The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the insurance arm of the Islamic Development Bank (IsDB) Group, today signed an important Memorandum of Understanding (MoU) with the Africa Finance Corporation (AFC) whereby the two parties agree to co-operate “in promoting joint action in the origination, financing and execution of Climate Action projects through ICIEC’s credit and investment insurance support in African Member States common to both.”

The MoU was signed by Mr. Oussama Kaissi, Chief Executive Officer of ICIEC, and Mallam Samaila D. Zubairu, the President and Chief Executive Officer of the AFC, in Sharm El Sheikh during the occasion of the COP27 gathering. ICIEC, of course, is a signatory to the Principles for Responsible Insurance and the only Shariah-compliant multilateral insurer in the world. The AFC is the leading multilateral infrastructure development finance institution in Africa.

Sustainable investment, climate action, adaptation and finance, and Green Finance are firmly embedded in the due diligence process of both institutions through linking all new business and other queries with SDG and climate action indicators. ICIEC and peer multilaterals have an important role in contributing to the international climate finance ecosystem. It is committed to further boosting its green and sustainable finance operations.

Promoting climate action through capacity development, resilient financing, and policy support in climate adaptation infrastructure and through the provision of risk mitigation and credit enhancement covers the mandates of both ICIEC and AFC. Another mandate of ICIEC is to promote trade and FDI flows, in this case to its 23 African Member States, in partnership with peer and specialised institutions.

The MoU recognizes that co-operation between AFC and ICIEC would bring about better co-ordination and more efficient implementation of their respective activities to the benefit of Climate Action projects, including renewable energy production in ICIEC member states, including in Africa region.

In this respect, the two institutions under the 3-year MoU will exchange information on their respective renewable energy project pipelines on a regular basis, with a view to explore origination, financing, insuring and delivery of such projects focusing especially on the renewable energy sector. The AFC has a proactive relationship with the IsDB Group and has even raised infrastructure funding through the issuance of a Sukuk.

Mr Oussama Kaissi, Chief Executive Officer of ICIEC, strongly welcomed the signing of the MoU with AFC: “This MoU further enhances ICIEC’s evolving playbook on Climate action and risk mitigation whether it relates to financing, underwriting, credit enhancement, and risk management. It is also yet another example of South-South Cooperation and the recognition that Africa has to come up with African financing solutions to finance African needs. Islamic project finance and investment, and de-risking solutions, are ideal for long-term infrastructure projects given their connectivity to financing the real economy especially through risk-sharing Private Public Partnerships. We look forward to building on this important relationship with AFC in this key area of Climate Action infrastructure.”

ICIEC Signs Landmark Cooperation MoU with AFC to Promote the Origination, Financing and Execution of Climate Action Projects in African Member States Utilizing ICIEC’s De-risking Solutions

November 9, 2022

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the insurance arm of the Islamic Development Bank (IsDB) Group, today signed an important Memorandum of Understanding (MoU) with the Africa Finance Corporation (AFC) whereby the two parties agree to co-operate “in promoting joint action in the origination, financing and execution of Climate Action projects through ICIEC’s credit and investment insurance support in African Member States common to both.”

The MoU was signed by Mr. Oussama Kaissi, Chief Executive Officer of ICIEC, and Mallam Samaila D. Zubairu, the President and Chief Executive Officer of the AFC, in Sharm El Sheikh during the occasion of the COP27 gathering. ICIEC, of course, is a signatory to the Principles for Responsible Insurance and the only Shariah-compliant multilateral insurer in the world. The AFC is the leading multilateral infrastructure development finance institution in Africa.

Sustainable investment, climate action, adaptation and finance, and Green Finance are firmly embedded in the due diligence process of both institutions through linking all new business and other queries with SDG and climate action indicators. ICIEC and peer multilaterals have an important role in contributing to the international climate finance ecosystem. It is committed to further boosting its green and sustainable finance operations.

Promoting climate action through capacity development, resilient financing, and policy support in climate adaptation infrastructure and through the provision of risk mitigation and credit enhancement covers the mandates of both ICIEC and AFC. Another mandate of ICIEC is to promote trade and FDI flows, in this case to its 23 African Member States, in partnership with peer and specialised institutions.

The MoU recognizes that co-operation between AFC and ICIEC would bring about better co-ordination and more efficient implementation of their respective activities to the benefit of Climate Action projects, including renewable energy production in ICIEC member states, including in Africa region.

In this respect, the two institutions under the 3-year MoU will exchange information on their respective renewable energy project pipelines on a regular basis, with a view to explore origination, financing, insuring and delivery of such projects focusing especially on the renewable energy sector. The AFC has a proactive relationship with the IsDB Group and has even raised infrastructure funding through the issuance of a Sukuk.

Mr Oussama Kaissi, Chief Executive Officer of ICIEC, strongly welcomed the signing of the MoU with AFC: “This MoU further enhances ICIEC’s evolving playbook on Climate action and risk mitigation whether it relates to financing, underwriting, credit enhancement, and risk management. It is also yet another example of South-South Cooperation and the recognition that Africa has to come up with African financing solutions to finance African needs. Islamic project finance and investment, and de-risking solutions, are ideal for long-term infrastructure projects given their connectivity to financing the real economy especially through risk-sharing Private Public Partnerships. We look forward to building on this important relationship with AFC in this key area of Climate Action infrastructure.”

Jeddah,

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the insurance arm of the Islamic Development Bank (IsDB) Group, in cooperation with Commercial International Bank (CIB), Egypt’s largest and leading private sector bank, is organising an important Panel Discussion on 9 November 2022 in Sharm El Sheikh during COP27.

Two important pillars of Climate Action are mitigating the release of greenhouse gases with a focus on the transition to clean energy, for instance, through the generation of renewable energy projects, and adaptation to the detrimental effects of Climate Change, specifically climate-related impacts on water and food security.

The need for out-of-the-box thinking involving partnerships and risk mitigation solutions such as credit and political risk insurance becomes ever more urgent. The supply chain disruptions due to the ongoing Ukraine/Russia conflict have seriously impacted the food security of grain-importing countries in the OIC Member States, especially in Africa, and to structural Energy Poverty globally.

The launch of COP27 Host Country, Egypt’s comprehensive National Water, Food and Energy (NWFE) Programme provides a valuable playbook on the involvement of private sector investment, the bankability of Climate Adaptation projects, and the credit enhancement de-risking tools of multilateral institutions such as ICIEC. NWFE is underpinned by the bold Egypt Vision 2030 agenda, which has Climate Change Adaptation at its heart.

Climate security affects water poverty, the protection of coastal areas, the development of sustainable cities, and waste management. All ICIEC Member States in Africa face similar challenges.

Private sector entities have specific targets for climate financing under their ESG targets, and this High Level Panel Discussion will showcase the banking sector’s perspectives on the bankability of adaptation projects with a focus on Food Security.

The Panel will be addressed inter alia by ICIEC CEO, Oussama Kaissi, Mr. Talha Karim, Chief Risk Officer of CIB, Ms. Lina Osman, Head, Sustainable Finance, Standard Chartered Bank and Mr. Jahan Chowdhury, Cluster Lead for Environment and Climate, IFAD and senior representatives from Afreximbank.

Key topics that will be addressed include Egypt’s NWFE Programme, the case for financing adaptation projects from CIB’s perspective, gaining insight into Climate Financing for adaptation from a multilateral’s perspective such as BADEA, and showcasing Standard Chartered Bank’s experience with Green Financing in African markets. 

As a signatory to the Principles for Responsible Insurance and being the only Shariah-compliant multilateral insurer, sustainable investment, climate action and finance, and Green Finance are firmly embedded in ICIEC’s due diligence process through linking all new business and other queries with SDG and climate action indicators. ICIEC and peer multilaterals have an important role in contributing to the international climate finance ecosystem. It is committed to further boosting its green and sustainable finance operations.

Mr. Oussama Kaissi, CEO of ICIEC, commented: “This Side Event is a unique platform to address frameworks and methodologies for appraising Climate Adaptation projects with a focus on Africa. It is important for all partners and stakeholders to share learned experiences, success stories, best practices and explore investment and trade opportunities for adaptation.”

ICIEC and CIB Convene COP27 Panel Discussion on Bankability of Climate Adaptation Projects Focused on Food Security in Africa Showcasing Egypt’s NWFE Program and the Role of Credit and Investment Insurance in Bridging the Financing Gap

November 1, 2022

Jeddah,

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the insurance arm of the Islamic Development Bank (IsDB) Group, in cooperation with Commercial International Bank (CIB), Egypt’s largest and leading private sector bank, is organising an important Panel Discussion on 9 November 2022 in Sharm El Sheikh during COP27.

Two important pillars of Climate Action are mitigating the release of greenhouse gases with a focus on the transition to clean energy, for instance, through the generation of renewable energy projects, and adaptation to the detrimental effects of Climate Change, specifically climate-related impacts on water and food security.

The need for out-of-the-box thinking involving partnerships and risk mitigation solutions such as credit and political risk insurance becomes ever more urgent. The supply chain disruptions due to the ongoing Ukraine/Russia conflict have seriously impacted the food security of grain-importing countries in the OIC Member States, especially in Africa, and to structural Energy Poverty globally.

The launch of COP27 Host Country, Egypt’s comprehensive National Water, Food and Energy (NWFE) Programme provides a valuable playbook on the involvement of private sector investment, the bankability of Climate Adaptation projects, and the credit enhancement de-risking tools of multilateral institutions such as ICIEC. NWFE is underpinned by the bold Egypt Vision 2030 agenda, which has Climate Change Adaptation at its heart.

Climate security affects water poverty, the protection of coastal areas, the development of sustainable cities, and waste management. All ICIEC Member States in Africa face similar challenges.

Private sector entities have specific targets for climate financing under their ESG targets, and this High Level Panel Discussion will showcase the banking sector’s perspectives on the bankability of adaptation projects with a focus on Food Security.

The Panel will be addressed inter alia by ICIEC CEO, Oussama Kaissi, Mr. Talha Karim, Chief Risk Officer of CIB, Ms. Lina Osman, Head, Sustainable Finance, Standard Chartered Bank and Mr. Jahan Chowdhury, Cluster Lead for Environment and Climate, IFAD and senior representatives from Afreximbank.

Key topics that will be addressed include Egypt’s NWFE Programme, the case for financing adaptation projects from CIB’s perspective, gaining insight into Climate Financing for adaptation from a multilateral’s perspective such as BADEA, and showcasing Standard Chartered Bank’s experience with Green Financing in African markets. 

As a signatory to the Principles for Responsible Insurance and being the only Shariah-compliant multilateral insurer, sustainable investment, climate action and finance, and Green Finance are firmly embedded in ICIEC’s due diligence process through linking all new business and other queries with SDG and climate action indicators. ICIEC and peer multilaterals have an important role in contributing to the international climate finance ecosystem. It is committed to further boosting its green and sustainable finance operations.

Mr. Oussama Kaissi, CEO of ICIEC, commented: “This Side Event is a unique platform to address frameworks and methodologies for appraising Climate Adaptation projects with a focus on Africa. It is important for all partners and stakeholders to share learned experiences, success stories, best practices and explore investment and trade opportunities for adaptation.”

Jeddah,

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the export credit and investment insurance agency of the Islamic Development Bank (IsDB) Group, and the Bonn-based InsuResilience Global Partnership (IGP) are convening a High Level Forum on 8 November 2022 during COP27 in Sharm El Shaikh to highlight the importance of Partnerships in accelerating climate action, mitigation, adaptation and finance including de-risking credit and political risk solutions.

InsuResilience is the world’s leading platform for inclusive, integrated collaboration, shared learning and delivery for Climate and Disaster Risk Finance and Insurance Solutions. ICIEC in fact acceded to membership of InsuResilience in September 2022, which will be formalised at a signing ceremony in Sharm El Sheikh at the Forum.

The Corporation strongly recognises the key role that the Partnership plays in bringing together many of ICIEC’s member states, 13 of whom are members of the V20 Group of Ministers of Finance of the Climate Vulnerable Forum, and the G20, as well as donors, the private sector, international organisations and civil society groups for the achievement of wider Climate Action goals.

The V20 Group and the G7 Presidency, led by Germany, have a joint ambition in that the urgent needs of vulnerable economies and people in the face of increasing climate risks need to be addressed. The way to do this is through a Global Shield against Climate Risks (GSCR) by providing and facilitating more and better pre-arranged protection against climate and disaster related risks, losses and damages.

When a climate-related disaster strikes, the need to have better systems in place that provide immediate finance in the most efficient, effective and fast way for the most vulnerable is vital. Thus far, financial protection is not systematic, coherent and sustained enough.

The Forum as such will address several issues, including the importance of IGP to address the complex challenges caused by climate change, the role that the GSCR can play in providing effective climate de-risking, and explore how ICIEC and other private sector actors can support the scaling-up of climate and disaster risk finance and insurance (CDRFI) solutions and promote sustainable, green, climate proof development.

The Gambia, a member of both the IGP and ICIEC, is very susceptible to climate threats, especially river flooding, coastal flooding and water scarcity. The Gambia has shown leadership and commitment towards climate action by submitting its second Nationally Determined Contributions report entitled ‘The Gambia’s long-term Climate-Neutral Development Strategy 2050.” As such the Forum will also focus on Gambia as a country study and discuss initiatives that will help it to achieve its 2050 Carbon Neutral Development

Goals under the GSCR objectives.   

The Forum will be addressed by Mr. Oussama Kaissi, CEO of ICIEC and Dr. Astrid Zwick, Head of the InsuResilience Secretariat.Panel participants will include H.E. Mrs. Rohey John Manjang, Minister of Environment, Climate Change and Natural Resources of The Gambia, Jochen FLASBARTH, State Secretary in the Federal Ministry for Economic Development and Cooperation, Germany, Lesley NVODLU, CEO of African Risk Capacity Ltd and Mr. Stefan Wintels CEO of KfW.

Oussama Kaissi, CEO of ICIEC, commented: “ICIEC’s development mission is aligned with the UN SDGs and the ambitions of the Paris Agreement, and is informed by the needs of our member states. Our membership of InsuResilience reinforces our commitment to developing innovative financial solutions towards climate action, mitigation, adaptation, and capacity building in cooperation with Platform partners in Member States such as The Gambia and through other initiatives, including the Global Shield mechanism.”

We also see our role in engaging with the private sector as a catalyst for closing the Climate Action financing gap. Many of Our Member States are located in the Sahel region, which is extremely vulnerable to accelerated desertification and/or flooding with detrimental effects on livelihoods and agricultural output. A blend of sovereign insurance, corporate risk transfer, and microinsurance provides a direct response to drought-related food crises.”

ICIEC and InsuResilience Forum at COP27 Stresses Partnerships in Accelerating Climate Protection and De-risking Through G7/V20 Golden Shield Initiative in Member States such as Gambia

November 1, 2022

Jeddah,

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the export credit and investment insurance agency of the Islamic Development Bank (IsDB) Group, and the Bonn-based InsuResilience Global Partnership (IGP) are convening a High Level Forum on 8 November 2022 during COP27 in Sharm El Shaikh to highlight the importance of Partnerships in accelerating climate action, mitigation, adaptation and finance including de-risking credit and political risk solutions.

InsuResilience is the world’s leading platform for inclusive, integrated collaboration, shared learning and delivery for Climate and Disaster Risk Finance and Insurance Solutions. ICIEC in fact acceded to membership of InsuResilience in September 2022, which will be formalised at a signing ceremony in Sharm El Sheikh at the Forum.

The Corporation strongly recognises the key role that the Partnership plays in bringing together many of ICIEC’s member states, 13 of whom are members of the V20 Group of Ministers of Finance of the Climate Vulnerable Forum, and the G20, as well as donors, the private sector, international organisations and civil society groups for the achievement of wider Climate Action goals.

The V20 Group and the G7 Presidency, led by Germany, have a joint ambition in that the urgent needs of vulnerable economies and people in the face of increasing climate risks need to be addressed. The way to do this is through a Global Shield against Climate Risks (GSCR) by providing and facilitating more and better pre-arranged protection against climate and disaster related risks, losses and damages.

When a climate-related disaster strikes, the need to have better systems in place that provide immediate finance in the most efficient, effective and fast way for the most vulnerable is vital. Thus far, financial protection is not systematic, coherent and sustained enough.

The Forum as such will address several issues, including the importance of IGP to address the complex challenges caused by climate change, the role that the GSCR can play in providing effective climate de-risking, and explore how ICIEC and other private sector actors can support the scaling-up of climate and disaster risk finance and insurance (CDRFI) solutions and promote sustainable, green, climate proof development.

The Gambia, a member of both the IGP and ICIEC, is very susceptible to climate threats, especially river flooding, coastal flooding and water scarcity. The Gambia has shown leadership and commitment towards climate action by submitting its second Nationally Determined Contributions report entitled ‘The Gambia’s long-term Climate-Neutral Development Strategy 2050.” As such the Forum will also focus on Gambia as a country study and discuss initiatives that will help it to achieve its 2050 Carbon Neutral Development

Goals under the GSCR objectives.   

The Forum will be addressed by Mr. Oussama Kaissi, CEO of ICIEC and Dr. Astrid Zwick, Head of the InsuResilience Secretariat.Panel participants will include H.E. Mrs. Rohey John Manjang, Minister of Environment, Climate Change and Natural Resources of The Gambia, Jochen FLASBARTH, State Secretary in the Federal Ministry for Economic Development and Cooperation, Germany, Lesley NVODLU, CEO of African Risk Capacity Ltd and Mr. Stefan Wintels CEO of KfW.

Oussama Kaissi, CEO of ICIEC, commented: “ICIEC’s development mission is aligned with the UN SDGs and the ambitions of the Paris Agreement, and is informed by the needs of our member states. Our membership of InsuResilience reinforces our commitment to developing innovative financial solutions towards climate action, mitigation, adaptation, and capacity building in cooperation with Platform partners in Member States such as The Gambia and through other initiatives, including the Global Shield mechanism.”

We also see our role in engaging with the private sector as a catalyst for closing the Climate Action financing gap. Many of Our Member States are located in the Sahel region, which is extremely vulnerable to accelerated desertification and/or flooding with detrimental effects on livelihoods and agricultural output. A blend of sovereign insurance, corporate risk transfer, and microinsurance provides a direct response to drought-related food crises.”

Jeddah,

As part of its engagement with the COP27 process in Sharm El Sheikh, the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the insurance arm of the Islamic Development Bank (IsDB) Group, is partnering with the Africa Finance Corporation (AFC) to convene a High Level Panel Discussion on 12 November 2022 to highlight the role of renewable energy in Climate Change Mitigation and the experiences of multilateral financial institutions in investing in such projects and credit and political risk insurers in providing de-risking solutions.

ICIEC is the only Sharia’h-compliant multilateral credit and political risk insurer in the world and is also a signatory to the Principles for Responsible Insurance. Sustainable investment, climate action, and finance, and green finance are firmly embedded in ICIEC’s due diligence process through linking all new business and other queries with SDG and climate action indicators.

Africa Finance Corporation is a pan-African Multilateral Development Financial Institution with the mandate to provide pragmatic solutions to Africa's infrastructure deficit and challenging operating environment. It has a large energy footprint in Africa.

Despite the fact that the African continent is blessed with immense renewable energy potential in the wind, solar, tidal, hydro, and geothermal energy, it suffers from structural Energy Poverty that poses a systemic obstacle to socio-economic development and sustainable growth.

Climate Change mitigation is a fundamental pillar of Climate Action and is predicated on replacing or substituting power generation through hydrocarbons with the generation of renewable energy. This transition to clean energy is complex given that several African countries are dependent on fossil fuels for their energy needs, revenues, and their development agendas.

By bringing together the long experience of ICIEC’s risk mitigation and credit enhancement solutions and AFC’s infrastructure financing, the aim of the Panel Discussion is to highlight the structural challenges and the role that de-risking combined with blended finance can play in accelerating Africa’s just transition to clean energy.

Key issues to be addressed in the Panel Discussion include case studies of various renewables projects in Africa, highlighting the business and development case for blended finance coupled with de-risking solutions, ICIEC’s experience with renewables projects, especially in solar and wind energy, and the challenges and lessons learned from renewable power generation in Africa.

The panel participants will include Mr. Sameh Shenouda, Chief Investment Officer, AFC, Ms. Soraya Sebti, Senior Manager, Sustainability and CSR, Bank of Africa, Dr. Salih Suwarelzahab, Chairman of the Climate Action Taskforce, ICIEC and BADEA representative. Mr. Oussama Kaissi, Chief Executive Officer of ICIEC, commented: “With an estimated Climate Action funding gap of US$1.35 trillion, blended finance, which combines concessional funding with commercial financing, is the only solution to addressing Africa’s renewable energy needs. ICIEC offers various tools covering political risk insurance, partial risk guarantees, and export credit guarantees that directly and indirectly mitigate various types of investment risks, including political, policy, regulatory, credit, and technology risks. ICIEC has a growing footprint in underwriting renewable energy projects in Egypt, Senegal, UAE, and Türkiye.”

ICIEC Partners with AFC to Convene Timely Forum at COP27 in Sharm El Sheikh on the Roles of Renewable Energy Projects and Credit and Political Risk Insurance in Climate Change Mitigation

November 1, 2022

Jeddah,

As part of its engagement with the COP27 process in Sharm El Sheikh, the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the insurance arm of the Islamic Development Bank (IsDB) Group, is partnering with the Africa Finance Corporation (AFC) to convene a High Level Panel Discussion on 12 November 2022 to highlight the role of renewable energy in Climate Change Mitigation and the experiences of multilateral financial institutions in investing in such projects and credit and political risk insurers in providing de-risking solutions.

ICIEC is the only Sharia’h-compliant multilateral credit and political risk insurer in the world and is also a signatory to the Principles for Responsible Insurance. Sustainable investment, climate action, and finance, and green finance are firmly embedded in ICIEC’s due diligence process through linking all new business and other queries with SDG and climate action indicators.

Africa Finance Corporation is a pan-African Multilateral Development Financial Institution with the mandate to provide pragmatic solutions to Africa's infrastructure deficit and challenging operating environment. It has a large energy footprint in Africa.

Despite the fact that the African continent is blessed with immense renewable energy potential in the wind, solar, tidal, hydro, and geothermal energy, it suffers from structural Energy Poverty that poses a systemic obstacle to socio-economic development and sustainable growth.

Climate Change mitigation is a fundamental pillar of Climate Action and is predicated on replacing or substituting power generation through hydrocarbons with the generation of renewable energy. This transition to clean energy is complex given that several African countries are dependent on fossil fuels for their energy needs, revenues, and their development agendas.

By bringing together the long experience of ICIEC’s risk mitigation and credit enhancement solutions and AFC’s infrastructure financing, the aim of the Panel Discussion is to highlight the structural challenges and the role that de-risking combined with blended finance can play in accelerating Africa’s just transition to clean energy.

Key issues to be addressed in the Panel Discussion include case studies of various renewables projects in Africa, highlighting the business and development case for blended finance coupled with de-risking solutions, ICIEC’s experience with renewables projects, especially in solar and wind energy, and the challenges and lessons learned from renewable power generation in Africa.

The panel participants will include Mr. Sameh Shenouda, Chief Investment Officer, AFC, Ms. Soraya Sebti, Senior Manager, Sustainability and CSR, Bank of Africa, Dr. Salih Suwarelzahab, Chairman of the Climate Action Taskforce, ICIEC and BADEA representative. Mr. Oussama Kaissi, Chief Executive Officer of ICIEC, commented: “With an estimated Climate Action funding gap of US$1.35 trillion, blended finance, which combines concessional funding with commercial financing, is the only solution to addressing Africa’s renewable energy needs. ICIEC offers various tools covering political risk insurance, partial risk guarantees, and export credit guarantees that directly and indirectly mitigate various types of investment risks, including political, policy, regulatory, credit, and technology risks. ICIEC has a growing footprint in underwriting renewable energy projects in Egypt, Senegal, UAE, and Türkiye.”

Jeddah, KSA

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) has been honoured by an insurance industry award in the prestigious Global Brand Awards 2022. ICIEC is the inaugural winner in the category ‘Best Multilateral Insurance Corporation Brand – Global’ for Global Brand Awards 2022. The international insurance brand honours are given by the Global Brands Magazine and have been awarded to participants in the insurance industry sector since 2013.

“Designation of ICIEC as the best Multilateral Insurance Corporation brand is a testament to the development impact we bring to the world,” says Oussama Kaissi , CEO of ICIEC. “It demonstrates that our market engagements are enabling the public and private enterprises through enhancing credit and closing the financial gap on the road to achieving the UN SDGs; with a specific focus on digitisation, food security, and climate action.”

ICIEC, as the insurance arm of the Islamic Development Bank Group (IsDB), aims to help mitigate risks and encourage growth in challenging times for the Middle East, Africa and the broader Islamic world. ICIEC is winning recognition for the stalwart and solid work it does and continues to demonstrate resilience in a year of unprecedented risks, changing global challenges, and the ongoing wake of the pandemic.


ICIEC honoured as a winner of a prestigious Global Brands Awards 2022, named as Best Multilateral Insurance Corporation Brand – Global

October 2, 2022

Jeddah, KSA

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) has been honoured by an insurance industry award in the prestigious Global Brand Awards 2022. ICIEC is the inaugural winner in the category ‘Best Multilateral Insurance Corporation Brand – Global’ for Global Brand Awards 2022. The international insurance brand honours are given by the Global Brands Magazine and have been awarded to participants in the insurance industry sector since 2013.

“Designation of ICIEC as the best Multilateral Insurance Corporation brand is a testament to the development impact we bring to the world,” says Oussama Kaissi , CEO of ICIEC. “It demonstrates that our market engagements are enabling the public and private enterprises through enhancing credit and closing the financial gap on the road to achieving the UN SDGs; with a specific focus on digitisation, food security, and climate action.”

ICIEC, as the insurance arm of the Islamic Development Bank Group (IsDB), aims to help mitigate risks and encourage growth in challenging times for the Middle East, Africa and the broader Islamic world. ICIEC is winning recognition for the stalwart and solid work it does and continues to demonstrate resilience in a year of unprecedented risks, changing global challenges, and the ongoing wake of the pandemic.


Cairo, Egypt

Amid rising urgency for instruments to de-risk investment across Africa, the Africa Co-Guarantee Platform’s (CGP) six partners have affirmed commitments to better leverage guarantee and insurance products, resulting in more trade and investment across Africa. 

The partners pledged to extend direct transaction support for specific projects, including infrastructure development and optimizing balance sheets by sharing risk. They will develop new and hybrid products to address issues such as intra-regional trade, the current food and fertilizer crises, and enhanced coverage for infrastructure investments, public-private partnerships, and fragile/transition states and situations. The CGP will also work with stakeholders to build capacity in the use of risk mitigation instruments that strengthen project preparation and bankability.

The partners are the African Development Bank, African Trade Insurance Agency (ATI), African Union Development Agency (AUDA-NEPAD),  GuarantCo (part of PIDG, the Private Infrastructure Development Group), the Islamic Corporation for the Insurance of Investment and Export Credit Insurance (ICIEC), and Afreximbank, which hosted the steering committee meeting.

In his opening remarks, Afreximbank’s Director of Guarantees and Specialized Finance Kofi Asumadu-Addo, said: “This is a critical moment and the CGP is needed more than ever. The COVID-19 pandemic, the Ukraine crises and the consequent macroeconomic challenges facing the continent, require urgent action on our part as risk mitigation providers. Collectively, we have the capacity among the Platform partners to respond adequately and appropriately to help de-risk and attract investments into and across Africa. We need to bring this to bear in order to reduce the trade and investment financing gap. Afreximbank supports the CGP – but we want to see more concrete results.”

Max Ndiaye, Acting Director of Syndications, Co-Financing and Client Solutions at the African Development Bank, said: “This platform was launched in 2018 by President Adesina and the senior leadership of the other partners to help overcome the clear risk mitigation gap in Africa, which stands in the way of closing more trade and investment deals. The urgency has only become greater since then. We need a transaction-focused platform that really delivers for our stakeholders.”

ATI’s Chief Underwriting Officer, Benjamin Mugisha, said the platform would leverage each member’s strengths to provide proactive solutions to address Africa’s needs. “The Co-Guarantee Platform has a unique opportunity to synergize its members' shared vision and mandate and has committed to proactively do this going forward. The platform will leverage each members strengths to providing proactive solutions to address the needs of the continent.”

Ibrah Wahabou, AUDA-NEPAD’s Head of Infrastructure and Connectivity, said: “The Co-Guarantee Platform is Africa’s bold response by Africa-based DFIs and the African Union Development Agency to deal with the exaggerated, unjustified perception of Africa as a risky place for investors. Together, through the CGP, we are changing the narrative based on concrete deals.”

GuarantCo Associate Director Ben Storrs said: “We look forward to supporting the development of the Co-Guarantee Platform and institutional partnerships to address Africa’s infrastructure challenges at a greater scale. Collectively, we hope to continue building local capacity to enable greater use of innovative credit mitigation solutions to unlock critical infrastructure financing.”

Bessem Soua, ICIEC’s Division Manager for Sub-Saharan Africa and Europe, said: “The Co-Guarantee Platform is a unique opportunity for multilateral partners to work together on scaling up risk mitigation capacity to de-risk investments and trade in Africa. Priorities and concrete steps have been agreed among the partners to take the platform to the next level and ensure a collective and coordinated response to the continent's needs.”

The Partners also launched the CGP’s web presence to provide information about the platform and its partner institutions. The site also contains an email address to submit transactions and queries.

About the Africa Co-Guarantee Platform 

The Africa Co-Guarantee Platform is a transaction-based mechanism created to overcome Africa’s risk perception gap and increase financing for trade and investment projects through more effective use of guarantees and insurance.  Created in 2018, the platform’s current pipeline includes trade and investment projects in the energy, agriculture, health and infrastructure sectors across Africa. The African Development Bank hosts the CGP secretariat.


Media Contacts: 

African Development Bank

Olufemi Terry, Communication and External Relations Department,     Email: media@afdb.org

Afreximbank

Amadou Labba Sall, Email: asall@afreximbank.com

AUDA-NEPAD

Mwanja Ng’anjo, Head of Communication, Email: MwanjaN@nepad.org

ICIEC

Rania Binhimd, Communication Department, Email: RBinhimd@isdb.org

African Trade Insurance Agency

Sheila Ongas, Communications Officer, Email: sheila.ongas@ati-aca.org

GuarantCo Marjolein van Kampen, Communications Director, Email: marjolein.van-kampen@guarantco.com

Africa Co-Guarantee Platform partners reaffirm commitment to catalyzing trade and investment

September 27, 2022

Cairo, Egypt

Amid rising urgency for instruments to de-risk investment across Africa, the Africa Co-Guarantee Platform’s (CGP) six partners have affirmed commitments to better leverage guarantee and insurance products, resulting in more trade and investment across Africa. 

The partners pledged to extend direct transaction support for specific projects, including infrastructure development and optimizing balance sheets by sharing risk. They will develop new and hybrid products to address issues such as intra-regional trade, the current food and fertilizer crises, and enhanced coverage for infrastructure investments, public-private partnerships, and fragile/transition states and situations. The CGP will also work with stakeholders to build capacity in the use of risk mitigation instruments that strengthen project preparation and bankability.

The partners are the African Development Bank, African Trade Insurance Agency (ATI), African Union Development Agency (AUDA-NEPAD),  GuarantCo (part of PIDG, the Private Infrastructure Development Group), the Islamic Corporation for the Insurance of Investment and Export Credit Insurance (ICIEC), and Afreximbank, which hosted the steering committee meeting.

In his opening remarks, Afreximbank’s Director of Guarantees and Specialized Finance Kofi Asumadu-Addo, said: “This is a critical moment and the CGP is needed more than ever. The COVID-19 pandemic, the Ukraine crises and the consequent macroeconomic challenges facing the continent, require urgent action on our part as risk mitigation providers. Collectively, we have the capacity among the Platform partners to respond adequately and appropriately to help de-risk and attract investments into and across Africa. We need to bring this to bear in order to reduce the trade and investment financing gap. Afreximbank supports the CGP – but we want to see more concrete results.”

Max Ndiaye, Acting Director of Syndications, Co-Financing and Client Solutions at the African Development Bank, said: “This platform was launched in 2018 by President Adesina and the senior leadership of the other partners to help overcome the clear risk mitigation gap in Africa, which stands in the way of closing more trade and investment deals. The urgency has only become greater since then. We need a transaction-focused platform that really delivers for our stakeholders.”

ATI’s Chief Underwriting Officer, Benjamin Mugisha, said the platform would leverage each member’s strengths to provide proactive solutions to address Africa’s needs. “The Co-Guarantee Platform has a unique opportunity to synergize its members' shared vision and mandate and has committed to proactively do this going forward. The platform will leverage each members strengths to providing proactive solutions to address the needs of the continent.”

Ibrah Wahabou, AUDA-NEPAD’s Head of Infrastructure and Connectivity, said: “The Co-Guarantee Platform is Africa’s bold response by Africa-based DFIs and the African Union Development Agency to deal with the exaggerated, unjustified perception of Africa as a risky place for investors. Together, through the CGP, we are changing the narrative based on concrete deals.”

GuarantCo Associate Director Ben Storrs said: “We look forward to supporting the development of the Co-Guarantee Platform and institutional partnerships to address Africa’s infrastructure challenges at a greater scale. Collectively, we hope to continue building local capacity to enable greater use of innovative credit mitigation solutions to unlock critical infrastructure financing.”

Bessem Soua, ICIEC’s Division Manager for Sub-Saharan Africa and Europe, said: “The Co-Guarantee Platform is a unique opportunity for multilateral partners to work together on scaling up risk mitigation capacity to de-risk investments and trade in Africa. Priorities and concrete steps have been agreed among the partners to take the platform to the next level and ensure a collective and coordinated response to the continent's needs.”

The Partners also launched the CGP’s web presence to provide information about the platform and its partner institutions. The site also contains an email address to submit transactions and queries.

About the Africa Co-Guarantee Platform 

The Africa Co-Guarantee Platform is a transaction-based mechanism created to overcome Africa’s risk perception gap and increase financing for trade and investment projects through more effective use of guarantees and insurance.  Created in 2018, the platform’s current pipeline includes trade and investment projects in the energy, agriculture, health and infrastructure sectors across Africa. The African Development Bank hosts the CGP secretariat.


Media Contacts: 

African Development Bank

Olufemi Terry, Communication and External Relations Department,     Email: media@afdb.org

Afreximbank

Amadou Labba Sall, Email: asall@afreximbank.com

AUDA-NEPAD

Mwanja Ng’anjo, Head of Communication, Email: MwanjaN@nepad.org

ICIEC

Rania Binhimd, Communication Department, Email: RBinhimd@isdb.org

African Trade Insurance Agency

Sheila Ongas, Communications Officer, Email: sheila.ongas@ati-aca.org

GuarantCo Marjolein van Kampen, Communications Director, Email: marjolein.van-kampen@guarantco.com

Cairo, Egypt

The Board of Governors of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) approved ID 600 million (about USD 805 million) increase in capital for the foremost Shariah-compliant multilateral insurer during its 29th Annual Meeting held in Sharm El Sheikh, Egypt on 4th June 2022.

The Governors approved a 150 percent increase in the authorized capital of ICIEC to make it ID 1 billion (about USD 1.35 billion), the largest in its history. Based on the approval, the subscribed capital is targeted to be increased by 168% from ID 297 million (about USD 398 million) to ID 797 million (about USD 1.08 billion). In addition, a special share class comprising ID 100 million (about USD 135 million) of the increased capital has been allocated for subscription by financial institutions owned by the member states of ICIEC.

The ICIEC Board of Governors Meeting was held during the 47th Annual Meetings of the IsDB Group between 1-4 June 2022 in Sharm El Sheikh, Egypt, during which the Board also approved the Corporation’s 2021 Annual Report and audited Financial Statements.

The capital increase approval underscores the strong support enjoyed by ICIEC from its member states and an endorsement of its strategic growth plans in delivering the objectives of sustainable development to its member states. Moreover, the approval highlights the diversification of capital resources, with the inclusion of financial institutions, while prioritizing its mandate to member states.

According to ICIEC CEO, Mr. Oussama Kaissi, “Capital is important for a multilateral insurer because it determines our ability to underwrite more business and boost reinsurance capacity to support our member states. The Chairman of the ICIEC Board of Directors, Dr. Muhammad Al Jasser, and the entire Board have been tremendously supportive of ICIEC management. The Board recognized the need to increase the capital of ICIEC in order to continue to carry out its developmental mandate effectively. Furthermore, this capital increase will scale up ICIEC’s financial strength, enhance its loss-bearing equity resources, improve competitive position in the market and internal capital generation capacity-thus strengthening its credit fundamentals.”

Despite a challenging year worsened by the global economic impact of the COVID-19 pandemic, ICIEC reported business insured totaling US$9.8 billion in 2021. ICIEC’s 2021 business environment was marked by unprecedented risks, shifting priorities, and the COVID-19 response initiatives of the IsDB Group.

Despite the impact of the pandemic on insurance operations and the steep decline in market rates of treasury investment, Corporate Net-Results for 2021 stood strong at a US$ 9.3 million surplus equivalent to 182 percent achievement of the Business Plan target for the year.

PS: ID = Islamic Dinar, the unit of accounting of the IsDB Group

One ID = One SDR (Special Drawing Right) of the International Monetary Fund)

One SDR = US$1.34 at 7 June 2022       One ID = US$1.34

ICIEC Shareholders Approve Substantial Capital Increase Demonstrating Adequate Support to its Strategic Growth Plans

June 9, 2022

Cairo, Egypt

The Board of Governors of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) approved ID 600 million (about USD 805 million) increase in capital for the foremost Shariah-compliant multilateral insurer during its 29th Annual Meeting held in Sharm El Sheikh, Egypt on 4th June 2022.

The Governors approved a 150 percent increase in the authorized capital of ICIEC to make it ID 1 billion (about USD 1.35 billion), the largest in its history. Based on the approval, the subscribed capital is targeted to be increased by 168% from ID 297 million (about USD 398 million) to ID 797 million (about USD 1.08 billion). In addition, a special share class comprising ID 100 million (about USD 135 million) of the increased capital has been allocated for subscription by financial institutions owned by the member states of ICIEC.

The ICIEC Board of Governors Meeting was held during the 47th Annual Meetings of the IsDB Group between 1-4 June 2022 in Sharm El Sheikh, Egypt, during which the Board also approved the Corporation’s 2021 Annual Report and audited Financial Statements.

The capital increase approval underscores the strong support enjoyed by ICIEC from its member states and an endorsement of its strategic growth plans in delivering the objectives of sustainable development to its member states. Moreover, the approval highlights the diversification of capital resources, with the inclusion of financial institutions, while prioritizing its mandate to member states.

According to ICIEC CEO, Mr. Oussama Kaissi, “Capital is important for a multilateral insurer because it determines our ability to underwrite more business and boost reinsurance capacity to support our member states. The Chairman of the ICIEC Board of Directors, Dr. Muhammad Al Jasser, and the entire Board have been tremendously supportive of ICIEC management. The Board recognized the need to increase the capital of ICIEC in order to continue to carry out its developmental mandate effectively. Furthermore, this capital increase will scale up ICIEC’s financial strength, enhance its loss-bearing equity resources, improve competitive position in the market and internal capital generation capacity-thus strengthening its credit fundamentals.”

Despite a challenging year worsened by the global economic impact of the COVID-19 pandemic, ICIEC reported business insured totaling US$9.8 billion in 2021. ICIEC’s 2021 business environment was marked by unprecedented risks, shifting priorities, and the COVID-19 response initiatives of the IsDB Group.

Despite the impact of the pandemic on insurance operations and the steep decline in market rates of treasury investment, Corporate Net-Results for 2021 stood strong at a US$ 9.3 million surplus equivalent to 182 percent achievement of the Business Plan target for the year.

PS: ID = Islamic Dinar, the unit of accounting of the IsDB Group

One ID = One SDR (Special Drawing Right) of the International Monetary Fund)

One SDR = US$1.34 at 7 June 2022       One ID = US$1.34

Jeddah, KSA

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the insurance arm of the Islamic Development Bank (IsDB) Group, signed a wide-ranging Memorandum of Understanding (MoU) with Export Bahrain, whereby ICIEC would provide export credit insurance services in support of small-and-medium-sized enterprises (SMEs) in the country.

The MoU was signed virtually in a video link by Mr. Oussama Kaissi, Chief Executive Officer of ICIEC, and Mrs Safaa Abdulkhaliq, Acting Chief Executive Officer of Export Bahrain, the national agency whose mandate is to support the development of exports of local SMEs to engage in global markets. This would be done through the provision of export credit insurance from ICIEC’s range of de-risking solutions to cover various commercial and non-commercial risks, including buyer bankruptcies, currency and political risks.

Export Bahrain is the flagship initiative of the Kingdom’s National SME Development Board. Earlier this year it reached a new milestone by facilitating over US$100m in export value through SMEs as of June 2021. Export Bahrain has strategically helped SMEs based in Bahrain to export more than 51 different product and service categories across ten sectors to over 55 markets across the GCC, Asia, Africa, Europe, Australia, UK, and the US.

Under the MoU, the two parties also agreed that ICIEC would use its expertise and knowledge of local and global markets especially those in member countries with the aim of giving institutional support to Export Bahrain and developing and enhancing the export capabilities of Bahraini SMEs to these markets.

ICIEC and Export Bahrain will also enhance their working relationship by exchanging economic and trade information and statistics on a regular basis. ICIEC in addition will also organize technical training courses relating to the export credit and investment insurance ecosystem for Bahraini officials, exporters and allied services.

All the above services and provisions provided by ICIEC will be channelled and processed through Export Bahrain. To facilitate a smooth operational and coordination process, ICIEC and Export Bahrain will establish a Specialist Working Group at each entity which would need on an ad hoc basis and when necessary.

Mr Oussama Kaissi, CEO of ICIEC, welcomed the signing of this landmark MoU. “Despite the onset of COVID-19,” he added, “many ICIEC member countries have shown remarkable resilience, especially in trade and exports. In the case of Bahrain, for instance, the export value facilitated through Export Bahrain in the First Half of 2021 had already surpassed the total export value of 2020 due to the increased awareness and shift in the mindset of local businesses. ICIEC stands ready to enhance its support to Bahrain by mitigating political and commercial risks for trade and investment through the provision of its Shariah-compliant insurance solutions for banks, corporates, ECAs, and other stakeholders.”

Mrs Safaa Abdul-Khaliq, Acting Chief Executive Officer of Export Bahrain similarly commented: “Export Bahrain’s efforts are geared towards establishing exclusive partnerships to ease and find solutions to the different challenges that Bahrain-based businesses may encounter during their export journey. We encourage businesses from all the various sectors to take advantage of this agreement as we are confident that this strategic partnership would allow more exporters to explore new markets and buyers with confidence, particularly now with more alternatives being offered in the Export Credit Insurance solution to Export Bahrain customers.”

ICIEC Signs Wide-ranging MoU with Export Bahrain to Provide Export Credit and Investment Insurance and Technical Services in Support of Local SMEs

June 5, 2022

Jeddah, KSA

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the insurance arm of the Islamic Development Bank (IsDB) Group, signed a wide-ranging Memorandum of Understanding (MoU) with Export Bahrain, whereby ICIEC would provide export credit insurance services in support of small-and-medium-sized enterprises (SMEs) in the country.

The MoU was signed virtually in a video link by Mr. Oussama Kaissi, Chief Executive Officer of ICIEC, and Mrs Safaa Abdulkhaliq, Acting Chief Executive Officer of Export Bahrain, the national agency whose mandate is to support the development of exports of local SMEs to engage in global markets. This would be done through the provision of export credit insurance from ICIEC’s range of de-risking solutions to cover various commercial and non-commercial risks, including buyer bankruptcies, currency and political risks.

Export Bahrain is the flagship initiative of the Kingdom’s National SME Development Board. Earlier this year it reached a new milestone by facilitating over US$100m in export value through SMEs as of June 2021. Export Bahrain has strategically helped SMEs based in Bahrain to export more than 51 different product and service categories across ten sectors to over 55 markets across the GCC, Asia, Africa, Europe, Australia, UK, and the US.

Under the MoU, the two parties also agreed that ICIEC would use its expertise and knowledge of local and global markets especially those in member countries with the aim of giving institutional support to Export Bahrain and developing and enhancing the export capabilities of Bahraini SMEs to these markets.

ICIEC and Export Bahrain will also enhance their working relationship by exchanging economic and trade information and statistics on a regular basis. ICIEC in addition will also organize technical training courses relating to the export credit and investment insurance ecosystem for Bahraini officials, exporters and allied services.

All the above services and provisions provided by ICIEC will be channelled and processed through Export Bahrain. To facilitate a smooth operational and coordination process, ICIEC and Export Bahrain will establish a Specialist Working Group at each entity which would need on an ad hoc basis and when necessary.

Mr Oussama Kaissi, CEO of ICIEC, welcomed the signing of this landmark MoU. “Despite the onset of COVID-19,” he added, “many ICIEC member countries have shown remarkable resilience, especially in trade and exports. In the case of Bahrain, for instance, the export value facilitated through Export Bahrain in the First Half of 2021 had already surpassed the total export value of 2020 due to the increased awareness and shift in the mindset of local businesses. ICIEC stands ready to enhance its support to Bahrain by mitigating political and commercial risks for trade and investment through the provision of its Shariah-compliant insurance solutions for banks, corporates, ECAs, and other stakeholders.”

Mrs Safaa Abdul-Khaliq, Acting Chief Executive Officer of Export Bahrain similarly commented: “Export Bahrain’s efforts are geared towards establishing exclusive partnerships to ease and find solutions to the different challenges that Bahrain-based businesses may encounter during their export journey. We encourage businesses from all the various sectors to take advantage of this agreement as we are confident that this strategic partnership would allow more exporters to explore new markets and buyers with confidence, particularly now with more alternatives being offered in the Export Credit Insurance solution to Export Bahrain customers.”

Sharm El Sheik, Egypt

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and the Arab Republic of Egypt, represented by the Ministry of Trade and Industry and two other partners of the Arab-Africa Trade Bridges (AATB) Program, have signed a Framework Agreement to increase economic integration and support sustainable growth in all Arab and African countries.

The two-year Framework Agreement will focus efforts on trade promotion, specifically in sectors where significant added value is created. Moreover, industries that rely on a more skilled workforce and industries that can promote further investment will receive an added boost as a result of this work program.

Egypt has been one of the active Member States under the AATB since its accession in 2019 in a bid to enhance the movement of Egyptian exports in African markets, raising the total level of exports to $100 billion over the next five years. The framework agreement will also support the African Continental Free Trade Agreement (AfCFTA), which is one of the largest free trade areas in the world.

Coordination was made between the General Secretariat of the Program and the Development Projects Unit of the Ministry of Trade and Industry in the Arab Republic of Egypt, to design a work program for the benefit of Egypt, implement projects for the benefit of the Egyptian economy, and help the various sectors to enhance their capabilities.

The agreed activities, which will be implemented between 2022-2023, include a trade mission: to Tunisia - at least 100 bilateral meetings were held between Egyptian companies and their Tunisian counterpart (concluding initial contracts of more than $5 million dollars across 20 companies); and to Nigeria – at least 75 bilateral meetings were held between Egyptian companies and their Nigerian counterparts (concluding contracts of more than $4 million dollars across 15 companies).

The conclusion of deals and contracts with commercial partners from across Africa will also be realized, in participation with the African Export-Import Bank (Afreximbank), International Islamic Trade Finance Corporation (ITFC), including finance and guarantees for several African countries, and a share in an annual seminar to fund trading in Africa. “Under this Framework Agreement between Egypt and the AATB partners of ICIEC, ITFC and Afreximbank we will foster greater trade flows between the two regions,” ICIEC CEO, Oussama Kaissi, said. “Increasing economic integration and supporting sustainable development in all Arab and African countries is the mission statement of this long-lasting partnership.”

ICIEC, Egypt, and AATB pen partnership agreement to boost growth and integration

June 3, 2022

Sharm El Sheik, Egypt

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and the Arab Republic of Egypt, represented by the Ministry of Trade and Industry and two other partners of the Arab-Africa Trade Bridges (AATB) Program, have signed a Framework Agreement to increase economic integration and support sustainable growth in all Arab and African countries.

The two-year Framework Agreement will focus efforts on trade promotion, specifically in sectors where significant added value is created. Moreover, industries that rely on a more skilled workforce and industries that can promote further investment will receive an added boost as a result of this work program.

Egypt has been one of the active Member States under the AATB since its accession in 2019 in a bid to enhance the movement of Egyptian exports in African markets, raising the total level of exports to $100 billion over the next five years. The framework agreement will also support the African Continental Free Trade Agreement (AfCFTA), which is one of the largest free trade areas in the world.

Coordination was made between the General Secretariat of the Program and the Development Projects Unit of the Ministry of Trade and Industry in the Arab Republic of Egypt, to design a work program for the benefit of Egypt, implement projects for the benefit of the Egyptian economy, and help the various sectors to enhance their capabilities.

The agreed activities, which will be implemented between 2022-2023, include a trade mission: to Tunisia - at least 100 bilateral meetings were held between Egyptian companies and their Tunisian counterpart (concluding initial contracts of more than $5 million dollars across 20 companies); and to Nigeria – at least 75 bilateral meetings were held between Egyptian companies and their Nigerian counterparts (concluding contracts of more than $4 million dollars across 15 companies).

The conclusion of deals and contracts with commercial partners from across Africa will also be realized, in participation with the African Export-Import Bank (Afreximbank), International Islamic Trade Finance Corporation (ITFC), including finance and guarantees for several African countries, and a share in an annual seminar to fund trading in Africa. “Under this Framework Agreement between Egypt and the AATB partners of ICIEC, ITFC and Afreximbank we will foster greater trade flows between the two regions,” ICIEC CEO, Oussama Kaissi, said. “Increasing economic integration and supporting sustainable development in all Arab and African countries is the mission statement of this long-lasting partnership.”

[Sharm El Sheik, Egypt]

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the Insurance arm of the (IsDB) Group, has released its Annual Report and Audited Financial Statements for 2021, upon approval from its Board of Governors on 04th June 2022.

The Corporation, a member of the Islamic Development Bank Group (IsDB) Group, has once more demonstrated resilience in a year of unprecedented risks, shifting priorities and continuing global impacts of the pandemic. In 2021, ICIEC insured a near-record of USD 9.8 billion with Corporate Net-Results equally strong at USD 9.3 million significantly surpassing targets. Since its inception, ICIEC has supported exports, imports, and foreign direct investments with a cumulative amount of USD 83.3 billion.

Based on its performance, ICIEC has maintained, for the 14th consecutive year, an Aa3 rating by Moody’s - which is one of the strongest in the Export Credit and Political Risk Insurance industry. Our strong credit rating reflects our resilience, standalone fundamentals, as well as the strong willingness of our key shareholders, including the IsDB (AAA stable) and our Member States, to support ICIEC in times of financial distress.

In 2021, ICIEC supported a combined USD 4.5 billion of intra-trade and intra- investment among OIC countries, representing an 11% decrease as compared to the previous year. Of that, USD 3.7 billion represented intra-OIC trade among OIC countries, and USD 0.8 billion represented intra-investment among OIC countries. ICIEC support for trade and investment has helped MSs to achieve long-term sustainable development. ICIEC catalyzes impact by supporting transactions and projects that contribute to the SDGs. Through these SDGs, a call to action has been established to eradicate poverty, protect the environment, and improve the lives of everyone on Earth. Of the 17 SDGs, ICIEC is prominently committed to 6 goals that are directly related to its mandate.

Releasing the 2021 Annual Report, the Chief Executive Officer of ICIEC, Mr. Oussama KAISSI, expressed optimism about the Corporation’s prospects for 2022, stating “like all successful organizations, we have core priorities that give focus to our operations and enable our success. ICIEC priorities include the delivery of development impact, enabling Islamic finance, the development of value-based partnerships, and enabling excellence in both our staff and industry. In times of difficulty and volatility, we stand firmly behind our member states as the only Shari’ah-compliant multilateral export credit and investment insurance provider in the world”.

Mr. KAISSI went on to say “I would like to take this opportunity to thank the dedicated ICIEC team, whose hard work has been the backbone of its continued success. I would also like to thank His Excellency the Chairman, along with the Honorable Members of the Board of Governors and Board of Directors. They have been integral in providing guidance through their unparalleled wisdom and experience to navigate through its most challenging year for ICIEC. Their dedication to our success continues to inspire us and our decision-making in pursuit of delivering the best possible development solutions to our Member States”.

Strong 2021 Results Lays Foundation for Recovery in 2022

June 4, 2022

[Sharm El Sheik, Egypt]

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the Insurance arm of the (IsDB) Group, has released its Annual Report and Audited Financial Statements for 2021, upon approval from its Board of Governors on 04th June 2022.

The Corporation, a member of the Islamic Development Bank Group (IsDB) Group, has once more demonstrated resilience in a year of unprecedented risks, shifting priorities and continuing global impacts of the pandemic. In 2021, ICIEC insured a near-record of USD 9.8 billion with Corporate Net-Results equally strong at USD 9.3 million significantly surpassing targets. Since its inception, ICIEC has supported exports, imports, and foreign direct investments with a cumulative amount of USD 83.3 billion.

Based on its performance, ICIEC has maintained, for the 14th consecutive year, an Aa3 rating by Moody’s - which is one of the strongest in the Export Credit and Political Risk Insurance industry. Our strong credit rating reflects our resilience, standalone fundamentals, as well as the strong willingness of our key shareholders, including the IsDB (AAA stable) and our Member States, to support ICIEC in times of financial distress.

In 2021, ICIEC supported a combined USD 4.5 billion of intra-trade and intra- investment among OIC countries, representing an 11% decrease as compared to the previous year. Of that, USD 3.7 billion represented intra-OIC trade among OIC countries, and USD 0.8 billion represented intra-investment among OIC countries. ICIEC support for trade and investment has helped MSs to achieve long-term sustainable development. ICIEC catalyzes impact by supporting transactions and projects that contribute to the SDGs. Through these SDGs, a call to action has been established to eradicate poverty, protect the environment, and improve the lives of everyone on Earth. Of the 17 SDGs, ICIEC is prominently committed to 6 goals that are directly related to its mandate.

Releasing the 2021 Annual Report, the Chief Executive Officer of ICIEC, Mr. Oussama KAISSI, expressed optimism about the Corporation’s prospects for 2022, stating “like all successful organizations, we have core priorities that give focus to our operations and enable our success. ICIEC priorities include the delivery of development impact, enabling Islamic finance, the development of value-based partnerships, and enabling excellence in both our staff and industry. In times of difficulty and volatility, we stand firmly behind our member states as the only Shari’ah-compliant multilateral export credit and investment insurance provider in the world”.

Mr. KAISSI went on to say “I would like to take this opportunity to thank the dedicated ICIEC team, whose hard work has been the backbone of its continued success. I would also like to thank His Excellency the Chairman, along with the Honorable Members of the Board of Governors and Board of Directors. They have been integral in providing guidance through their unparalleled wisdom and experience to navigate through its most challenging year for ICIEC. Their dedication to our success continues to inspire us and our decision-making in pursuit of delivering the best possible development solutions to our Member States”.

Chat Icon
👋 Hi there! Need help with Islamic finance or exploring our programs? Ask me anything!
AI Assistant