Islamic Development Bank Group to respond to COVID-19 with USD 2.3 Billion package and to launch  three supportive and robust initiatives in partnership with UAE Ministry of Economy and AIM

A crowd of over 700+ engaged participants comprising of exceptional entities, seasonal practitioners, Government officials, individual investors, business associations, entrepreneurs, Multilateral and financial institutions, Chairmen, Presidents & CEOs of local/international companies, Chambers of Commerce & Industry and Investment promotion agencies, came together to rejoice in the partaking of ideas at the IsDB Group Private Sector Action Response to COVID-19 webinar, Launching New Online Initiatives by Islamic Development Bank Group (IsDB Group ) Private Sector Entities in partnership with UAE Ministry of Economy and AIM. The webinar was inaugurated by H.E. Eng. Sultan Al Mansoori, Minister of Economy, UAE and H.E. Dr. Bandar Hajjar, President of Islamic Development Bank Group (IsDB Group).

A prime objective of the webinar was to discuss the challenges facing the Private Sector and Global Economy during the COVID-19 outbreak. The IsDB Group Private Sector entities also presented immediate joint action response and the future outlook to combat the COVID-19 pandemic, whilst incorporating the new reality. The webinar highlighted the IsDB Group’s US$2.3 billion Strategic Preparedness and Response Programme for COVID-19 under its 3Rs approach “Respond, Restore and Restart”.

A prime goal behind the initiative is to promote and provide a robust platform for the investment and prosperous trade opportunities in Member Countries. Estimated numbers of FDIs attractions in member countries show the annual FDI Inflows and Outflows in 2019 that help to assess imminent prospects and growth opportunities.

Amidst the highly enriching webinar, 3 online initiatives were launched by IsDB Group Private Sector Entities in partnership with UAE Ministry of Economy and AIM. The motive behind these unique initiatives was to help the OIC Member Countries’ economy and support the private sector, trade, exports and FDI in Member Countries. The three resilient initiatives that aspired to aid keen entities avail supreme benefits were:

Digital Country Presentations: To promote and showcase the forthcoming investment and trade opportunities in OIC Member Countries that will provide a global gateway for investors, government agencies, private institutions and Investment Promotion Agencies. This was accomplished through a virtual gathering medium.

Made In Series:  An excellent opportunity presented for SMEs to showcase their local products, projects and services to a pool of international audiences.

Startups Pitch Competition: An opportunity for the startups to participate in a local pitch competition, enabling the winners to present their countries in the international startups platform and secure a robust development of their entities.

H.E. Bandar Hajjar, President of Islamic Development Bank Group (IsDB Group) stated “The IsDB Group is tirelessly working to alleviate the impact of COVID-19 on the economies and people of our member countries. The IsDB Group’s response package consists of US$ 2.3 billion, which includes US$ 700 million from our private sector entities (ICIEC, ICD and ITFC). We aim to mobilize every dollar we can. The collaboration between the IsDB Group private sector entities and UAE Ministry of Economy and AIM through the online initiatives will significantly increase the Foreign Direct Investment inflows into our member countries which will definitely help in achieving the SDGs”

Honorable keynote speakers such as H.E. Mrs. Nevin Gamea, Minister of Trade and Industry, Egypt; Mr. Oussama Kaissi, the Chief Executive Officer of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC); Mr. Ayman Sejiny, the CEO & General Manager of the Islamic Corporation for the Development of the Private Sector (ICD), Eng. Hani Salem Sonbol, the Chief Executive Officer of the International Islamic Trade Finance Corporation (ITFC), Dr. Abdulwahab Al-Sadoun, B20 Sherpa and Ms. Cornelia Meyer, the Chairman & CEO of Meyer Resources united to impart a plethora of knowledge and industry insights about emerging trends.

Mr. Oussama Kaissi, the Chief Executive Officer of The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and one of the keynote speakers in the webinar, stated: “The effects of the coronavirus pandemic on trade and SMEs is of particular concern to ICIEC. Harsh conditions for global trade are exacerbated by the tightening of the export credit insurance market – leaving many member country businesses highly exposed. Now more than ever, international partners must come together in solidarity to support countries as they face this once in a generation crisis. It is essential for ICIEC to provide support in stabilizing the trade ecosystem while also planning for recovery across our 47 member countries. The Corporation is playing a critical role in recovery by addressing market gaps and targeting immediate needs for priority sectors such as pharmaceuticals, healthcare supplies and agricultural commodities”.

“The COVID-19 pandemic has impacted most OIC member countries on the economic, financial, and social fronts, some more severe than others. In a bid to extend support, shore up demand, and protect people’s jobs and livelihood, ICD has set up a dedicated US$ 250 million respond package to aid SMEs and the private sector in affected countries. The emergency funding would be mainly in the form of medium to long-term financing instruments to alleviate the economic burden faced by existing and new clients.

” stated Mr. Ayman Sejiny, the CEO of the Islamic Corporation for the Development of the Private Sector (ICD), and one of the keynote speakers in the webinar.

Eng. Hani Salem Sonbol, the Chief Executive Officer of the International Islamic Trade Finance Corporation (ITFC) and one of the keynote speakers in the webinar, stated: “ITFC is moving forward with its plans to continue supporting member countries in the recovery phase, including the provision of lines of financing to support the private sector and SMEs. In the recovery phase, ITFC will drive integrated trade solutions that will combine financing with capacity building and flagship programs to promote regional cooperation and enhance intra-OIC trade. It is with trade as the engine of economic growth, and close collaboration with partners, ITFC will focus on what makes the best impact on the livelihoods  in the near-term and long-term and provide quality of life for the hundreds of millions of people most affected by the pandemic.”

This initiative tied with Annual Investment Meeting will abet in an upsurge in Foreign Direct Investment growth whilst stimulating trade and investment opportunities in targeted countries. Affected OIC Member Countries’ economies will be supported during this challenging period by seeking a pool of potential partners to finance trade and infrastructure projects that will lead to a rise in job creation and an increase in Gross Domestic Product. In addition, this will support the SMEs to thrive and improve the country’s export.

Post the COVID 19 period, it will be evident that markets are recovering gradually. Consequently the IsDB Initiative will cater to supporting developing countries and economies at that time by generating business growth and co-financing investment and trade prospects in member countries. They also strive to invigorate the cross border investments.

###

Islamic Development Bank (IsDB)

The Islamic Development Bank is a multilateral development bank (MDB), working to improve the lives of those we serve by promoting social and economic development in Member countries and Muslim communities worldwide, delivering impact at scale.

• We provide the infrastructure to enable people to lead better lives and achieve their full potential.
• We bring together 57 member countries across four continents - touching the lives of 1 in 5 of the world’s population.
• We are one of the world’s most active MDBs, and global leaders in Islamic Finance, with an AAA rating, and operating assets of more than USD 16 billion and subscribed capital of USD 70 billion.
• We are a truly global institution, headquartered in Jeddah, Saudi Arabia, with major hubs in Morocco, Malaysia, Kazakhstan and Senegal, and gateway offices in Egypt, Türkiye, Indonesia, Bangladesh and Nigeria.
• We foster collaboration between our members nations in a uniquely non-political environment, as we focus on the betterment of humanity.

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

Established 26 years ago in 1994 as a multilateral institution and member of the Islamic Development Bank Group, ICIEC was tasked to promote cross-border trade and foreign direct investments (FDI) in its Member Countries. To fulfill its mandate, ICIEC provides risk mitigation solutions to Member Country exporters. By protecting them from commercial and political risks, exporters are enabled to sell their products and services across the world. The multilateral credit insurer also provides risk protection to investors from across the world that seeks to invest in ICIEC’s Member Countries. To promote the sustainable economic development of its Member Countries, ICIEC – on a limited basis – can also support international exporters selling capital goods or strategic commodities to ICIEC’s Member Countries. In addition to its core business, ICIEC also offers technical assistance to Member Countries’ Export Credit Agencies. ICIEC’s mission is to make trade and investment between Member Countries and the world more secure through the Shariah-compliant risk mitigation tool. Its vision is to be recognized as the preferred enabler of trade and investment for sustainable economic development in Member Countries. ICIEC is the only multilateral export credit and investment insurance corporation in the world that provides Shariah-compliant insurance and reinsurance solutions. Today, ICIEC supports trade and investment flows in 47 Member Countries spanning across Europe, Asia, Middle East and Africa. Its target clients are corporates (both exporters and investors), banks and financial institutions as well as Export Credit Agencies and insurers.

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

ICD is a multilateral development organization and a member of the Islamic Development Bank (IsDB) Group. The mandate of ICD is to support economic development and promote the development of the private sector in its 55-member countries through providing financing facilities and/or investments in viable projects sponsored by eligible enterprises in accordance with the principles of Shari’ah. ICD also provides technical assistance and advisory services to member countries and their public and private enterprises with a view to improving the environment for private investment, facilitating the identification and promotion of investment opportunities, privatization of public enterprises and the development of the Islamic capital markets.  ICD applies Fintech to make finance more efficient and inclusive. ICD set up a platform built and centered on ICD relationship with 119 Financial Institutions. Through them, the IsDB Group in general and ICD in particular leverage access to the country and avail financing opportunities. For more information about ICD, visit www.icd-ps.org.

About the International Islamic 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$51 billion to OIC Member Countries, making it the leading provider of trade solutions for the 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 Development Bank Group Business Forum (THIQAH)

The Islamic Development Bank Group Business Forum (THIQAH) is the window of 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 and innovative platform for dialogue, cooperation and inclusive partnership for business leaders committed to partnering in promising investment opportunities. THIQAH’s vision is to position itself as the leading business platform of the IsDB Group serving the private sector and maximizing the achievements of successful investment projects. 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 in order to capitalize on their expertise and know-how on one hand, and to synergize with IsDB Group entities on the other. 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).

Dubai/Jeddah

Deutsche Bank is financing the construction of two new regional hospitals as well as five new medical units in five additional hospitals in the West African Republic of Côte d'Ivoire together with ICIEC.

Deutsche Bank has been mandated by the Ministry of Economy and Finance of the Republic of Côte d'Ivoire to finance the construction and equipment of two new regional hospitals as well as five new medical units in five hospitals in the country, together with the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC).

Against a backdrop of the most severe health crisis in recent history, the project is an important milestone which will support the Republic’s current efforts to contain the COVID19 pandemic. The project is also part of the government’s National Development Plan for 2016-2020, which the International Monetary Fund (IMF) and the World Health Organization (WHO) both support.

The two new hospitals, one located in Adzope (105km north of Abidjan) and the other in Aboisso (120km east of Abidjan), will collectively have a capacity of around 400 beds and will significantly improve the availability of healthcare services in each region using state of the art equipment.

In addition, the project will finance five new medical units in five hospitals across the country. They include a radiotherapy center in Abengourou, an emergency unit each in Daoukro and Seguela, a traumatology center in Toumodi, and a surgery and emergency unit in Bouna.

With a total financing value of 142 million euros, the project is already underway, with two new regional hospitals expected to be completed in October 2020.

Construction work is being carried out by Agentis International, a Moroccan-based company which specialises in health infrastructure with an existing successful track record in Côte d’Ivoire. The company is using local labourers, therefore also creating jobs.

“Deutsche Bank is deeply committed to supporting sustainable development projects in Africa”, said Claire Coustar, Deutsche Bank’s Head of Emerging Markets Structuring and the Institutional Client Group for Central and Eastern Europe, Middle East & Africa. “We are proud to partner with the ICIEC, enabling the Ivorian population to access a better healthcare system and helping Côte d'Ivoire achieve its National Development Plan targets. Furthermore, as the coronavirus crisis continues to be felt all around the world, the transaction is testament to how much our clients appreciate our advice and financial solutions in difficult times and acts as an example of how Deutsche Bank can help both clients and communities increase critical health infrastructure for years to come.”

In response to the ongoing pandemic, ICIEC has increased the availability of credit and political risk insurance to sustain imports of strategic commodities, investment protection, and to minimize volatility – and backing strategic projects with strong developmental impacts. CEO of ICIEC Oussama Kaissi states, “The unprecedented health impact of the pandemic is a human tragedy. Of course, these are compounded by the deep economic effects just beginning to be felt as a result of heightened uncertainty, risk, and the rapid deterioration in business confidence and activities. In these times, cooperation is more important than ever and ICIEC is very pleased to be partnering with Deutsche Bank for the first time on a project in Africa. ICIEC remains focused on facilitating critical investments and trade transactions, supporting the well-being and livelihoods of Member Country citizens”.

Istanbul

On December 8th and 9th, 2019 ICIEC representatives attended the OIC High-Level Public and Private Sector Investment Conference. The conference was held at the Istanbul Congress Center and was attended by political leaders, government officials, development finance professionals, and industry leaders.

At the conference, ICIEC CEO, Oussama Kaissi, delivered keynote speeches for two panels. The first focused on “The Role of the Export Credit Agencies and Arbitration in the Promotion, Protection, and Guarantee of Investments.” In his address, Mr. Kaissi stressed the centrality of trust in attracting Foreign Direct Investment, and ICIEC’s role in mitigating the risk of investment in OIC member countries, thereby promoting investor confidence. “Investment in OIC member countries works to promote our unity, opens doors to larger global markets, and can strengthen the Islamic economic base as a whole. We can lead by example and show international investors that the Islamic market is strong, safe and profitable, bringing in even more prospective investors from other global markets.”

The second panel focused on “The Business Intelligence Ecosystem Role in Tackling the Data Revolution.” In this speech, Mr. Kaissi emphasized the importance of having a cutting-edge business intelligence system with comprehensive credit information if investment into OIC countries is to be effectively maximized. Mr. Kaissi noted the significant progress made in establishing an OIC Business Intelligence Centre (OBIC) and its great potential for supporting OIC Member Countries: “OBIC will use advanced technology and Artificial Intelligence solutions to deliver credit information, with integrated blockchain technology facilitating greater accuracy, convenience, and speed.”

The OIC High-Level Public and Private Sector Investment Conference was a tremendous success, bringing together numerous committed and influential stakeholders with the shared mission of increasing OIC investment and spurring sustained OIC prosperity.

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), member of the Islamic Development Bank Group, and the Bangladesh Bank (The Central Bank of Bangladesh) signed a Memorandum of Understanding (MOU), which aims to boost cooperation in promoting trade and investment in Bangladesh.

The MOU was signed on behalf of ICIEC by Mr. Oussama A. Kaissi, ICIEC’s Chief Executive Officer (CEO) and, on behalf of the Bank of Bangladesh, Mr. Ahmed Jamal, Executive Director, Bangladesh Bank. The objective of the MOU is to establish a basis for the exchange of information between the two institutions on the Bangladesh’s banking industry and operating performance. It will serve as means of better managing ICIEC’s exposures in Bangladesh.

The signing ceremony, which took place at the Bangladesh Bank Head Quarters and was attended by
H.E Mr. Fazle Kabir, Governor, Bangladesh Bank, and several senior Bangladesh Bank officials. Honorary guests included Mr.Shah Habibul Hassan, Senior Assistant Chief, Economic Relations Division (ERD), MoF and Mr. Moinul Islam, Secretary, Bangladesh Investment Authority (BIDA).

ICIEC has short and medium term exposures in excess of USD 150 million in Bangladesh and an equivalent amount in the pipeline.  The insurance cover primarily helps mitigate the risk of non-honoring of Letter of Credits (LCs) issued by major public and private banks in Bangladesh. ICIEC has so far helped facilitate the trade of strategic goods, Telecom & Ready Made Garments (RMG) sector-related capital equipment in excess of US$ 1.6 billion in Bangladesh.

ICIEC plans to work closely with the various investment, regulatory, and trade bodies in Bangladesh to work towards providing Bangladeshi exporters access to export credit insurance services, with the ultimate objective of boosting Bangladeshi exports.

Commenting during the signing of the MOU, Mr. Oussama A. Kaissi, the CEO of ICIEC, said “The signing of this MOU comes within the framework of ICIEC’s mandate to support the development of its member countries by providing export credit and political risk insurance for investment projects”. He added “We foresee an enormous potential in Bangladesh and ICIEC remains dedicated to achieving its objectives under the IDB Group Member Country Partnership Strategy (MCPS) for Bangladesh through enhanced letter of credit (LC) coverage and support in terms of political risk insurance coverage of Foreign Direct Investments (FDI)”.

Istanbul, Türkiye

ICIEC signed a Memorandum of Understanding (MoU) with Turk Eximbank during the 35th Ministerial Session of the Standing Committee for Economic and Commercial Cooperation of the Organisation of Islamic Cooperation (COMCEC) in Istanbul. The agreement was signed by ICIEC CEO, Mr. Oussama KAISSI, and Turk Eximbank General Manager, Ali Guney. The MoU represents an important step forward in the already strong relationship between both institutions.

The MoU called for ICIEC and Turk Eximbank to increase their collaboration in a variety of areas, including risk sharing between the institutions, credit enhancement of Turk Eximbank’s financing and borrowing, increased information sharing, joint marketing and promotion efforts, as well as for cross-training between the organizations.

ICIEC’s longstanding partnership with Turk Eximbank has already been greatly beneficial for Turkish companies, especially those doing business abroad. ICIEC’s partnership with Turk Eximbank has allowed the bank to finance Turkish companies doing business in African countries. Therefore, this partnership has been instrumental in promoting Türkiye’s increased presence and economic cooperation with African states and private sector companies.

Another feature of ICIEC’s partnership with Turk Eximbank is the development of Türkiye’s crucial small and medium enterprise (SME) sector. As an example of this, ICIEC has provided EUR 180m cover for a loan to Turk Eximbank which the bank is to use for the expansion of Türkiye’s SME sector. The development of this sector is set to have a significant impact on the country’s sustained economic growth.

JEDDAH, OCTOBER 02, 2019

Moody's has affirmed ICIEC’s Insurance Financial Strength Rating (IFSR) rating of Aa3 with stable outlook for the 12th consecutive year on October 1st , 2019. The ratings reflect ICIEC's improved profitability and underwriting performance, as the five-year combined ratio improved to 123% from 131% in 2017. Moody’s observed the growth ICIEC has shown in 2018, with gross premiums increasing over 200% to ID 51.7 million and the combined ratio for 2018 also being the lowest ICIEC has achieved over the past 5 years. ICIEC was also proactive in maintaining a good investment strategy, with a high-risk-asset ratio reducing to 12.9% from 14.2% in 2017.

Moody’s noted that ICIEC is the only multilateral export credit and investment insurance corporation in the world that provides Shariah-compliant insurance and reinsurance products, and has enhanced knowledge from operating in OIC member countries. Moody's also noted that as a member of the IsDB Group, ICIEC benefits from various managerial synergies and support.

ICIEC's rating also reflected both the strengthening stand-alone fundamentals of the Corporation as well the strong ability and potentially high willingness of ICIEC's main ultimate shareholders, and in particular the Islamic Development Bank (AAA stable), Saudi Arabia, (A1 Stable), to support the Corporation in times of financial distress.

JEDDAH

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank Group (IsDB), is pleased to announce that the Republic of Turkmenistan has joined the membership of ICIEC to become its 47th member country. Turkmenistan is home to nearly 6 million people and a vibrant, fast growing economy. The future of the Central Asian country looks bright as it benefits from an abundance of natural resources, a strong agricultural sector as well as low public debt and a youthful labor force. Turkmenistan joined the IsDB Group in 1994. Since their accession, IsDB has contributed a substantial amount of development assistance, totaling 1,047.5 million USD.  This assistance has supported the country with projects ranging from the development of natural gas pipelines to the construction of railways. Turkmenistan’s entry into membership comes not long after the participation of ICIEC CEO Oussama Kaissi at the 2019 Turkmenistan Gas Congress. At the Congress, Mr. Kaissi expressed his readiness to extend ICIEC support to Turkmenistan, with a particular focus on the oil and gas sector. On Turkmenistan’s accession to ICIEC, Mr. Kaissi stated: “Turkmenistan’s membership to ICIEC marks the onset of a relationship which is both exciting for ICIEC and beneficial for the economy and people of Turkmenistan.  ICIEC’s risk mitigation and credit enhancement services will act as catalysts for the strengthening and diversification of the country’s economy, supporting both increased exports and inward investment.  ICIEC’s services will allow exporters, banks and investors from member and non-member countries alike to cover political and commercial risks related to their operations in Turkmenistan.”

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank Group (IsDB), is pleased to announce that the Republic of Uzbekistan has joined the membership of ICIEC and became the 46th member country.

Uzbekistan is the geographic and population center of Central Asia. The country has a diverse economy and a young population which totals over 30 million.  In recent years, Uzbekistan has undertaken wide-ranging market reforms aimed at increasing jobs and prosperity. The country benefits from abundant natural resources, low public debt, a growing labor force, and a strategic geographic position between China and Europe.

The Republic of Uzbekistan joined the IsDB in September 2003. The bank has since then provided significant development assistance, worth approximately USD 2.0 billion. In 2018, The Government of Uzbekistan and IsDB signed a Partnership Strategy for 2018-2021 focused on supporting sustainable socio-economic development in the country through several bilateral and regional initiatives.

The Republic of Uzbekistan’s accession to ICIEC follows an October 2018 official visit of Mr. Oussama Kaissi, Chief Executive Officer of ICIEC to meet with H.E. the Governor, Uzbekistan, and other top officials in Tashkent. Mr. Kaissi welcomed Uzbekistan, stating: “The Republic of Uzbekistan’s membership opens the door for its private and public sectors to benefit from risk mitigation and credit enhancement services offered by ICIEC to expand their exports worldwide and investments in ICIEC Member Countries. Similarly, it allows exporters, banks and investors from other member and non-member countries, to cover political and commercial risks related to their operations in Uzbekistan.”

The 3 entities of the Islamic Development Bank Group (IsDB), in consideration of their respective mandates, have recognized the need to join forces & enhance the offerings of innovative solutions to support OIC Member Countries’ socio-economic welfare.  On this occasion, a new tripartite agreement has been signed between the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the Islamic Corporation for the Development of the Private Sector (ICD) and the International Islamic Trade Finance Corporation (ITFC)  to identify new means of collaborations to work together harmoniously, in a structured manner, and help keep the momentum.

This collaboration shall enable the said Entities to follow into the footsteps & vision of the IsDB Group President’s 5 Year Program (P5P), explore potential partnership opportunities among the entities, set up the basis for joint strategic cooperation to support the Member Countries and explore ways and means to achieve IsDB Group level competitive advantage.

The agreement will enable superior client centric approach and cross-selling each other’s products and services. The key benefit for the IsDB Group clients will be an access to a one-stop shop and taking advantage of the strengths of each entity, which are reflected in their flagship development and promotion programs. The collaboration also includes, among others, the organization of joint and dedicated workshops and forums in Member Countries.

Commenting on the agreement, ICIEC’s Chief Executive Officer, Mr. Oussama KAISSI, said: “This cooperation agreement signed by the three Entities of the IsDB Group is a translation of the continuous development of the Group strategy to exploit synergies and present a strong common platform for achieving our mandate. Given ICIEC mandate to support the exports of its member countries and to encourage the inflow of foreign direct investments, ICIEC anticipates great potential for complementarity with the product offering of ICD & ITFC. This agreement will support ICIEC to extend its Shariah Compliant Insurance Solutions and Services to back ICD and ITFC financing activities. ICIEC will also benefit from ICD and ITFC proven track record and experience in  trade and project finance to customize and develop new products for beneficiaries in member countries.” He added.

 “We are very pleased to work with ICIEC and ITFC as major partners in supporting our member countries. This agreement will greatly enhance the synergy across the IsDB Group Entities for the benefit of our private sector clients. We are certain that the cooperation among the Group entities will enable us to cross sell our products & services and leverage on each other’s strength to promote the private sector development in our member countries. I am also confident that IsDB Group Business Forum “THIQAH” will play a crucial role in strengthening this collaboration” highlighted ICD CEO, Ayman Amin Sejiny.

ITFC CEO, Eng. Hani Salem Sonbol commented on the occasion “There is a critical need to realize the potential of such collaboration and synergy among our sister institutions to serve better our member countries. Each entity, through the specialized scope can provide complementarity and extended scope in terms of supporting the Private Sector, Integrated Trade Solutions and Credit Insurance.”

Marrakesh, April 06, 2019, The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank Group is pleased to announce the signing of agreements that will boost its profile and extend services in member country markets, with a focus on Morocco. In total, four Memoranda of Understanding (MoU) were signed today at ICIEC’s annual meetings at the Palmeraie Resort in Marrakesh, Morocco, which mark the Corporation’s 25th anniversary. 
The four MoUs are signed with: Groupe Banque Centrale Populaire (BCP), Moroccan Agency for Sustainable Energy (MASEN), Al-Akhdar Bank (AAB) and Multilateral Investment Guarantee Agency (MIGA).

Commenting on the MoUs, ICIEC’s Chief Executive Officer, Mr Oussama Kaissi, said: “We are delighted to strengthen our cooperation with these prestigious partners. These agreements underline our commitment to Morocco and to supporting trade and investment across Africa and elsewhere. We are especially pleased to be able to announce these agreements during our 25th anniversary celebrations here in Morocco. We look forward to working together and continuing to make a vital development impact in all of our member countries.”

Groupe Banque Centrale Populaire (BCP)
In the first MoU, ICIEC will build a strategic partnership with Groupe Banque Centrale Populaire (BCP), one of Morocco’s leading banks, to support trade and investment in sub-Saharan Africa. The aim is to increase BCP’s financing to African markets by supporting exports to and imports from its subsidiaries in ICIEC member countries, as well as encourage BCP clients to take on risk through ICIEC insurance products. ICIEC will also support BCP in financing infrastructure projects by offering political and commercial risk insurance.

Moroccan Agency for Sustainable Energy (MASEN)
The second MoU, with the Moroccan Agency for Sustainable Energy (MASEN), will support sustainable energy investments from Morocco to other ICIEC member countries, again with a core focus on Africa. It will also encourage foreign investment in sustainable energy projects within Morocco through the provision of ICIEC’s insurance products and services.

Al-Akhdar Bank (AAB)
The third MoU, with Al-Akhdar Bank (AAB), is a collaboration to support transactions in ICIEC member countries through Sharia-compliant insurance mechanisms. The MoU encompasses cross-selling and sourcing opportunities for both parties; the provision of credit and investment insurance solutions for AAB; and supporting the bank’s corporate customers with credit and investment insurance solutions. The two sides will also explore the potential for a platform for sharing investment opportunities, advisory services and support for financing deals through sharia-compliant insurance in ICIEC member countries.

Multilateral Investment Guarantee Agency (MIGA)
Separately, ICIEC signed a fourth MoU with the Multilateral Investment Guarantee Agency (MIGA) to reinvigorate the longstanding exiting cooperation in the area of supporting foreign investments. MIGA is a member of the World Bank Group and, like ICIEC, provides political risk insurance and credit enhancement guarantees to help facilitate investment projects worldwide.