ALGIERS, Algeria, May 22. The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-based multilateral insurer and member of the Islamic Development Bank Group, has announced that its Board of Governors has formally approved the Annual Report and Audited Financial Statements for the year 2024 during the IsDB Group’s 2025 Annual Meetings in Algiers, Trend’s special correspondent reports.
The 2024 report highlights that ICIEC has achieved USD 13 billion in business insured in the year 2024, bringing the cumulative Business Insured since inception to USD 121 billion, of which USD 96 billion is in export credit and USD 25 billion in investment. The Corporation facilitated USD 57 billion in intra-OIC trade and investment transactions and advanced its Third General Capital Increase to significantly enhance underwriting capacity and reinforce long-term financial stability.
To drive operational excellence, ICIEC refined its pricing framework and enhanced economic capital models, ensuring more sustainable, risk-adjusted growth. Strategic partnerships were deepened with development partners and the private sector to unlock critical capital flows in food security and infrastructure projects. The inclusion of the Togolese Republic as the 50th Member State further broadened ICIEC’s reach and bespoke insurance solutons to promote economic development across West Africa.
Under the IsDB Group Food Security Response Program(FSRP), ICIEC approved over USD 1 billion in food-related transactions to support Member States impacted by global food crises. In line with its climate commitment, the Board of Directors approved a dedicated Climate Change Policy, and 13% of 2024 Business Insured was allocated to climate-related initiatives.
ICIEC’s financial resilience was evident in its USD 24.9 million net result—a 4% improvement year-on-year—and its seventh consecutive year of technical surplus. Moody’s maintained ICIEC’s rating of Aa3 for the 17th consecutive year and S&P Global Ratings assigned ICIEC a first-time rating of AA- with a stable outlook.