Welcome to the H2 2025 edition of the ICIEC Newsletter. Our theme for this issue, “Making Ratings and Blended Finance Work for Impact Delivery in Sustainable Development,” captures the essence of our strategic focus during a period of significant global economic transition.

As the world grapples with elevated financing costs and persistent risk perceptions in emerging markets, the role of credit and political risk mitigation has never been more critical. In this edition, we explore how ICIEC’s instruments are bridging the investment gap by transforming risk profiles into bankable opportunities. Our ICIEC INSIGHT contributions delve into the mechanics of reducing sovereign borrowing costs and the growing importance of blended finance, a role formally recognised at the Fourth International Conference on Financing for Development in Seville. This issue is further enriched by the contribution of the African Development Bank, whose article on guarantees in support of sustainable development in Africa underscores how risk-sharing instruments can mobilise private capital at scale, improve financing terms, and unlock longer-term resources for high-impact development.

The second half of 2025 has been a period of robust institutional validation and strategic expansion for ICIEC. We are proud to share that both Standard & Poor’s (AA-) and Moody’s (Aa3) have reaffirmed our credit ratings, reflecting our solid financial foundation and unique policy role within the IsDB Group. These ratings serve as catalytic capital, enabling ICIEC to mobilise private investment where it is most needed.

Our commitment to partnership is further evidenced by new milestones, including our strategic agreement with Afreximbank to deepen Arab-African economic integration, our renewed MoU with NEXI during TICAD 9, and our collaboration with Al Baraka Islamic Bank to boost Shariah-compliant trade. Furthermore, hosting the 15th AMAN UNION Annual Meeting in Jeddah underscored our leadership in fostering cooperation among OIC export credit agencies, which collectively insured over USD 54 billion in business this past year.

In this issue, we present two important Member State Profiles. We turn to Oman, a dynamic economy undergoing steady expansion and deepening its Islamic finance ecosystem through Vision 2040. We also highlight the Republic of Iraq, where ICIEC is actively supporting the transition toward a diversified growth model, exemplified by our recent reinsurance support for the Karbi Substations Project to modernise national power infrastructure.

Our regular “Meet the Team” segment features insights from our team from Reinsurance, Risk Management, Underwriting and Business Development on how their respective roles and partnerships strengthen ICIEC’s capacity to underwrite sustainable, high-impact transactions across our Member States. This is complemented by an interview with John Lentaigne (SRG) on market-based risk perspectives and a focus on ESG sustainability in partnership with Swiss Re.

As we look toward 2026, ICIEC remains dedicated to its mission of de-risking the path to sustainable development. We hope this newsletter provides you with valuable insights into how we are turning challenges into impactful outcomes for our Member States.