BAKU, Azerbaijan, January 24. The Islamic Corporation for the Insurance of Investment & Export Credit (ICIEC), a member of the Islamic Development Bank (IsDB) Group, has accepted Azerbaijan as its 49th member state, the ICIEC told Trend.
ICIEC will work closely with the Government of Azerbaijan to support economic and social infrastructure projects in trade, agriculture, energy, water, sanitation, and urban services and with the private sector to improve access to finance. ICIEC supports Azerbaijan's 2030 National Priorities for Socio-Economic Development by achieving sustainable economic growth and high social welfare and their priority for a clean environment and a country of "green growth".
ICIEC's presence as an investment partner provides a measure of reassurance and encouragement to other potential investors seeking opportunities in Azerbaijan. The investment projects often provide employment, enhanced, modern and efficient infrastructure, and better quality of life for citizens.
"Azerbaijan's membership opens the door for its private and public sectors to benefit from risk mitigation and credit enhancement solutions offered by ICIEC to expand their exports and promote foreign direct investment inflow. Similarly, it allows exporters, banks and investors from other member and non-member states, to cover political and commercial risks related to their operations in Azerbaijan," Oussama Kaissi, CEO of ICIEC, said.
ICIEC was established in 1994 to strengthen economic relations between OIC Member States and promote intra-OIC trade and investments by providing risk mitigation tools and financial solutions.