Dubai, December 04, 2023 – In a landmark event during COP 28, The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a multilateral credit and political risk insurer and a member of the IsDB Group and GE Energy Financial Services, Inc (GE Vernova) formalized their collaboration through a Memorandum of Understanding (MOU), aimed to bolster sustainable development and climate action across ICIEC’s 49 member states.

The MOU, signed by Mr. Oussama Kaissi, CEO of ICIEC, and Mr. Nomi Ahmad, President & CEO of GE Energy Financial Services, Inc, establishes a cooperative framework to leverage ICIEC’s suite of insurance and credit enhancement solutions, alongside GE Vernova’s expertise in energy sectors with focus on renewable energy. It is envisaged that this collaboration will accelerate the deployment of capital, goods, and services necessary for sustainable energy projects in ICIEC member states.

In a statement highlighting the developmental potential of this cooperation, Mr. Oussama Kaissi, CEO of ICIEC, emphasized, “Our collaboration with GE Vernova is a significant stride towards fulfilling our mandate of promoting sustainable development and climate action. By combining our strengths, we are uniquely positioned to advance the Sustainable Development Goals and support our member states in meeting their commitments under the Paris Agreement. This partnership reflects our dedication to fostering economic growth while adhering to the principles of Shariah and upholding the highest environmental and social standards.”

ICIEC and GE Vernova share a mutual aspiration of empowering economies and enhancing the quality of life through sustainable energy solutions.