Under the auspices of H.E. Sheikh Saleh Abdullah Kamel, Chairman of Jeddah Chamber of Commerce and Industry, and under the supervision of Mr. Abdul Aziz Nasser AI-Sorayai, Chairman of the Industrial Committee of the Chamber, and in the presence of a large number of Saudi businessmen, ICIEC signed a Memorandum of Understanding (MOU) with the National Commercial Bank (NCB) on Saturday, October 20, 2012, at the headquarters of the Chamber of Commerce and industry in Jeddah.

The MOU was signed by Mr. Khemais AI-Gazzah, the Operation Director and the Acting CEO of ICIEC and Mr. Adnan Bin Himd, Senior Vice President of NCB.

The MOU provides co-operation between ICIEC and NCB in supporting small and medium enterprises operating in the Kingdom of Saudi Arabia to encourage them to export and to provide solutions to meet the funding problems. Under the memorandum ICIEC will provide  insurance services by 90% of the credit  facilities provided by banks of small and medium-sized enterprises (SME’s).

Commenting on the MOU, Dr.Abdel Rahman Tayeb Taha, the Chief Executive Officer of ICIEC, CEO said, “The signing of the MOU comes within the framework of the role of ICIEC in supporting to boost development in its member countries. The MOU is mainly  to help SME’s in the Kingdom getting  financing to their non-oil exporters.

“Saudi businessmen are very active in doing  business worldwide, and  the Financial Institutions in the Kingdom are the first address that any Saudi Business can think of getting financing to export, and ICIEC is the only multilateral export credit  insurance providing services with sharia compliant which Financial Institutions can rely on”. He added

“This agreement  is a continuation of the activity  carried out by the ICIEC since its inception  in 1994, in supporting of exporters, banks, and Saudi businessmen, as the volume of business insured  by the Corporation in the Kingdomis  more than USD 4 billion. We are confident that this MOU will help to increase the size of non-oil exports to the Kingdom” Dr.Taha said