Jeddah, Saudi Arabia – The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the Shariah-based multilateral insurer and member of the Islamic Development Bank (IsDB) Group, successfully concluded the 2024 Annual Meetings, having signed thirteen significant agreements and MoUs totaling US$ 689 million. These commitments with fifteen member countries and business partners span a broad spectrum of operations and projects across various sectors, further reinforcing ICIEC’s dedication to sustainable economic development.

Under the theme “Cherishing our Past, Charting our Future: Originality, Solidarity, and Prosperity,” the meetings featured ICIEC’s active participation in the 2024 Private Sector Forum. This included the ICIEC’s High-Level Panel Discussion that highlighted the transformative role of Saudi investments in fostering economic growth across ICIEC Member States, in alignment with their national development agendas. The event brought together stakeholders from government, international organizations, financial institutions, and the tech industry to discuss strategies for navigating emerging geopolitical risks and exploring new investment opportunities.

Key agreements during the meeting included Reinsurance Treaty arrangements with Indonesia Eximbank and the Export-Import Bank of Malaysia Berhad, MoUs with AZPROMO of Azerbaijan for investment promotion, and substantial credit insurance and financing arrangements with Societe Generale and Deutsche Bank to support infrastructure and healthcare projects in Senegal and Côte d’Ivoire, respectively.

Moreover, ICIEC has expanded its collaborations  through new partnerships across various sectors. A cooperative framework with The Saudi Agricultural Development Fund (ADF) aims to enhance strategic initiatives, while a framework with the Federation of Contractors from Islamic Countries (FOCIC) focuses on knowledge sharing and capacity building within the insurance and contracting sectors. Additionally, agreements with Huawei Technologies Co., Ltd. and ZTE Corporation are set to strengthen telecommunications infrastructure across Member States, enhancing connectivity and access to modern technology. MoUs with the National Infrastructure Fund of Saudi Arabia (INFRA) aim to align efforts to support infrastructure projects with developmental impact and foster institutional cooperation. Furthermore, a significant partnership with Joint Stock Commercial Bank “Agrobank” and Standard Chartered Bank explores a long-term financing partnership to bolster economic development in Uzbekistan through Islamic financing products.  This is expected to yield EUR 150 million in support of SMEs in Uzbekistan.

These initiatives not only reflect ICIEC’s strategic efforts to leverage Islamic finance for global development but also demonstrate a proactive approach to cultivating meaningful partnerships that supports  the economic objectives of our member states .

Mr. Oussama Kaissi, the CEO of ICIEC, emphasized the significance of these collaborations: “This year’s Annual Meetings mark a defining moment for ICIEC as we celebrate three decades of dedicated service towards economic resilience and prosperity of our Member States. The agreements signed here span a diverse array of sectors and are a testament to our commitment to leveraging Islamic finance to foster sustainable development. Our discussions at the Private Sector Forum have underscored the critical role of Saudi investments in propelling growth across our Member States, exploring new horizons in emerging markets, and reinforcing our theme of cherishing our past while charting a prosperous future in a sustainable way.”

As ICIEC celebrates its 30th anniversary, its role as the only Shariah-based multilateral export credit and investment insurance provider continues to be crucial in facilitating over USD 108 billion in trade and investments, promoting growth, and development in its Member States.