ICIEC and Food Security

ICIEC Food Security Offerings

As a Multilateral Development Financial Institution, ICIEC pledges its total capacity and resources to contribute to the sustainable development of our Member States and stand by them during times of crisis. Our unwavering commitment to Food Security exemplifies ourdedication to fostering resilience, growth, and prosperity across diverse landscapes.

In a proactive role within the IsDB Group Food Security Response Program (FSRP), a collaborative initiative adopted by an Extraordinary Special Meeting of the Boards of Directors of IsDB, ICIEC, and the Islamic Solidarity Fund for Development (ISFD) on July 28, 2022, ICIEC has allocated an insurance capacity of USD 500 million spanning a period of three and a half years, from the second half of 2022 through the end of 2025. This program aligns well with both the developmental objectives of ICIEC and the broader Sustainable Development Goal 2.

ICIEC’s role within the FSRP is oriented towards the Least Developed Member Countries (LDMCs). With a focus on exporters, contractors, investors, and financial institutions, our efforts are twofold:

arrangements in partnership with respected global reinsurance entities.

Immediate and Emergency Response :

ICIEC provides Credit and Political Risk Insurance solutions to facilitate the import of essential commodities such as food, seeds, fertilizers, and agricultural equipment. We aim to ensure that critical supplies reach where they are needed most swiftly and effectively.

Immediate and Emergency Response :

ICIEC provides Credit and Political Risk Insurance solutions to facilitate the import of essential commodities such as food, seeds, fertilizers, and agricultural equipment. We aim to ensure that critical supplies reach where they are needed most swiftly and effectively.

In USD Million

ICIEC-FSRP Approvals by Country

Since the program’s inception from July 2022 until December 2023, ICIEC’s approvals related to food security have already surpassed USD 788 million, surpassing our initial pledge of USD 500 million for the entire period until December 31, 2025.

ICIEC’s contribution to food security is a global effort, spanning all geographic zones of its Member States. Beneficiaries have emerged from Sub-Saharan Africa (Senegal and Uganda), MENA (Algeria, Egypt, Palestine), and Asia (Bangladesh, Indonesia, Maldives, and Uzbekistan). ICIEC initiatives primarily facilitate banking transactions, enabling the import of essential agriculture equipment, fertilizers, sugar, wheat, grains, soybeans, canola, and more. Additionally, we drive investments to modernize the agriculture sector and expand agricultural projects, reinforcing resilience against future food crises.


Partnership

In pursuit of maximizing our support, ICIEC forged partnerships with esteemed financial institutions and organizations:

ICIEC has entered Memorandums of Understanding (MOU) with Investment and Banking Institutions, merging financing solutions with risk mitigation services to facilitate food trade and agricultural investments within our Member States.

ICIEC has also initiated a strategic partnership with the Islamic Organization for Food Security (IOFS), an esteemed Organization of Islamic Cooperation (OIC) member, to advance food security, sustainable agriculture, and rural development across our Member Countries.

ICIEC also signed a Strategic Partnership Agreement with the Islamic Food Processing Association(IFPA), which aims to boost B2B cooperation between Agri-Businesses and Private Sectors in OIC Countries to enhance Intra-Trade and Investment further

ICIEC also cooperated with Tunisia’s Foreign Investment Promotion Agency (FIPA) to increase the cooperation between the FIPA/OIFS and the IsDB Group private sector entities in trade finance transactions.

Within the Arab African Trade Bridges program (AATB) , ICIEC has spearheaded the establishment of the Arab Africa Guarantee Fund (AAGF), encompassing the Arab Africa Green Facility and the Arab Africa Food Security Facility.

Moreover, the Corporation is in the process of partnering with the Islamic Solidarity Fund (ISFD) to replicate the successful “ICIEC-ISFD COVID Emergency Response Initiative” (ICERI) under the Strategic Preparedness and Response Program (SPRP). The IsDB Group designed this initiative to assist Member States in combating the impact of the COVID-19 pandemic.