” To be recognized as the preferred enabler of trade and investment for sustainable economic development in Member States “
Introduction
Measuring the impact of ICIEC’s footprint on development in member countries is extremely important to determine the level of success in aligning with our vision. ICIEC has made a commitment to document and assess the impact of our activities to promote transparency with beneficiaries – the citizens of Member States.
ICIEC’s development role is to provide support and facilitate development agendas within our member countries, with the ultimate goal of facilitating trade and meeting their chosen objectives. ICIEC works to fulfill this role by offering insurance solutions to mitigate foreign direct investment and trade-related political and commercial risks and protect businesses from the negative impacts these risks can pose.
ICIEC’s development impact is focused on the investments and trade transactions we facilitate and how they affect the lives of member state citizens. Though many projects overlap across the board, we measure our development impact through four main areas:
Export Sector Development
Shari’ah Compliant Financial Sector Development
Member Country Development
Human Development
USD 90.7 billion
Total amount of trade facilitated
USD 23.3 billion
ICIEC investment facilitated
USD 45.1 billion
Intra-OIC exports insured
USD 8.5 billion
Intra-OIC investments insured
USD 108.8 million
Paid claims
USD 6.4 billion
Investments insured from LDC/LIC Member States
USD 526 million
Exports insured from LDC/LIC Member States
USD 1.6 billion
Agriculture support provided
USD 47.9 billion
Energy support provided
USD 7 billion
Infrastructure support provided
USD 31.2 billion
Manufacturing support provided
USD 3 billion
Health sector support providedICIEC and the SDG’s
ICIEC’s pursuit of the SDGs is threefold
01
As part of IsDBG it contributes to the Bank’s -10year strategy, which is in turn aligned to the SDGs.
02
ICIEC’s mandate is to support the sustainable economic development of its Member States through risk mitigation solutions and thereby supports the Member States advancements with view to the Goals.
03
The corporation acts as a catalyst for private sector capital to be mobilized and directed towards the achievement of the SDGs.
The Sustainable Development Goals encompass social, economic and environmental dimensions of development and have become signposts for ICIEC’s continuing development journey. The SDGs play an important role in shaping ICIEC’s strategy and the development outcomes ICIEC seeks to achieve going forward. Though many ICIEC projects address an array of the SDGs, ICIEC’s developmental role and contribution in member states is most relevant to 6 of the 17 goals.
SDG
ICIEC CONTRIBUTION
End hunger, achieve food security and improved nutrition and promote sustainable agriculture
Enhances agricultural productivity through the facilitated import of agricultural machinery and access to financial services
Ensure healthy lives and promote well-being for all at all ages
Improves access to quality essential health care services through insuring foreign investments in health infrastructure, otherwise deemed too risky
Ensure access to affordable, reliable, sustainable and modern energy for al
Expands upgraded infrastructure for modern and sustainable energy services through mitigating political and commercial risks associated with required investments and exports
Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all
Increases economic productivity, growth and employment creation by facilitating strategic investments in LDMC and promoting export businesses to grow internationally
Build resilient infrastructure, promote inclusive and sustainable industrialization and foster innovation
Improves access to finance for SMEs and infrastructure investments through risk mitigation instruments for banks and medium/long-term finance
Strengthen the means of implementation and revitalize the global partnership for sustainable development
Participates and partners with banks, investors, corporates, and national ECAs in export transactions with, and investments in, risky markets
Impact Framework
ICIEC’s development impact contribution is derived from a conceptual road map called Theory of Change, which links ICIEC services to intended outcomes in the export and financial sectors and the indirect implications across member countries more broadly. ICIEC’s Development Effectiveness Framework is underpinned by a Monitoring and Evaluation system that takes ICIEC’s role as an insurer (versus a financier) into consideration.
OIC
Economic Growth
Export Sector Development
- Increased capasity of national ECAs
- Increased Exports
- Enhanced Access to markets
SME Integration in export markets/ value chains
Shariah Complement Financial Sector Develeopment
- Enhanced partnerships with financial institutions
- Improved access to islamic financial services
Member Country Development
- Increased investor confidence
- Strategic Sector supported
- Improved access to trade financial for LiC/LDC MCs
Human Development
- Employment created or sustained
- Enhanced infrastructur
- Access to basic social services
Private resources mobilized through partnerships
OIC Trade finance leveraged
Intra-Olc trade and investments promoted
Financial partnerships forged
FDI insured
Export transactions supported
Infrastructure development facilitated