Sharm El Sheik, Egypt

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) cooperates with one of Egypt’s largest companies to accelerate climate action in the ICIEC Member States.

The Memorandum of Understanding (MoU) between ICIEC and El-Sewedy Electric provides a framework for joint action in promoting climate action and water projects, in line with both the ICIEC Climate Action Guidelines and El-Sewedy Electric’s Sustainability Strategy 2020-2023.

The MoU was signed by Mr Oussama Kaissi, Chief Executive Officer of ICIEC and Ahmed El-Sewedy, Chairman and CEO of El-Sewedy Electric.

Elsewedy Electric is a leading global provider of energy solutions with a footprint across electric, engineering and construction, digital solutions and infrastructure investments. Its climate action cooperation with ICIEC will lead to stronger coordination and more efficient implementation of its activities to the benefit of the Egyptian economy. The agreement will also bolster Egypt’s and other Member States’ drive toward the UN Sustainable Development Goals, the Paris Agreement, Egypt’s 2030 Vision and National Renewable Energy Strategy 2035, among others.

Under the terms of the MoU, ICIEC, which is the insurance arm of the Islamic Development Bank (IsDB) Group, will work with El-Sewedy Electric to: identify, assess and manage climate and water risks and opportunities; exchange essential information, expertise and resources; extend training and capacity building opportunities; and organize joint seminars and workshops.

Oussama Kaissi, CEO of ICIEC, said the signing of the MoU was a reflection of ICIEC’s prioritization of climate initiatives. “ICIEC is committed to meeting the objectives of global sustainable goals. This partnership with El-Sewedy Electric – a leading provider of sustainable projects in energy and infrastructure that enable businesses and communities to thrive – reflects that commitment. We are excited to see the many areas of cooperation come to fruition and to build on those in due course.”