Tashkent, The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the insurance arm of the Islamic Development Bank (IsDB) Group, and the Islamic Organisation for Food Security (IOFS) today signed a memorandum of understanding (MoU) whereby the two entities will collaborate using their respective strengths in providing insurance in support of trade and investment towards promoting food security, sustainable agriculture and rural development.

IOFS is headquartered in Nur Sultan in Kazakhstan and is a specialised new international agency of the Organisation of Islamic Cooperation (OIC) with the specific mandate of formulating a food security strategy for its 57 member countries.

The MoU was signed by Mr Oussama Kaissi, Chief Executive Officer of ICIEC, and H.E. Mr Yerlan A. Baidaulet, Director General of IOFS, during the 46th Annual Meetings of the IsDB Group held in Tashkent, Uzbekistan from 1-4 September 2021.

“The Covid-19 pandemic,” emphasizes Mr Oussama Kaissi, CEO of ICIEC, “highlighted supply chain disruption in vital supplies including food and medicines. A recent UN multi-agency report warns of a dramatic worsening of world hunger in 2020, with an estimated tenth of the global population – up to 811 million people – undernourished. While some of the impact comes from the COVID-19 fallout, many of the structural shortcomings relating to food insecurity and poor nutrition, predate the pandemic. ICIEC has supported over US$1.4 billion in trade and investment in the agricultural sector since its inception in support of the UN SDG 2 (Zero Hunger). We look forward to cooperating with IOFS in this vital area leveraging our expertise in trade facilitation and risk management, and our vast private sector network in member countries.”

In this respect, it will take a huge effort for the world to honour its pledge to end hunger by 2030 to achieve SDG 2. Asia, Africa and Latin America, where most of ICIEC membership is located are the most affected by hunger and food insecurity.

The MoU will provide ICIEC and IOFS a general framework for collaboration including attracting and promoting investment in agribusiness and food security; promoting best practices in food safety and Halal products to boost intra-OIC food trade in the private sector; promoting ‘South-South/Triangular Cooperation’; and boosting the involvement of SMEs in agri/food business.

About ICIEC The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) is a member of the Islamic Development Bank (IsDB) Group, effectively its export credit and investment insurance agency, guarantees provider and reinsurance. ICIEC was established in 1994 as a multilateral institution to strengthen the economic relations between member countries of the OIC. ICIEC’s vision is to be recognized as the preferred enabler of trade and investment for sustainable economic development in Member Countries. Its mission is to facilitate trade and investment between member countries and the world by providing Shariah-compliant risk mitigation tools and financial solutions.