ICIEC was voted as the “Best Export Credit Agency (ECA) in the Middle East and North Africa Region for 2014” by GTR (Global Trade Review) – the world’s leading news source, publisher and event organizer for global trade, commodity, export and supply chain finance industries magazine.
The recognition was conferred on ICIEC at the GTR MENA Leaders in Trade 2014 awards.
The ICIEC’s remarkable achievement over the last two decades compared with peer institutions catapulted the Jeddah, Saudi Arabia-based corporation to new heights, as shown by the success of its 14 products and policies in the field of trade, investment, and projects while at the same time providing trade and political risk reinsurance to member countries worth US$24.4 billion in decades.
ICIEC started its operations in 1995 with only three products – the Comprehensive Short-Term Policy (CSTP), Bank Master Policy (BMP), and Supplemental Medium-Term Policy (SMTP). As the membership grew from 15 countries in 1996 to 43 countries at present, the product mix likewise increased. Over two decades, ICIEC has been true to its vision and mission as a world-class multilateral insurer, playing a major role in the facilitation of trade and investment for member countries and a preferred partner for companies seeking access to new markets. As of 2014, ICIEC has facilitated over US$22 billion in trade transactions and US$4.3 billion in foreign direct investment in member countries, an increase of 29% compared to previous year.
It worth to note that, last year GTR changed the criteria in evaluating its leaders in trade winners, in which the magazine’s corporate readers were asked to vote in favour of the leading banks, financial institutions, insurers and brokers in the MENA trade finance market.