Tashkent, The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the insurance arm of the Islamic Development Bank (IsDB) Group, and the Islamic Food Processing Association (IFPA) today signed a Strategic Partnership Agreement (SPA) whereby the two entities will collaborate using their respective strengths in promoting agri-food projects and investments.

IFPA is headquartered in the Astana International Financial Centre in Nur Sultan in Kazakhstan. It is a subsidiary of the Islamic Organisation for Food Security (IOFS), and a specialised international agency of the Organisation of Islamic Cooperation (OIC).

The MoU was signed by Mr Oussama Kaissi, Chief Executive Officer of ICIEC, and H.E. Yerlan A. Baidulet, Chairman of International IFPA Non-Profit Organisation, during the 46th Annual Meetings of the IsDB Group held in Tashkent, Uzbekistan from 1-4 September 2021.

IFPA aims to develop direct relationships between agricultural businesses in the IOFS member states by establishing B2B cooperation between private sectors among OIC member states. It is also a platform for strengthening intra-OIC trade, enhancing investment activities among OIC countries, developing and implementing large-scale inter-state projects, concluding trade operations, and intensifying trade and commercial outreach.

“ICIEC and the IFPA,” stressed Mr Oussama Kaissi, “share the goal of fostering commercial contacts and strategic alliances in the wider food supply chain as well as the expansion of export markets. This agreement paves the way for the parties to work together in the future in order to achieve common goals that would boost the agri-food sector’s contribution to the GDP of OIC Member States. We look forward to engaging with IFPA as the multilateral private sector platform for intra-OIC agri-food trade and investment.”

The SPA will provide ICIEC and IFPA a general framework for collaboration including attracting and promoting investment in agribusiness and food security; collecting due diligence, KYC and credit search documentation of prospective customers; referring potential clients; promoting joint marketing and promotion activities; and boosting the involvement of SMEs in agri/food business.

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.