Tashkent, The Islamic Corporation for the Insurance of Investment & Export Credit (ICIEC), the insurance arm of the Islamic Development Bank (IsDB) Group, is organizing high-level panel discussion on the role of Public Private Partnerships (PPPs) in attracting investments in a Post-COVID-19 era.

The Panel will convene at the Tashkent City Congress Hall on 1 September 2021 at 14.00-16.00 (Tashkent time) as a side event to the upcoming 46th Annual Meetings of the IsDB Group which is hosted by the Government of Uzbekistan on 1-4 September 2021.

The HLPD brings together a Group of experienced speakers and panelists familiar with private sector, PPP and investment trends. ICIEC CEO, Mr Oussama Kaissi, will give the opening remarks, which will be followed by a Keynote Address by H.E. Mr. Shukhrat Vafaev, Deputy Minister, Ministry of Investments and Foreign Trade - IsDB Alternate Governor.

This will be followed by a High-Level Panel Discussion comprising Mr Kaissi, H.E. Mr Shukhrat Vafaev, Deputy Minister of Investments & Foreign Trade, and IsDB Alternate Governor for Uzbekistan; Mr. Ashok Lavasa, Vice-President for Private Sector Operations and Public–Private Partnerships, The Asian Development Bank; Mr. Ali Baru Alsirt, Executive Director, Yildizlar Group, Türkiye and Mr Ibrahim Shokry, Manager of the IsDB Reginal Hub in Almaty, Kazakhstan. Ms Cornelia Meyer, Chairman & CEO, Meyer Resources, will moderate the proceedings.

The discussion will focus on the role of ICIEC in promoting sustainable PPP projects, the role of Governments, MDBs, ECAs and Private Sector Business Partners by identifying linkages and drivers of investment and trade. Moreover, it will focus on promoting ICIEC’s services to the private sector interested in investing in Uzbekistan, CIS countries and other member countries.

The event, says ICIEC, will “provide a unique platform to network and establish business partnerships with other representatives and counterparts from the business community, and to share experiences, best practices and explore investment and trade opportunities.”

The seminar is open to Senior Government Officials, Banks, Regional Development Banks, ECAs, Chambers of Commerce, Business Association Leaders, Investment Promotion Agencies, Sector Associations, Corporates, Academics and other interested parties, who can register to attend the event at https://isdb-am.org/ or visit http://iciec.isdb.org for more information.

About ICIEC

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) is a member of the Islamic Development Bank (IsDB) Group, effectively its export credit and investment insurance agency, guarantees provider and reinsurance. ICIEC was established in 1994 as a multilateral institution to strengthen the economic relations between member countries of the OIC. ICIEC’s vision is to be recognized as the preferred enabler of trade and investment for sustainable economic development in Member Countries. Its mission is to facilitate trade and investment between member countries and the world by providing Shariah-compliant risk mitigation tools and financial solutions. For more information, visit:    http://iciec.isdb.org

Jeddah,

The Islamic Corporation for the Insurance of Investment & Export Credit (ICIEC), the insurance arm of the Islamic Development Bank (IsDB) Group, welcomes the Indian Ocean archipelago, The Republic of Maldives, as its 48th member country.  

Maldives accessed ICIEC membership on 12th August 2021 while joined the IsDB in 1980 with a subscribed capital of ID25.84 million (0.05% of total IsDB subscribed capital).

The Maldives is one of the IsDB member countries that is perhaps potentially one of the most affected by the twin effects of climate change, global warming and rising sea levels. The archipelago comprises 1,190 islands (of which only 200 are inhabited), grouped in 26 atolls and spread over 90,000 km2 in the Indian Ocean southwest of India. It has a small population of 0.531 million (World Bank 2019). Malé is the capital, the largest city and the main port. None of the coral islands is more than 1.8 meters above sea level, making the country vulnerable to sea level rises associated with global warming.

ICIEC, under its mandate, supports member countries with various risk mitigation solutions based on their development requirements and irrespective of the size of their economies. Not surprisingly, Mr Oussama KAISSI, Chief Executive Officer of ICIEC, in welcoming the Republic of Maldives as the Corporation's latest member country, stresses his full support to the country.

"Maldives's accession to ICIEC," he maintains, "is important for us and beneficial for the economy and people of the country. The Maldives, as one of the world's iconic eco-friendly and sustainable tourism destinations, has been badly affected by the disruptions to travel caused by the Covid-19 pandemic, albeit there has been some recovery in FH 2021. Agriculture, infrastructure development and SMEs present good opportunities.

"ICIEC's risk mitigation and credit enhancement services act as catalysts for the strengthening and diversification of the country's economy, supporting both increased exports and inward investment. ICIEC's services allow exporters, banks and investors from member and non-member countries alike to cover political, commercial and climate risks related to their operations in the Maldives."

About Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) ICIEC is a member of the Islamic Development Bank (IsDB) Group. ICIEC was established in 1994 to strengthen the economic relations between member countries of the OIC. Over 27 years, ICIEC has insured in trade and investment more than USD78 billion. USD 62.3 billion represents support for exports and imports, while USD 15.6 billion covered foreign direct investments into ICIEC's member countries. ICIEC is Rated Aa3 by Moody's. ICIEC's cover has been provided to its 48 member countries across the Muslim world, assisting in their economic prosperity, development and diversification. ICIEC is recognized as the preferred enabler of trade and investment for boosting sustainable economic development in Member Countries, facilitating trade and investment between member countries and the world through Shariah-compliant risk mitigation solutions and tools.

Jeddah,

The international reputation and effectiveness of ICIEC in facilitating and innovating risk mitigation solutions especially during the Covid-19 pandemic was the standout takeaway from today’s high-level webinar titled “The Role of Credit and Political Risk Insurance in Resource Mobilization in the Post-COVID-19 Era.”

As the insurance arm of the IsDB Group and the leading Shariah-compliant credit and investment insurer in the world, the webinar not surprisingly attracted huge interest with almost 300 participants worldwide.

Mr Oussama Kaissi in his opening remarks reminded about the ongoing economic impact of the pandemic across Member Countries - a slowdown in GDP growth, a decline in trade and services and a much slower recovery in African member states. The reality is that rapid and equitable access to COVID-19 vaccines is a prerequisite for a full recovery of global trade and investment. “Trade recovery in 2021,” he maintained, “is expected at best to be fragmented with the usual geographic differences, where developing countries are in the lowest percentile of any recovery. Without requisite de-risking tools such as credit and political risk insurance, resources are being mobilized at higher costs and premiums.” 

ICIEC together with its partners have risen to the challenge by innovating cost-effective solutions. Mr Kaissi assured that ICIEC is focused on achieving selective strategic objectives to best support Member Countries, their businesses, and their citizens. ICIEC will continue to support the provision of essential goods and services through the above initiatives he added.

H.E. Mr Amadou Hott, Minister of Economy, Planning & Cooperation of Senegal and the

country’s Governor on the board of the IsDB Group, spoke for many when he observed that “in the pandemic period optimising our borrowing has become a crucial exercise.”

“Senegal,” he emphasised, “has benefitted from ICIEC’s insurance to mobilise resources from private lenders given the scarcity of concessional lending. This gives comfort to investors and allows them to be more flexible in extending the maturity on facilities. Thanks to ICIEC’s risk mitigation tools we manage to secure private financing for the rehabilitation of a major water collection system in Dakar. The financial structure was innovative because it enabled Senegal to borrow in local currency.”

ICIEC is involved in several transactions in Senegal. Currently it is supporting the country to procure 0.5 million Johnson & Johnson vaccines, essential goods and medical supplies. “Without ICIEC’s support many of these investments would have taken time to financial close and probably at a much higher cost,” he declared.

Similarly, Mr Yerdan Bekkhozhin, Vice Chairman of KazakhExport, noted its long partnership with ICIEC going back to 2013, and revealed that the two agencies are expanding their cooperation including through an imminent Treaty Share Agreement. “The fact ICIEC is willing to do business with us,” he stressed, “is confirmation that our relationship is moving in the right direction. When we have ICIEC with its financial strength and its wealth of experience supporting us, it helps us to increase our new commitments.”

Mr. Stephen Gargiulo, Head of Global Markets, ICBC Standard Bank, highlighted the importance of ICIEC for its business in Central Asia and elsewhere: “For us it is about partnership in risk and risk-sharing. One of the things working with ICIEC is that they are extremely flexible and creative. This allows us to adapt more easily to what our needs are as a bank.” A major advantage working with ICIEC is its local knowledge of partner countries and their officials.

ICIEC’s relationship with the Bank of Africa BMCE is by far the most developed. Amine Lahmamsi, Deputy Director of International Transversal Activities, warned that the lack of access to vaccines “will slow down economic activity in Sub-Saharan Africa. ICIEC and Bank of Africa BMCE have pioneered several structures including the first-ever BMP Murabaha facility in favour of a Nigerian bank, and in Non-Honoring of Sovereign Financial Obligations Risk Cover. We want to increase our collaboration with ICIEC to facilitate more trade finance transactions.”

During the Q&A session, Mr Kaissi stressed that “supporting intra-OIC trade is a priority for ICIEC, which since inception has supported US$28 billion of intra-OIC exports at end 2020.” He is confident that the IsDB Group’s target of achieving 25% intra-OIC trade by 2025, and ICIEC’s role in this, is eminently achievable.

Jeddah, The Islamic Corporation for the Insurance of Investment & Export Credit (ICIEC), is the insurance arm of the Islamic Development Bank (IsDB) Group. Today, ICIEC launched its new corporate website according to international best practices and consistent with its unique status as the leading global Shariah-compliant multilateral credit and political risk insurance institution.

The new website launched in the three official languages of the Islamic Corporation for the Insurance of Investment & Export Credit, namely English, Arabic and French, is designed to be accessed on mobile phones, tablets and desktop computers with the same user experience.

Mr Oussama KAISSI, Chief Executive Officer of ICIEC, commented: “In an age of the rapid proliferation of digitization and online communications in e-business, e-commerce, e-insurance and e-payments through FinTech and other solutions such as Blockchain, the quality and user-friendliness of any institution’s website assumes much greater importance.”

“It is an outreach pathway to leverage an institution’s information, which is an important asset, and act as an exchange for information, ideas and discourse.”

The vastly improved features include an enhanced content management system for easy data management from the backend; Speed Optimization through JavaScript and CSS, and secure URLs.

The Website, Server and Database, and Security Features utilize the latest WordPress integration, server, database, encryption and security technologies.

About ICIEC

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) is a member of the Islamic Development Bank (IsDB) Group. ICIEC was established in 1994 as a multilateral institution to strengthen the economic relations between the OIC member countries. ICIEC’s vision is to be recognized as the preferred enabler of trade and investment for sustainable economic development in Member Countries. Its mission is to facilitate trade and investment between member countries and the world by providing Shariah-compliant risk mitigation tools and financial solutions. For more information, visit:    http://iciec.isdb.org

Moody's Investor Services (Moody's) a confirmé la notation Aa3 de la solidité financière d'assurance (IFSR) de la SIACE avec une perspective stable pour la 14^e année consécutive. La confirmation de cette notation reflète les solides améliorations de la situation financière de la SIACE, la gouvernance des risques et le soutien continu de sa société mère - la Banque islamique de développement (BID) et de plusieurs membres souverains de l'Organisation de la coopération islamique (OCI).

Moody's a souligné le renforcement de la qualité de crédit autonome de la SIACE au cours des dernières années grâce à son portefeuille aux investissements très liquides et à une forte adéquation du capital.

Malgré les pressions engendrées par la pandémie du Coronavirus, la rentabilité de la SIACE a su résister en 2020. La régularité du résultat net de 6,2 millions de dinars islamiques alliée à un ratio combiné de 43,7 % a bénéficié d'une couverture commerciale améliorée, d'une réduction des risques et des concentrations entreprises/clients, ainsi que de gains d'efficacité.

S.E. M. Oussama KAISSI, le DG de la SIACE, a félicité tous les pays membres, les honorables membres du conseil d'administration et le personnel de la SIACE pour la régularité de ce succès. Il a réitéré l'engagement de la direction à déployer tous les efforts possibles pour mener à bien la stratégie décennale de la SIACE en améliorant l'impact, l'efficacité et la résilience. La SIACE continuera, tout particulièrement, à soutenir ses pays membres qui se remettent tout juste de l'effet de la crise liée au COVID en adoptant les 3R (réponse, restauration et redémarrage) conformément aux initiatives du groupe de la BID.

En adressant ses remerciements à tous, le DG a réaffirmé que la SIACE résisterait aux changements économiques structurels mondiaux résultant de la pandémie, et maintiendrait sa viabilité financière et sa solvabilité.

À propos de la SIACE

La Société islamique pour l'assurance des investissements et du crédit à l'exportation (SIACE) est membre du Groupe de la Banque islamique de développement (BID). La SIACE a été créée en 1994 pour renforcer les relations économiques entre les pays membres de l'OCI. La vision de la SIACE est d'être reconnue comme le facilitateur préféré en matière d’échanges commerciaux et d’investissements pour un développement économique dans les pays membres. Sa mission est de sécuriser les échanges et investissements entre les pays membre et le reste du monde au moyen de solutions d’atténuation des risques conformes à la Charia.

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) has signed a Memorandum of Understanding (MoU) with the Islamic Organization for Food Security (IOFS).

IOFS was established under the Organization of Islamic Cooperation (OIC) as a specialized institution fostering socio-economic development in its Member Countries through the promotion of food security, sustainable agriculture, and rural development. ICIEC and IOFS share common beneficiaries and strategic objectives for trade and development. Hence, a mutually beneficial partnership between the institutions is inherent to better serving these commonalities and rendering their activities more effectively.

Recognizing ICIEC’s extensive regional and sectoral experience and expertise, IOFS intends to work with ICIEC teams across the Corporation’s regional and country offices to promote the best international practices for food security among common Member Countries. Taking into context both parties’ respective mandates, objectives and procedures, it is anticipated that collaborative efforts will focus on areas of mutual interest with a specific focus on attracting and promoting investment into the agriculture and food sector. Possibilities for further collaborative efforts include the promotion of knowledge-exchange, especially the dissemination of best practices for food safety and halal products in OIC member states, and facilitating South-South or intra-OIC cooperation through the utilization of Reverse Linkage programmes, ICIEC’s trade credit and investment solutions, centres of excellence, extension services, and various capacity-building workshops, in addition to providing technical support and assistance, with specific support for joint research on food security in OIC member states.

Regarding the partnership, ICIEC’s CEO, Mr. Oussama Abdel Rahman Kaissi stated, “ICIEC is delighted to be working closely with IOFS to address the important issue of food security in our Member Countries. Both organizations share similar values and objectives, so there are many opportunities for collaborative efforts that can enhance capacity for our respective activities and that support the achievement of common goals. We look forward to witnessing the immense impacts this partnership will have for OIC citizens.”

As a next step to further the pursuit of common objectives, the parties intend to establish a general framework to facilitate the implementation of the collaboration, which will outline the terms and timelines of key activities.

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) has signed a Memorandum of Understanding (MoU) with the Uzbekistan Investment Promotion Agency (UzIPA).

The MoU provides a general framework to facilitate cooperation between ICIEC and UzIPA to promote foreign investments that contribute to economic and social development in the Republic of Uzbekistan. The MoU outlines that ICIEC and UzIPA will promote their services to foreign investors, highlighting ICIEC’s risk mitigation and credit enhancement capacity, as well as UzIPA’s added value with the aim to encourage an increased flow of investments into the Republic of Uzbekistan.

The MoU also enhances information exchange efforts between the participating institutions, especially regarding any investment climate reforms and foreign investment plans in the country. Included in the MoU are opportunities for joint visits and workshops on areas of cooperation, technical assistance, training, capacity building and contribution of knowledge resources.

The partnership between ICIEC and UzIPA follows the signing of a Partnership Strategy for 2018-2021 between the Government of Uzbekistan and ICIEC’s parent organization, the Islamic Development Bank (IsDB).

ICIEC is seeking to enhance its presence in Central Asia. As one of ICIEC’s 47 Member Countries, Uzbekistan is relatively a country with great potential for trade and investment, sitting in a strategic position between China and Europe and containing abundant natural resources. Late in 2020, ICIEC signed a MoU with the Uzbekistan National Export-Import Insurance Company (UzIPA) to extend the capacity of their insurance coverage, creating opportunity for larger trade transactions and development projects in Uzbekistan.

“This agreement seeks to deepen further the vibrant and growing relationship between ICIEC and the Republic of Uzbekistan” says ICIEC CEO, Oussama Kaissi, “FDI is an essential part of economic growth and acts as a catalyst for sustainable development in our Member Countries. We’re very excited to work with UzIPA and promote Uzbekistan as a premier destination for foreign investors.”

The signing ceremony of a MoU with the UzIPA will take place during the IsDB Group annual meetings to be held in Tashkent, Uzbekistan, in September 2021.

The Bank Master Policy (BMP) provided by ICIEC assists BADEA’s participation in syndication with the International Islamic Trade Finance Corporation (ITFC) and BMCE Bank of Africa. The intended syndication is to provide financing to the ECOWAS Bank for Investment and Development (EBID). The financing will facilitate the import of strategic goods from Arab countries to ECOWAS member states, strengthening the strategic south-south cooperation between Arab and African countries.

This transaction marks the first Islamic BMP signed between ICIEC and a Multilateral Development Bank (MDB).

“ICIEC is delighted to be signing our first BMP transaction for this seminal collaboration,” claims ICIEC CEO, Mr Oussama KAISSI. “The catalytic impact of the larger syndication is one of the main driving factors behind ICIEC’s participation. ICIEC and BADEA’s involvement has increased the availability of financing to EBID to not only facilitate the importation of strategic goods to ECOWAS countries but also support the business and growth of Arab exporters and enhancing strategic trade relations within the OIC – a foremost priority for ICIEC in light of the trade shocks presented by the pandemic.”

About ICIEC

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) is a member of the Islamic Development Bank (IsDB) Group. ICIEC was established in 1994 as a multilateral institution to strengthen the economic relations between member countries of the OIC. ICIEC’s vision is to be recognized as the preferred enabler of trade and investment for sustainable economic development in Member Countries. Its mission is to facilitate trade and investment between member countries and the world by providing Shariah-compliant risk mitigation tools and financial solutions. For more information, visit: http://iciec.isdb.org

Follow us on Social Media: @ICIEC_IDB

About BADEA

The Arab Bank for Economic Development in Africa- BADEA- is a multilateral development bank owned by eighteen (18) Arab countries, members of the League of Arab States (LAS). The Bank has been operational for the last 45 years, with footprints in about 44 countries. BADEA aims to promote economic development in Africa and foster cooperation between the beneficiary countries and the Arab World through investment and trade. To this end, BADEA’s operations revolve around four strategic pillars:

1. Infrastructure investment in energy.
2. Private sector and trade financing.
3. Agriculture value-chains.
4. Entrepreneurship and SMEs. In addition, capacity development weighs in as a cross-cutting pillar.

For more information, visit: www.badea.org

Follow us on Social Media: @BADEAbank    #BADEA2030

2020 presented the world with an unprecedented onslaught of challenges which impacted governments, businesses and citizens across the globe. These challenges span from the fallout of devastating natural disasters to the implications of a global health crisis with the COVID-19 pandemic. Throughout these tests and economic implications, ICIEC has been there to support its 47 member countries and their businesses.

Business Insured

The Corporation has been active in mitigating risks to keep trade and investment flowing through the provision of Shariah-compliant insurance solutions. While the economic outlook is not necessarily promising as the COVID-19 pandemic continues into 2021, the Corporation insured USD 9.86 billion in 2020.

Business Insured by Region

Business distribution remained relatively consistent in the Asia region throughout 2020, while it shifted by 6.9% from the Sub-Saharan Africa and Europe (SSAE) region to the Middle East and Northern Africa (MENA) region.

Business Insured by Sector

In response to the COVID-19 pandemic, ICIEC shifted its focus to helping member countries respond to and recover from the devastating impact of the pandemic, accounting for the increase in health support and infrastructure support.

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) was the recipient of two major recognition’s in the Islamic Finance News Deals of the Year Report for 2020.

The Corporation received the award for IFN Africa Deal of the Year 2020 for ICIEC’s EUR 20 million cover toward the reconstruction of Scientific High School in Yamoussoukro, Côte d’Ivoire in partnership with Bank of Africa, BMCE Group Morocco.  Bank of Africa BMCE Group leveraged on ICIEC support to successfully mobilize a total of EUR 54 Million for the project.

The project addresses one of the key impediments to education in Côte d’Ivoire, lack of infrastructure and adequate facilities. ICIEC’s support for the project advanced the construction of 22 new classrooms and contributed to the Government of Côte d’Ivoire’s ten-year Education and Training Sector Plan (Plan Sectorial Education/Formation 2016–2025). The program aims to mitigate poverty and illiteracy by enabling as many children as possible to have access to quality education.

ICIEC was also the recipient of the IFN Sovereign & Multilateral Deal of the Year 2020 for its EUR 143 million cover of the financing for the construction of two new hospitals with a collective capacity of 400 beds in the south-eastern towns of Adzope and Aboisso in Côte d’Ivoire in partnership with Deutsche Bank. These hospitals bring state-of-the-art equipment and facilities into the typically 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 financed five new medical units in existing hospitals across Côte d’Ivoire. The EPC contract is undertaken 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. The support from ICIEC is helping Côte d’Ivoire achieve its National Development Plan targets for 2016-2020 while also improving the Republic’s ability to contain the COVID-19 pandemic.

“ICIEC is honoured to receive such important recognition for both of these seminal projects in 2020,” says ICIEC CEO, Mr. Oussama Kaissi. “With the COVID-19 pandemic bringing such a tumultuous year for countries across the globe, we are proud of the significant positive impact these projects have on development and we are even more delighted with the education, healthcare, and employment opportunities they have provided to citizens of Côte d’Ivoire. ICIEC will continue to support member countries and the achievement of the Sustainable Development Goals through the provision of shariah compliant insurance solutions.”