The Annual Report and Audited Financial Statements for the year 2022 of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC)  were approved by the Meeting of its Board of Governors held on 5/13/2023 during the 2023 Annual Meetings of the Islamic Development Bank Group (IsDB) at the Ritz-Carlton Hotel in Jeddah, Saudi Arabia.

ICIEC’s Annual Report reveals the Corporation’s commitment to operational resilience despite the prevailing global challenges, delivering outstanding results for clients, partners, and shareholders. The Report showed a 19% year-on-year increase in the volume of insured trade and investment transactions for 2022, reaching USD 11.6 billion. Additionally, the Report announces a surge in business, with commitments increasing by 27% from the previous year, totaling USD 4.0 billion. The 2022 Annual Report also shows the ICIEC’s support of post-pandemic and recovery efforts of MSs, with USD 1.4 billion, composed of USD 528 million of support to the healthcare sector, USD 824 million support to imported essential commodities, and USD 62 million support to SMEs for pandemic’s economic impacts.

The Report also indicates that ICIEC was able to maintain its position as a top-rated institution in the Credit and Political Risk Insurance industry with its Moody’s “Aa3” rating for 15 consecutive years. Additionally, the Corporation prioritized food security and energy transition as urgent and potential areas of the business to be added to the achievements made during 2022, where a business worth of USD 3.26 billion was insured in Africa, USD 6.01 billion in Asia, USD 1.96 billion in Europe, USD 0.4 billion in the Americas, and USD 0.01 billion in Oceania.

As part of increasing its membership and geographic coverage in the OIC, ICIEC welcomed the Maldives as a new member state. It is worth noting that ICIEC’s membership grew to 48 member states in 2022.

Mr. Oussama Kaissi, CEO of ICIEC, said, “To overcome the complex global challenges we face, we must come together and combine diverse skills and resources, including socially responsible projects that contribute to achieving the UN SDGs. ICIEC’s tireless efforts to support post-pandemic recovery and forge new partnerships while insuring trade and investment in our MSs, demonstrate a commitment to growth and regeneration in the new paradigm.”