JEDDAH

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank Group (IsDB), is pleased to announce that the Republic of Turkmenistan has joined the membership of ICIEC to become its 47th member country. Turkmenistan is home to nearly 6 million people and a vibrant, fast growing economy. The future of the Central Asian country looks bright as it benefits from an abundance of natural resources, a strong agricultural sector as well as low public debt and a youthful labor force. Turkmenistan joined the IsDB Group in 1994. Since their accession, IsDB has contributed a substantial amount of development assistance, totaling 1,047.5 million USD.  This assistance has supported the country with projects ranging from the development of natural gas pipelines to the construction of railways. Turkmenistan’s entry into membership comes not long after the participation of ICIEC CEO Oussama Kaissi at the 2019 Turkmenistan Gas Congress. At the Congress, Mr. Kaissi expressed his readiness to extend ICIEC support to Turkmenistan, with a particular focus on the oil and gas sector. On Turkmenistan’s accession to ICIEC, Mr. Kaissi stated: “Turkmenistan’s membership to ICIEC marks the onset of a relationship which is both exciting for ICIEC and beneficial for the economy and people of Turkmenistan.  ICIEC’s risk mitigation and credit enhancement services will act as catalysts for the strengthening and diversification of the country’s economy, supporting both increased exports and inward investment.  ICIEC’s services will allow exporters, banks and investors from member and non-member countries alike to cover political and commercial risks related to their operations in Turkmenistan.”