Marrakesh, April 06, 2019, The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank Group is pleased to announce the signing of agreements that will boost its profile and extend services in member country markets, with a focus on Morocco. In total, four Memoranda of Understanding (MoU) were signed today at ICIEC’s annual meetings at the Palmeraie Resort in Marrakesh, Morocco, which mark the Corporation’s 25th anniversary. 
The four MoUs are signed with: Groupe Banque Centrale Populaire (BCP), Moroccan Agency for Sustainable Energy (MASEN), Al-Akhdar Bank (AAB) and Multilateral Investment Guarantee Agency (MIGA).

Commenting on the MoUs, ICIEC’s Chief Executive Officer, Mr Oussama Kaissi, said: “We are delighted to strengthen our cooperation with these prestigious partners. These agreements underline our commitment to Morocco and to supporting trade and investment across Africa and elsewhere. We are especially pleased to be able to announce these agreements during our 25th anniversary celebrations here in Morocco. We look forward to working together and continuing to make a vital development impact in all of our member countries.”

Groupe Banque Centrale Populaire (BCP)
In the first MoU, ICIEC will build a strategic partnership with Groupe Banque Centrale Populaire (BCP), one of Morocco’s leading banks, to support trade and investment in sub-Saharan Africa. The aim is to increase BCP’s financing to African markets by supporting exports to and imports from its subsidiaries in ICIEC member countries, as well as encourage BCP clients to take on risk through ICIEC insurance products. ICIEC will also support BCP in financing infrastructure projects by offering political and commercial risk insurance.

Moroccan Agency for Sustainable Energy (MASEN)
The second MoU, with the Moroccan Agency for Sustainable Energy (MASEN), will support sustainable energy investments from Morocco to other ICIEC member countries, again with a core focus on Africa. It will also encourage foreign investment in sustainable energy projects within Morocco through the provision of ICIEC’s insurance products and services.

Al-Akhdar Bank (AAB)
The third MoU, with Al-Akhdar Bank (AAB), is a collaboration to support transactions in ICIEC member countries through Sharia-compliant insurance mechanisms. The MoU encompasses cross-selling and sourcing opportunities for both parties; the provision of credit and investment insurance solutions for AAB; and supporting the bank’s corporate customers with credit and investment insurance solutions. The two sides will also explore the potential for a platform for sharing investment opportunities, advisory services and support for financing deals through sharia-compliant insurance in ICIEC member countries.

Multilateral Investment Guarantee Agency (MIGA)
Separately, ICIEC signed a fourth MoU with the Multilateral Investment Guarantee Agency (MIGA) to reinvigorate the longstanding exiting cooperation in the area of supporting foreign investments. MIGA is a member of the World Bank Group and, like ICIEC, provides political risk insurance and credit enhancement guarantees to help facilitate investment projects worldwide.