Jeddah, The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the insurance arm of the Islamic Development Bank (IsDB) Group for commercial and political risks, today launched its Annual Development Effectiveness Report 2020.

Given the persistence of the ongoing global Covid-19 pandemic, which has also badly impacted its 48 member countries, it is not surprising that the Report’s sub-theme focuses on “insuring development through the covid-19 crisis.” It is effectively an annual Report Card on how well ICIEC is performing as a credit and investment insurance business in terms of achieving its mandate and where it can do better.

The Report is an impressive document highlighting the contribution of ICIEC’s social and development impact in Member Countries underpinned by its Theory of Change which links the Corporation’s services to intended outcomes in the export, investment, and financial sectors. It is also based on ICIEC’s Development Effectiveness Framework which is closely aligned with the IsDB Group’s 10-Year Strategy, the President’s 5 Year Program (P5P) and the Group`s commitment to the UN’s 17 Sustainable Development Goals (SDGs) Agenda.

The metrics of impact, reach and delivery are truly pervasive, further highlighted by the Corporation’s wide-ranging development footprint in 2020. These include US$9.86bn

business facilitated (US$73.512bn since inception); US$7.884bn export transactions facilitated (US$58.577bn since inception); US$1.977bn of investments facilitated (US14.935bn since inception); US$4.468bn of intra-OIC exports insured (US$28.519bn since inception); and US$588m of intra-OIC investment insured (US$5.771bn since inception).

The sectors supported include agriculture, energy, infrastructure, manufacturing, healthcare and services through the use of its six core risk mitigation products, thus contributing to SDG 2 (Zero Hunger); 3 (Good Health and Well Being); 7 (Affordable Clean Energy); 8 (Decent Work and Economic Growth); 9 (Industry, Innovation and Infrastructure); and 17 (Partnerships for Goals).  

“During times of extreme volatility,” explained Mr Oussama Kaissi, CEO of ICIEC, “the Corporation has proven to be a reliable partner by turning uncertainties into manageable risks. In a year that was defined by devastating social and economic disruptions, ICIEC continued to protect trade and facilitate investment opportunities in its Member Countries, supporting exporters to keep trade flowing and enabling large-scale infrastructure projects to address critical health care initiatives. In 2020, ICIEC facilitated over US$9.86bn in business insured, including US$370m in healthcare support that has been critical in responding to the COVID-19 crisis.”

The impacts of the COVID-19 crisis will be lasting and likely be felt for years to come. As such, stressed Mr Kaissi, ICIEC will continue to play a critical role in assisting Member Countries navigate the health, economic and social impacts of the COVID-19 pandemic. “As the vaccine is being rolled out worldwide, ICIEC will play a crucial role in supporting Member Countries purchase and distribution of this much needed commodity in Member Countries. As ICIEC Member Countries slowly recover from the impacts of the pandemic, ICIEC will be there to support Member Countries as they rebuild a healthier, inclusive and resilient OIC community with sustainability as a priority,” he added.

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 arm, 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