With 47 Member Countries spread throughout the OIC region, ICIEC works with nations at various levels of development. Despite great general progress in OIC countries, some of the Corporation’s Member Countries are still considered low income and least developed, while others have been experiencing robust economic growth and fulfilling their development agendas. No matter the country’s Human Development ranking, ICIEC is committed to assisting each Member Country in their development goals.
ICIEC’s development role is to provide support and facilitate the achievement of development agendas within our Member Countries, with the ultimate goal of facilitating trade and meeting national 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.
Measuring the impact of ICIEC’s footprint on development in the real economy is extremely important in determining our level of success in achieving our vision of promoting sustainable economic development within Member Countries. Employing the United Nations Sustainable Development Goals (SDGs) as important signposts to shape strategy, ICIEC has made a commitment to document and assess the impact of our activities and thereby promote transparency with the Corporation’s beneficiaries – namely Member Country citizens.
In order to facilitate this transparency, each year ICIEC releases an Annual Development Effectiveness Report (ADER). The ADER provides a complete overview of the Corporation’s efforts toward development – including ICIEC’s total contribution to individual sectors, presenting case studies to explain the impact of specific projects, and discussing the outlook for the upcoming year. ICIEC is pleased to announce the release of the 2019 ADER, which details last year’s most impactful projects and the contribution to sustainable development that ICIEC has made in member countries last year.
In addition to the annual release of the ADER, the Corporation has recently begun work to develop an impact webpage as an addition to the Corporation’s website. The page will explain how ICIEC measures its development impact and its contribution to the SDGs, as well as provide timely updates on the most impactful projects supported.
To give just one example of ICIEC’s development impact, earlier this year, the Corporation provided EUR 120 million cover against the non-payment of a loan facility provided to the Government of Côte d’Ivoire for the renovation of a school and the construction of 22 additional classrooms. This project is part of a social program that the Ivory Coast’s Government is implementing to fight poverty and illiteracy, addressing SDGs 1 and 4 – zero poverty and quality education. The project will enhance the school’s capacity and enable more children access to education – allowing them a greater chance at employment and prosperity later in their lives.
