Dubai, December 02, 2023 – In a significant move at COP 28, the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a leading multilateral credit and political risk insurer, and the West African Development Bank (BOAD) have inked a Memorandum of Understanding (MOU). This collaboration marks a milestone in promoting economic integration and sustainable development in West Africa.

The MOU, signed by Mr. Oussama Kaissi, CEO of ICIEC, and Mr. Serge EKUE, President of BOAD, lays the groundwork for a synergistic partnership facilitating large-scale investments and bolstering economic and social development across common member states of ICIEC and BOAD. The core focus of the partnership is to address key areas such as climate change adaptation and communication projects.

This collaboration has been strengthened by the alignment of BOAD’s mission to advance existing infrastructure and contribute to the economic integration of West Africa with ICIEC’s objective of enlarging trade transactions and investment flows. Both institutions aim to leverage this partnership to encourage direct investments and enhance the economic landscape of their common member states.

Speaking on this momentous occasion, Mr. Oussama Kaissi, CEO of ICIEC, stated, “This MOU with BOAD is a significant stride towards upscaling our shared goal of promoting economic growth and sustainable development in our common membership in West Africa. Our collaboration is set to unlock new avenues for investment and trade, enhancing our capacity to support impactful initiatives. By working together, we are not just aiming for economic growth but also nurturing a resilient and sustainable future for our member states.”

Mr. Serge EKUE, President of BOAD highlighted “The focus will be on ICIEC providing insurance and credit enhancement solutions in common member states and supporting BOAD’s financing operations. Additionally, a capacity-building plan related to credit insurance, particularly within ICIEC’s proposed solutions, is a key component of this collaboration.”