BAKU, Azerbaijan, Dec. 11
Trend:
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) signed a Memorandum of Understanding (MoU) with Eximgarant of Belarus (Eximgarant), the Export Credit Agency (ECA) of the Republic of Belarus.
The signed MoU promotes collaborative efforts to support trade and investment between the Republic of Belarus and ICIEC member countries, encouraging joint export credit insurance provisions and other forms of cooperation such as technical assistance and capacity building.
This is the fifth MoU ICIEC has signed this year and the fourth with a European ECA. These partnerships facilitate flexible yet strong agreements for risk sharing in the form of reinsurance or co-insurance, supporting both parties to increase their risk appetite for trade transactions and investments.
“Through close collaboration with Eximgarant and other ECAs, both institutions are able to provide additional insurance capacity,” ICIEC CEO, Mr. Oussama Kaissi, says. “Through the expanded trade coverage supported by these partnerships, firms in member countries can access new markets, grow in existing markets, and in the process generate employment and economic growth. This new partnership with Eximgarant is helping to give a much-needed economic boost to ICIEC member countries, assisting them in recovering from the effects of the pandemic”.
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) is a member of the Islamic Development Bank (IsDB) Group. ICIEC was established in 1994 to strengthen the economic relations between member countries of the OIC. ICIEC’s vision is to be recognized as the preferred enabler of trade and investment for sustainable economic development in Member Countries. Its mission is to facilitate trade and investment between member countries and the world through the provision of Shariah compliant risk mitigation tools and financial solutions.
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Rania Binhimd