGENT HEALTHCARE NEEDS

THE FUTURE OF ISLAMIC FINANCE IN A COVID-19 WORLD

FOCUSING ON IMPACT

RESTARTING ECONOMIES, FORGING A PATH FORWARD: VIEWS FROM OUR PARTNERS

Faits saillants de projets

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.