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 JSC Russian Agency for Export Credit and Investment Insurance (EXIAR) today signed an Amendment Addendum relating to the Reciprocal Reinsurance Agreement signed on 4th November 2015.

The Addendum was signed by Mr Oussama Kaissi, Chief Executive Officer of ICIEC, and Mr Nikita Gusakov, Chief Executive Officer of EXIAR during the 46th Annual Meetings of the IsDB Group held in Tashkent, Uzbekistan from 1-4 September 2021.

“These amendments to the original Reciprocal Reinsurance Agreement with EXIAR,” maintains Mr Oussama Kaissi, CEO of ICIEC, “are important for our future cooperation as more opportunities open up in the member countries of ICIEC and the IsDB Group in Central Asia. ICIEC recently provided €30 million reinsurance cover to EXIAR to support a €68.18 million loan facility extended by the Russia Exim Bank (Roseximbank) to the Uzbek state-owned bank, SQB, to finance the construction of a metallurgical plant in Tashkent.”

ICIEC is seeking to enhance its presence in Central Asia. As one of ICIEC’s 48 Member Countries, Uzbekistan is a country with great potential for trade and investment, sitting in a strategic position between China and Europe and endowed with abundant natural resources.

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.