BAKU, Azerbaijan, Nov. 4
Trend:
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and the Islamic Development Bank (IsDB) have jointly launched the COVID-19 Guarantee Facility, an innovative program providing US$2 billion in support of the private sector. The facility will be implemented by the two entities to support COVID-19 hit industries in the OIC member countries and to attract cross-border investments.
The COVID Guarantee Facility’s Framework Agency Agreement was signed by IsDB Group’s President, H.E. Dr. Bandar Hajjar, and ICIEC’s CEO, Mr. Oussama Kaissi, following the approval of IsDB’s Board of Executive Directors in its 336th meeting in June 2020.
The Agency Agreement assigns clear roles and responsibilities between the institutions based on their specializations, laying the foundation for a new operational model for the systematic partnerships between IsDB and IsDB Group entities. This agreement is expected to set the tone for mainstreaming synergies between ICIEC and other IsDB Group entities beyond the COVID Guarantee Facility.
ICIEC’s CEO, Mr. Oussama Kaissi, stated that “the framework agreement opens the door for new forms of cooperation between IsDB Group entities. ICIEC is very focused on addressing the challenges our Member Countries are facing in mitigating the repercussions of COVID-19 and we are dedicated to ensuring that the Corporation will meet all the framework’s requirements for the COVID-19 Guarantee Facility to be implemented successfully.”
About ICIEC
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.
-Ends-
For media inquiries, please contact:
Rania Binhimd