The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) has signed a Memorandum of Understanding (MoU) with the Islamic Organization for Food Security (IOFS).

IOFS was established under the Organization of Islamic Cooperation (OIC) as a specialized institution fostering socio-economic development in its Member Countries through the promotion of food security, sustainable agriculture, and rural development. ICIEC and IOFS share common beneficiaries and strategic objectives for trade and development. Hence, a mutually beneficial partnership between the institutions is inherent to better serving these commonalities and rendering their activities more effectively.

Recognizing ICIEC’s extensive regional and sectoral experience and expertise, IOFS intends to work with ICIEC teams across the Corporation’s regional and country offices to promote the best international practices for food security among common Member Countries. Taking into context both parties’ respective mandates, objectives and procedures, it is anticipated that collaborative efforts will focus on areas of mutual interest with a specific focus on attracting and promoting investment into the agriculture and food sector. Possibilities for further collaborative efforts include the promotion of knowledge-exchange, especially the dissemination of best practices for food safety and halal products in OIC member states, and facilitating South-South or intra-OIC cooperation through the utilization of Reverse Linkage programmes, ICIEC’s trade credit and investment solutions, centres of excellence, extension services, and various capacity-building workshops, in addition to providing technical support and assistance, with specific support for joint research on food security in OIC member states.

Regarding the partnership, ICIEC’s CEO, Mr. Oussama Abdel Rahman Kaissi stated, “ICIEC is delighted to be working closely with IOFS to address the important issue of food security in our Member Countries. Both organizations share similar values and objectives, so there are many opportunities for collaborative efforts that can enhance capacity for our respective activities and that support the achievement of common goals. We look forward to witnessing the immense impacts this partnership will have for OIC citizens.”

As a next step to further the pursuit of common objectives, the parties intend to establish a general framework to facilitate the implementation of the collaboration, which will outline the terms and timelines of key activities.

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) has signed a Memorandum of Understanding (MoU) with the Uzbekistan Investment Promotion Agency (UzIPA).

The MoU provides a general framework to facilitate cooperation between ICIEC and UzIPA to promote foreign investments that contribute to economic and social development in the Republic of Uzbekistan. The MoU outlines that ICIEC and UzIPA will promote their services to foreign investors, highlighting ICIEC’s risk mitigation and credit enhancement capacity, as well as UzIPA’s added value with the aim to encourage an increased flow of investments into the Republic of Uzbekistan.

The MoU also enhances information exchange efforts between the participating institutions, especially regarding any investment climate reforms and foreign investment plans in the country. Included in the MoU are opportunities for joint visits and workshops on areas of cooperation, technical assistance, training, capacity building and contribution of knowledge resources.

The partnership between ICIEC and UzIPA follows the signing of a Partnership Strategy for 2018-2021 between the Government of Uzbekistan and ICIEC’s parent organization, the Islamic Development Bank (IsDB).

ICIEC is seeking to enhance its presence in Central Asia. As one of ICIEC’s 47 Member Countries, Uzbekistan is relatively a country with great potential for trade and investment, sitting in a strategic position between China and Europe and containing abundant natural resources. Late in 2020, ICIEC signed a MoU with the Uzbekistan National Export-Import Insurance Company (UzIPA) to extend the capacity of their insurance coverage, creating opportunity for larger trade transactions and development projects in Uzbekistan.

“This agreement seeks to deepen further the vibrant and growing relationship between ICIEC and the Republic of Uzbekistan” says ICIEC CEO, Oussama Kaissi, “FDI is an essential part of economic growth and acts as a catalyst for sustainable development in our Member Countries. We’re very excited to work with UzIPA and promote Uzbekistan as a premier destination for foreign investors.”

The signing ceremony of a MoU with the UzIPA will take place during the IsDB Group annual meetings to be held in Tashkent, Uzbekistan, in September 2021.

The Bank Master Policy (BMP) provided by ICIEC assists BADEA’s participation in syndication with the International Islamic Trade Finance Corporation (ITFC) and BMCE Bank of Africa. The intended syndication is to provide financing to the ECOWAS Bank for Investment and Development (EBID). The financing will facilitate the import of strategic goods from Arab countries to ECOWAS member states, strengthening the strategic south-south cooperation between Arab and African countries.

This transaction marks the first Islamic BMP signed between ICIEC and a Multilateral Development Bank (MDB).

“ICIEC is delighted to be signing our first BMP transaction for this seminal collaboration,” claims ICIEC CEO, Mr Oussama KAISSI. “The catalytic impact of the larger syndication is one of the main driving factors behind ICIEC’s participation. ICIEC and BADEA’s involvement has increased the availability of financing to EBID to not only facilitate the importation of strategic goods to ECOWAS countries but also support the business and growth of Arab exporters and enhancing strategic trade relations within the OIC – a foremost priority for ICIEC in light of the trade shocks presented by the pandemic.”

About ICIEC

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) is a member of the Islamic Development Bank (IsDB) Group. ICIEC was established in 1994 as a multilateral institution to strengthen the economic relations between member countries of the OIC. ICIEC’s vision is to be recognized as the preferred enabler of trade and investment for sustainable economic development in Member Countries. Its mission is to facilitate trade and investment between member countries and the world by providing Shariah-compliant risk mitigation tools and financial solutions. For more information, visit: http://iciec.isdb.org

Follow us on Social Media: @ICIEC_IDB

About BADEA

The Arab Bank for Economic Development in Africa- BADEA- is a multilateral development bank owned by eighteen (18) Arab countries, members of the League of Arab States (LAS). The Bank has been operational for the last 45 years, with footprints in about 44 countries. BADEA aims to promote economic development in Africa and foster cooperation between the beneficiary countries and the Arab World through investment and trade. To this end, BADEA’s operations revolve around four strategic pillars:

1. Infrastructure investment in energy.
2. Private sector and trade financing.
3. Agriculture value-chains.
4. Entrepreneurship and SMEs. In addition, capacity development weighs in as a cross-cutting pillar.

For more information, visit: www.badea.org

Follow us on Social Media: @BADEAbank    #BADEA2030

2020 presented the world with an unprecedented onslaught of challenges which impacted governments, businesses and citizens across the globe. These challenges span from the fallout of devastating natural disasters to the implications of a global health crisis with the COVID-19 pandemic. Throughout these tests and economic implications, ICIEC has been there to support its 47 member countries and their businesses.

Business Insured

The Corporation has been active in mitigating risks to keep trade and investment flowing through the provision of Shariah-compliant insurance solutions. While the economic outlook is not necessarily promising as the COVID-19 pandemic continues into 2021, the Corporation insured USD 9.86 billion in 2020.

Business Insured by Region

Business distribution remained relatively consistent in the Asia region throughout 2020, while it shifted by 6.9% from the Sub-Saharan Africa and Europe (SSAE) region to the Middle East and Northern Africa (MENA) region.

Business Insured by Sector

In response to the COVID-19 pandemic, ICIEC shifted its focus to helping member countries respond to and recover from the devastating impact of the pandemic, accounting for the increase in health support and infrastructure support.

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) was the recipient of two major recognition’s in the Islamic Finance News Deals of the Year Report for 2020.

The Corporation received the award for IFN Africa Deal of the Year 2020 for ICIEC’s EUR 20 million cover toward the reconstruction of Scientific High School in Yamoussoukro, Côte d’Ivoire in partnership with Bank of Africa, BMCE Group Morocco.  Bank of Africa BMCE Group leveraged on ICIEC support to successfully mobilize a total of EUR 54 Million for the project.

The project addresses one of the key impediments to education in Côte d’Ivoire, lack of infrastructure and adequate facilities. ICIEC’s support for the project advanced the construction of 22 new classrooms and contributed to the Government of Côte d’Ivoire’s ten-year Education and Training Sector Plan (Plan Sectorial Education/Formation 2016–2025). The program aims to mitigate poverty and illiteracy by enabling as many children as possible to have access to quality education.

ICIEC was also the recipient of the IFN Sovereign & Multilateral Deal of the Year 2020 for its EUR 143 million cover of the financing for the construction of two new hospitals with a collective capacity of 400 beds in the south-eastern towns of Adzope and Aboisso in Côte d’Ivoire in partnership with Deutsche Bank. These hospitals bring state-of-the-art equipment and facilities into the typically underserved region. The two hospitals will employ around 600 local people and foster the development of a micro-economy in the areas surrounding them. Additionally, the project financed five new medical units in existing hospitals across Côte d’Ivoire. The EPC contract is undertaken by a Moroccan contractor, supporting the export of services from another ICIEC member country and facilitating intra-OIC trade of services and human capital between Cote d'Ivoire and Morocco. The support from ICIEC is helping Côte d’Ivoire achieve its National Development Plan targets for 2016-2020 while also improving the Republic’s ability to contain the COVID-19 pandemic.

“ICIEC is honoured to receive such important recognition for both of these seminal projects in 2020,” says ICIEC CEO, Mr. Oussama Kaissi. “With the COVID-19 pandemic bringing such a tumultuous year for countries across the globe, we are proud of the significant positive impact these projects have on development and we are even more delighted with the education, healthcare, and employment opportunities they have provided to citizens of Côte d’Ivoire. ICIEC will continue to support member countries and the achievement of the Sustainable Development Goals through the provision of shariah compliant insurance solutions.”

Initiative showcased key investment, trade and insurance pillars designed to improve trade between Arab and African countries, targeted at key sectors including agro-food, health, and pharmaceuticals amongst others

Jeddah, 03 February 2021. – Under the umbrella of the Arab-Africa Trade Bridges (AATB) Program, three IsDB Group Private Sector Entities hosted a webinar on key trade finance and investment components aimed at fostering regional trade. The entities included the International Islamic Trade Finance Corporation (ITFC), the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and the Islamic Corporation for the Development of the Private Sector (ICD) in collaboration with IsDB Group Business Forum “THIQAH”. Over 1,000 development institutions, sovereign funds, banks, investment and private equity companies, and key government and corporate sector representatives were in attendance.

The event, which focused on the investment, trade and insurance pillars of the AATB program showcased potential business opportunities existing between the two regions particularly in key industries such as agro-food, health and pharmaceutical, building and construction materials and equipment, as well as machinery and electrical equipment. Projects and activities involving the growth of trade related investment and knowledge and technology transfer between the Arab and African countries were explored with the aim of growing AATB member base.

The webinar was inaugurated with keynote speeches from Mr. Oussama Kaissi, Chief Executive Officer of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), Mr. Ayman Sejiny, Chief Executive Officer of the Islamic Corporation for the Development of the Private Sector (ICD) and Eng. Hani Salem Sonbol, Chief Executive Officer of International Islamic Trade Finance Corporation (ITFC).

Key outcomes from this session noted considerable progress in terms of launching and implementing the projects involving the growth of trade investment and technology transfer between Arab and African countries. The session also addressed the key challenges limiting the business community and concerned trade and investment authorities of the countries in both regions by nurturing an environment where the parties can benefit from the opportunities that exist. 

In his opening address, Mr. Oussama Kaissi, said: “Despite the tragedy presented by the pandemic, these unprecedented times have brought development institutions together to seek solutions and encourage innovation, teaching us that the best way forward is together. ICIEC believes that through the AATB program, our multilateral efforts can enhance pandemic responses, capacity building efforts, and economic security, providing the citizens of Arab and African countries the knowledge and materials to build a better future.”

Eng. Hani Salem Sonbol, corroborated the sentiment, saying: “Since its launch in 2017, AATB has become the foremost platform in driving trade between the Arab and African regions, with important initiatives that strengthen growth and prosperity in beneficiary countries. The program facilitates financial and technical support for trade and investment-related activities aimed at promoting intra-trade between the regions through specific interventions and dedicated trade finance and investment components”.

“ICD will lead the Investment Pillar of the AATB Program, which aims to mobilize and allocate resources to impactful investments in Arab and African countries including recovery packages to overcome the adverse impacts of Covid-19. In line with our global approach, we aim to expand existing and build new partnerships with financial institutions to design and launch special financial packages for the benefit of member countries under the umbrella of the AATB Program.” said Mr. Ayman Sejiny.

Moderated by Mr. Nasser M. Al-Thekair, General Manager, Trade & Business Development, ITFC, the first session presented by Mr. Syed Quadri, Acting Director, Resilience and Social Development Department in IsDB discussed key features and benefits of the AATB investment pillar to financial institutions and key partner networks. A panel discussion on the benefits and features of AATB’s trade, investment and insurance pillars featured key speakers including Mr. Aymen Kasem, Division Manager, Trade Development, Trade & Business Development of ITFC, Mr. Essaied Ben Ahmed, Principle, Infrastructure & Corporate Finance Global Markets & Fixed Income of ICD, and Mr. Ismail Filali Allach, Country Manager, Morocco, Middle East & North Africa Region Division, ICIEC.

AATB is a multi-donor, country and organization program designed to leverage new trade partnerships, strengthen existing ones, and increase trade and investment flows between the Arab and African regions. At present, its partners and members include IsDB, ITFC, ICIEC, Afreximbank, Arab Bank for Economic Development (BADEA), and OPEC Fund with member country representation consisting of Benin, Cameroon, Egypt, Morocco, Senegal, Togo, and Tunisia. 

For more information about the event, please visit www.AATB-Events.org

ENDS

About the Arab-Africa Trade Bridges (AATB) Program

AATB is a multi-donor, multi-country, and multi-organizations program, aiming to promote and increase trade and investment flows between African and Arab member countries; provide and support trade finance and export credit insurance; and enhance existing capacity building tools relating to trade. The program specifically focuses on the key sectors of agriculture and related industries including textiles; health industry including pharmaceuticals; infrastructure and transport; and petrochemicals, construction material and technology.

Contact us 

Twitter: @aatb_program

Facebook: @aatbprogram

E-mail: aatb@itfc-idb.org 

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

ICIEC is a member of the Islamic Development Bank (IsDB) Group. ICIEC was established in 1994 to strengthen the economic relations between member countries of the OIC. Since its inception, the utilization of ICIEC services by member countries reached USD 106.34 billion of trade and investments. ICIEC’s cover has been provided to its 47 member countries across the Muslim world, assisting in their economic prosperity, development and diversification. ICIEC is rated Aa3 insurance financial strength credit by Moody’s with a Stable Outlook. ICIEC’s vision is to be recognized as the preferred enabler of trade and investment for sustainable economic development in Member Countries. Its mission is to facilitate trade and investment between member countries and the world through the provision of Shariah compliant risk mitigation tools and financial solutions.

About the International Trade Finance Corporation (ITFC)

The International Islamic Trade Finance Corporation (ITFC) is a member of the Islamic Development Bank (IsDB) Group. It was established with the primary objective of advancing trade among OIC member countries, which would ultimately contribute to the overarching goal of improving socioeconomic conditions of the people across the world. Commencing operations in January 2008, ITFC has provided more than US$55 billion of financing to OIC member countries, making it the leading provider of trade solutions for these member countries’ needs. With a mission to become a catalyst for trade development for OIC member countries and beyond, the Corporation helps entities in member countries gain better access to trade finance and provides them with the necessary trade-related capacity building tools, which would enable them to successfully compete in the global market.

About the Islamic Corporation for the Development of the Private Sector (ICD)

The Islamic Corporation for the Development of the Private Sector (ICD) is a multilateral development financial institution and is member of the Islamic Development Bank (IsDB) Group. ICD was established in November 1999 to support the economic development of its member countries through the provision of finance for private sector projects, promoting competition and entrepreneurship, providing advisory services to the governments and private companies, and encouraging cross border investments. ICD is Rated A2’ by Moody’s, ‘A’ by S&P and, A+ by Fitch. ICD establishes and strengthens cooperation and partnership relationships with an aim to establish joint or collective financing. ICD also applies financial technology (Fintech) to make financing more efficient and comprehensive.

About the Islamic Development Bank Group Business Forum (THIQAH)

The Islamic Development Bank Group Business Forum (THIQAH) is the window of the IsDB Group that facilitate contact and coordination between entities concerned of the IsDB Group and private sector firms and related institutions in IsDB Group member countries. The main objective of THIQAH is to establish a unique platform for effective dialogue, cooperation and inclusive partnership for business leaders committed to partnering in promising investment opportunities. Through facilitation and catalyst roles, THIQAH will be leveraging IsDB Group’s resources to offer necessary services and confidence to investors and to establish strategic partnerships with the leaders of the private sector. The primary focus will be on maximizing cross-border investment among member countries to be supported by IsDB Group's financial products and services. (www.idbgbf.org)

BANK OF AFRICA BMCE Group and the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank Group signed on January 25^th, 2021 a Memorandum of Understanding (MoU) to support trade and Investment in member countries.

This Memorandum of Understanding was signed by: Mr. Brahim BENJELLOUN TOUIMI, Administrator Managing Director of BANK OF AFRICA BMCE Group, and Mr. Mohammed AGOUMI, Managing Director, in charge of International Division of BANK OF AFRICA BMCE Group and Mr. Oussama KAISSI, Chief Executive Officer of ICIEC.

In the pursuit of BANK OF AFRICA's pan-african vision and ICIEC’s mission as a Multilateral Institution to facilitate trade and investments between member countries and the world, the two parties have decided to join their efforts, through this agreement, to extend collaboration in facilitating trade transactions and financing sustainable and social infrastructure projects throughout Africa.  Moreover, this agreement offers a solid base of collaboration in the private and public sector related projects, to consolidate the Moroccan based bank’s positioning as a key player of trade and investment in AFRICA. 

The CEO of ICIEC, Mr. Oussama KAISSI states “This partnership comes at a time where the relationship between both institutions started to expand after concluding interesting deals in different western African countries where BANK OF AFRICA BMCE Group has a strong footprint. Morocco is one of the Corporation’s valued member countries, and ICIEC has been working jointly with the BANK OF AFRICA BMCE Group to support strategic trade transactions and infrastructure projects, helping to support our member countries in response to COVID-19. This Memorandum of Understanding between the two institutions serves to strengthen this partnership and highlights the focus both organizations have on expanding the level of cooperation targeting the joint member countries”.

Mr. Brahim BENJELLOUN TOUIMI, Administrator Managing Director of BANK OF AFRICA BMCE Group said “the sealing of this partnership underlines the strategy of BANK OF AFRICA BMCE Group, under the aegis of Chairman Othman BENJELLOUN, to play an increasing role in Africa by facilitating trade transactions and providing sustainable financing to its customers. This partnership with ICIEC will enhance the capacity of the Group to consolidate its leading position. Compelling deals have already been finalized with the support of ICIEC and more are to come through mutual innovation”

“With this Memorandum of Understanding and thanks to its new openings in Dubai and Shanghai, BANK OF AFRICA BMCE Group will benefit from the experience of ICIEC, to enlarge  its customer base  in the Gulf and Southeast Asia regions by facilitating trade flows and enhancing mutual investments”, added Mr Mohammed AGOUMI, Managing Director in Charge of the International Division.    

About ICIEC

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) is a member of the Islamic Development Bank (IsDB) Group. ICIEC was established in 1994 to strengthen the economic relations between member countries of the OIC. ICIEC’s vision is to be recognized as the preferred enabler of trade and investment for sustainable economic development in Member Countries. Its mission is to facilitate trade and investment between member countries and the world through the provision of Shariah compliant risk mitigation tools and financial solutions

About BANK OF AFRICA BMCE Group

BANK OF AFRICA BMCE Group is one of Africa’s main Pan-African financial groups operating in 31 countries in Africa, Europe, Asia and North America with an extensive portfolio of brands and subsidiaries, its universal banking business model has seen it diversify into a variety of business lines including commercial banking, investment banking as well as specialised financial services such as leasing, factoring and consumer credit. The Group employs more than 15,200 staff around the world and has more than 1,800 points of sale, serving just fewer than 6.6 million customers.

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and KUKE, the national Export Credit Agency (ECA) of Poland, have signed a cooperative Memorandum of Understanding (MoU).

The signing of this MoU signifies the growing interest of Polish exporters and investors to conduct business in the OIC region, and vice-versa. Due to the implications of the COVID-19 pandemic, demand is growing for insurance guarantees in markets where credit and political risks pose a greater challenge. Through the signed MoU, ICIEC and KUKE will work together to provide risk mitigation solutions for businesses and investors.

The MoU is designed to strengthen the existing collaborative efforts between the two insurance providers, enhancing their capacity to support trade and investment between Poland and ICIEC’s 47 member countries. In addition, the MoU encourages further forms of cooperation, including technical assistance and capacity building.

“The signing of this Memorandum of Understanding serves to reinforce the opportunities for trade and investment between both companies in OIC countries and to deepen the partnership ICIEC has forged with KUKE,” says ICIEC CEO Mr. Oussama Kaissi. “We hope that this partnership serves as an example to more western countries by demonstrating the dynamic and growing market potential that exists in OIC countries and to consider the region’s foreign direct investment potential.”

“ICIEC is an experienced partner with whom cooperation will help KUKE strengthen the presence of Polish exporters and investors from many industries on very promising markets” says KUKE CEO Janusz Władyczak. “While the uncertainty related to the pandemic has suspended some projects, we are already looking together to the future when the world will overcome the effects of the virus. Polish companies with an attractive combination of high quality products and services and competitive pricing are increasingly boldly looking for markets with a potential for growth outside of Europe. With the support of ICIEC and KUKE Polish exporters have a chance for a dynamic expansion on four continents.”

About ICIEC

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) is a member of the Islamic Development Bank (IsDB) Group. ICIEC was established in 1994 as a multilateral institution to strengthen the economic relations between member countries of the OIC. ICIEC is rated Aa3 by Moody’s with a stable outlook. ICIEC’s vision is to be recognized as the preferred enabler of trade and investment for sustainable economic development in Member Countries. Its mission is to facilitate trade and investment between member countries and the world through the provision of Shariah compliant risk mitigation tools and financial solutions. iciec.isdb.org

ABOUT KUKE

For 30 years KUKE has been insuring trade receivables of Polish entrepreneurs and providing guarantees to facilitate safe trade and investments in Poland and abroad. We are the only insurance company in Poland providing export insurance backed by the State Treasury and covering long-term export transactions of capital goods. Our subsidiary KUKE Finance provides export and domestic factoring services. More about us: www.kuke.com.pl.

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) signed a Memorandum of Understanding (MoU) with Eximgarant of Belarus (Eximgarant), the Export Credit Agency (ECA) of the Republic of Belarus.

The signed MoU promotes collaborative efforts to support trade and investment between the Republic of Belarus and ICIEC member countries, encouraging joint export credit insurance provisions and other forms of cooperation such as technical assistance and capacity building.

This is the fifth MoU ICIEC has signed this year and the fourth with a European ECA. These partnerships facilitate flexible yet strong agreements for risk sharing in the form of reinsurance or co-insurance, supporting both parties to increase their risk appetite for trade transactions and investments.

“Through close collaboration with Eximgarant and other ECAs, both institutions are able to provide additional insurance capacity,” ICIEC CEO, Mr. Oussama Kaissi, says. “Through the expanded trade coverage supported by these partnerships, firms in member countries can access new markets, grow in existing markets, and in the process generate employment and economic growth. This new partnership with Eximgarant is helping to give a much-needed economic boost to ICIEC member countries, assisting them in recovering from the effects of the pandemic”.

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) has released its Annual Report and financial statements for 2019, upon approval from its Board of Governors on 29 May 2020.

The Corporation, a member of the Islamic Development Bank Group (IsDBG), has once more demonstrated its resilience through a year of general volatility. Despite 2019 being marked by the intensification of trade tensions, political instability, and weak global growth, the Corporation raised its business insured by 20% to reach USD 10.86 billion - the highest in the past decade. Over its 26 years of existence, ICIEC has cumulatively insured more than USD 64 billion in support of global trade and investments.

Based on its performance, ICIEC has maintained, for the 12th consecutive year, an Aa3 rating by Moody’s - which is one of the strongest in the Export Credit and Political Risk Insurance industry.

The Corporation saw an increase of more than 28% over the previous year in total intra-OIC business, having insured a total of USD 5.4 billion, involving 36 member countries. These results contribute to the OIC’s goal of reaching a 25% intra-OIC trade share by 2025. 

Releasing the 2019 Annual Report, the Chief Executive Officer of ICIEC, Mr. Oussama KAISSI, expressed optimism at the Corporation’s prospects for 2020, stating “We are well positioned to weather the effects of the ongoing coronavirus pandemic and continue our strong business performance as a direct result of the robust pipeline developed  in 2019”.

Mr. KAISSI went on to say, “These results demonstrate ICIEC’s growth and continued commitment to delivering on its mandate of supporting trade and investment in our 47 member countries - assisting in their economic development, diversification and prosperity. Considering the significant growth, our Corporation is on track to reach its 2019-2020 Business Plan targets for business insured”.

ICIEC attributes the impressive 2019 results to various operational initiatives, including: underwriting improvements, risk management and technical reserving practices, a strong commitment to continuous professional development, as well as our partnership with international players in the industry.