Jeddah, KSA

The 2023 IsDB Group Annual Meetings in Jeddah, Saudi Arabia, which concluded on 13 May, 2023 eminently lived up to its theme of forging “Partnerships to Fend Off Crises.” The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the Shariah-compliant multilateral insurer and member of the Islamic Development Bank (IsDB) Group, actively contributed to the IsDB Group Private Sector Forum (PSF) and signed several agreements and MoUs with partners in the Member States.

Mr. Oussama Kaissi, CEO of ICIEC, also met a number of official delegations from Member States and discussed ways of enhancing cooperation through the provision of credit and investment insurance solutions, consistent with their needs and development agendas in addressing the rising challenges of climate change, energy transition, food insecurity, health system inequality, the digital divide, attracting inward FDI and private sector capital, to help them to achieve the UN 2030 SDG agenda and the net zero ambitions of the Paris Climate Agreement.

In his address to the PSF, Mr Kaissi stressed the need for strong policy action coupled with pragmatic approaches to find common grounds to respond to shared challenges, especially through partnerships and collaboration among stakeholders. This should encapsulate overall priorities, including promoting Agriculture, Poverty Reduction, Food Security Green Finance supporting transition to clean energy. “Food insecurity,” he emphasised, “is often a consequence of climate change. The energy transition is complex and costly. Private sector engagement is one of the main pillars of ICIEC’s strategy. It requires credit enhancement to help make projects bankable to investors. ICIEC is uniquely positioned to do this through its de-risking tools, sustainability policies and access to its member states’ national and subnational bodies, which engage with relevant climate action and food security projects and transactions, and sustainable tourism.”

During the four days of the Annual Meetings, ICIEC signed several policy transactions that amounted to an aggregate of US$300 million of insurance policy cover. And MoUs included one with the Mauritania Investment Promotion Agency (APIM), whereby ICIEC would collaborate with APIM to promote investment opportunities in the country by identifying suitable projects conducive to the use of the derisking solutions offered by ICIEC. One with Fonds Africain de Garantie et de Coopération Economique (FAGACE) – the African Guarantee and Economic Cooperation Fund – to cooperate in increasing foreign and domestic direct investments to member countries common to both institutions through guaranteeing risks related to investment, financing of banking institutions and regional and sub-regional SMEs. Another with Arab Contractors (AC) to promote investment flows and de-risking solutions for green, resilient and sustainable infrastructure in various economic sectors in Egypt and other ICIEC Member States and an MoU with “Microcreditbank” (MKBANK) aimed at supporting trade, exports and investments in the Republic of Uzbekistan.

ICIEC CEO Mr. Oussama Kaissi also had discussions with the Heads of Delegations from several member states attending the 2023 IsDB Annual Meetings. The discussions centred mainly on enhancing cooperation in various sectors and promoting FDI inflows into these countries involving private sector capital and utilising ICIEC’s de-risking and guarantee solutions for trade and investment.