On June 30th, 2020, a Memorandum of Understanding was signed between the Islamic Corporation for the Insurance and Investment of Export Credit (ICIEC) and Uzbekistan National Export-Import Insurance Company (Uzbekinvest).

The partnership advances both parties’ respective operational mandates of providing insurance support for trade and investments. Uzbekistan is one of ICIEC’s 47 member countries and partnering with local ECAs allows both entities to extend the capacity of their insurance coverage, creating opportunity for larger trade transactions and development projects.

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 labour force, and a strategic geographic position between China and Europe.

“This partnership is a key building block to support export development and Foreign Direct Investment in Uzbekistan,” says ICIEC CEO, Oussama KAISSI, “We look forward to a fruitful partnership with Uzbekinvest as we advance sustainable economic development in the country.”

The partnership between ICIEC and Uzbekinvest follows the signing of a Partnership Strategy for 2018-2021 between the Government of Uzbekistan and IsDB in 2018 – this strategy is focused on supporting sustainable socio-economic development in Uzbekistan through several bilateral and regional initiatives. The new MoU will create opportunities for joint strategic projects between the two insurance entities in addition to other forms of cooperation such as technical assistance, training, and capacity building.