The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) has provided USD 50 million in insurance coverage to the Arab Bank for Economic Development in Africa (BADEA).
The Bank Master Policy (BMP) provided by ICIEC assists BADEA’s participation in syndication with the International Islamic Trade Finance Corporation (ITFC) and BMCE Bank of Africa. The intended syndication is to provide financing to the ECOWAS Bank for Investment and Development (EBID). The financing will facilitate the import of strategic goods from Arab countries to ECOWAS member states, strengthening the strategic south-south cooperation between Arab and African countries.
This transaction marks the first Islamic BMP signed between ICIEC and a Multilateral Development Bank (MDB).
“ICIEC is delighted to be signing our first BMP transaction for this seminal collaboration,” claims ICIEC CEO, Mr Oussama KAISSI. “The catalytic impact of the larger syndication is one of the main driving factors behind ICIEC’s participation. ICIEC and BADEA’s involvement has increased the availability of financing to EBID to not only facilitate the importation of strategic goods to ECOWAS countries but also support the business and growth of Arab exporters and enhancing strategic trade relations within the OIC – a foremost priority for ICIEC in light of the trade shocks presented by the pandemic.”
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 as a multilateral institution 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 by providing Shariah-compliant risk mitigation tools and financial solutions. For more information, visit: http://iciec.isdb.org
Follow us on Social Media: @ICIEC_IDB
About BADEA
The Arab Bank for Economic Development in Africa- BADEA- is a multilateral development bank owned by eighteen (18) Arab countries, members of the League of Arab States (LAS). The Bank has been operational for the last 45 years, with footprints in about 44 countries. BADEA aims to promote economic development in Africa and foster cooperation between the beneficiary countries and the Arab World through investment and trade. To this end, BADEA’s operations revolve around four strategic pillars:
Infrastructure investment in energy. Private sector and trade financing. Agriculture value-chains. Entrepreneurship and SMEs. In addition, capacity development weighs in as a cross-cutting pillar.
For more information, visit: www.badea.org
Follow us on Social Media: @BADEAbank #BADEA2030
-Ends-
For media inquiries, please contact:
Rania Binhimd