ICIEC Newsletter

juin 2021

Message from the CEO

The first quarter of 2021 was one riddled with uncertainty and hope. Uncertainty surrounding the duration of the pandemic and its long-term effects on the global economy and hope for a better and brighter future as the rollout of vaccines began to pick up the pace. Throughout Q1 2021, ICIEC continued to mitigate risks and prioritize transactions for Member Country recovery. I am delighted to present the fourth edition of the Corporation’s quarterly newsletter, including summaries of ICIEC’s news, events, and project undertaken in the first quarter, in addition to a collection of highly informative insight articles that touch on some of ICIEC’s main priorities for 2021. One such article addresses the uncertainty felt in Q1, delivering an insurance market overview and highlighting where ICIEC and the insurance industry have shifted focus for the new year. Other articles included in this edition address ICIEC’s hope for the future, reporting on the importance of strengthening intra-OIC trade, the benefits of ICIEC’s reinsurance, and highlighting ICIEC’s role in the IsDB Group – introducing each peer organization and summarizing their relationship with the Corporation. ICIEC hopes to provide these quarterly updates to engage our valued partners, clients, and stakeholders in open communication. Is there something you’d like to hear from ICIEC? Let us know!
Sincerely,

Oussama Kaissi


CEO of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC)

Nouvelles et Evènements

February 27th, ICIEC releases promising data for the Corporation’s 2020 business performance.

February 9th, ICIEC was announced as the recipient of two Islamic Finance News Deal of the Year Awards 2020.

February 3rd, ICIEC jointly hosted a webinar for the Arab-Africa Trade Bridges Program titled « Building Investment Bridges Between Arab and African Countries ».

January 28th, ICIEC signed a Memorandum of Understanding with Poland’s national Export Credit Agency (ECA), KUKE.

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A New Year: The 2021 Insurance Market

Sharing the Risk: The Benefits of Reinsurance

Partnerships for OIC Development: Collaborations Between ICIEC and the IsDB Group

Faits saillants de projets

ICIEC Supports Uzbekistan Telecommunication Sector in Expansion and Upgrades of Telecommunication Equipment

ICIEC is insuring a total of USD 50 million in Specific Transaction Policy for transactions between two of China’s largest telecommunications equipment manufacturers and Uzbekistan’s state-owned telecommunication operator. Combined, the two projects are set to expand the telecommunication network in Uzbekistan.

The first of the two projects involve the USD 70 million modernization of the mobile broadband access network in Tashkent, the Eastern Region of Uzbekistan. The project includes expanding the data storage and processing centre and developing new technology that will increase bandwidth over existing fibre networks. ICIEC insured USD 40 million for the first program out of the USD 70 million total contract value.

The second project enables telecommunication equipment to expand the broadband network in Uzbekistan’s Western region. The state telco operator is expanding its current networks and building new networks simultaneously. The project totals USD 85 million, divided into three parts. ICIEC is covering USD10 million out of USD13 million project value for the initial project stage.

ICIEC’s involvement marks one of the Corporation’s most significant transactions in Uzbekistan, enabling the member state to facilitate growth in its telecom sector and aligning with the Government’s National Development Strategy for 2017-21. By stimulating investment in the telecommunication sector, ICIEC contributes to foreign direct investment and improves Uzbekistan’s telecommunications infrastructure. ICIEC support of the Uzbekistan government, which has formulated a telecom sector policy through to 2030, will be critical in developing the country’s needed infrastructure.

ICIEC Reinsurance supports the manufacturing sector in Uzbekistan

ICIEC has provided EUR 30 million in reinsurance cover to Russian ECA, EXIAR, for their policy with Russia Exim Bank (Roseximbank) for a loan facility to the Joint Stock Commercial Bank, Sanoat Qurilish Bank (SQB), a state-owned bank in Uzbekistan. The proceeds are used for funding the construction of a Metallurgical Plant in Tashkent to produce cold rolled metal for use in the automotive industry. Therefore, these products will replace the flat steel imports, thus improving the country’s Balance of Payments (BoP). The plant will have an annual production capacity of 500 thousand tons and create 672 new jobs. The transaction was executed under the framework of the Reciprocal Reinsurance Agreement signed between ICIEC and EXIAR.