The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC (http://ICIEC.IsDB.org), the export credit and investment insurance agency of the Islamic Development Bank (IsDB) Group, and the Bonn-based InsuResilience Global Partnership (IGP) are convening a High Level Forum on 8 November 2022 during COP27 in Sharm El Shaikh to highlight the importance of Partnerships in accelerating climate action, mitigation, adaptation and finance including de-risking credit and political risk solutions.
InsuResilience is the world’s leading platform for inclusive, integrated collaboration, shared learning and delivery for Climate and Disaster Risk Finance and Insurance Solutions. ICIEC in fact acceded to membership of InsuResilience in September 2022, which will be formalised at a signing ceremony in Sharm El Sheikh at the Forum.
The Corporation strongly recognises the key role that the Partnership plays in bringing together many of ICIEC’s member states, 13 of whom are members of the V20 Group of Ministers of Finance of the Climate Vulnerable Forum, and the G20, as well as donors, the private sector, international organisations and civil society groups for the achievement of wider Climate Action goals.
The V20 Group and the G7 Presidency, led by Germany, have a joint ambition in that the urgent needs of vulnerable economies and people in the face of increasing climate risks need to be addressed. The way to do this is through a Global Shield against Climate Risks (GSCR) by providing and facilitating more and better pre-arranged protection against climate and disaster related risks, losses and damages.
When a climate-related disaster strikes, the need to have better systems in place that provide immediate finance in the most efficient, effective and fast way for the most vulnerable is vital. Thus far, financial protection is not systematic, coherent and sustained enough.
The Forum as such will address several issues, including the importance of IGP to address the complex challenges caused by climate change, the role that the GSCR can play in providing effective climate de-risking, and explore how ICIEC and other private sector actors can support the scaling-up of climate and disaster risk finance and insurance (CDRFI) solutions and promote sustainable, green, climate proof development.
The Gambia, a member of both the IGP and ICIEC, is very susceptible to climate threats, especially river flooding, coastal flooding and water scarcity. The Gambia has shown leadership and commitment towards climate action by submitting its second Nationally Determined Contributions report entitled ‘The Gambia’s long-term Climate-Neutral Development Strategy 2050.” As such the Forum will also focus on Gambia as a country study and discuss initiatives that will help it to achieve its 2050 Carbon Neutral Development Goals under the GSCR objectives.
The Forum will be addressed by Mr. Oussama Kaissi, CEO of ICIEC and Dr. Astrid Zwick, Head of the InsuResilience Secretariat. Panel participants will include H.E. Mrs. Rohey John Manjang, Minister of Environment, Climate Change and Natural Resources of The Gambia, Jochen FLASBARTH, State Secretary in the Federal Ministry for Economic Development and Cooperation, Germany, Lesley NVODLU, CEO of African Risk Capacity Ltd and Mr. Stefan Wintels CEO of KfW.
Oussama Kaissi, CEO of ICIEC, commented: “ICIEC’s development mission is aligned with the UN SDGs and the ambitions of the Paris Agreement, and is informed by the needs of our member states. Our membership of InsuResilience reinforces our commitment to developing innovative financial solutions towards climate action, mitigation, adaptation, and capacity building in cooperation with Platform partners in Member States such as The Gambia and through other initiatives, including the Global Shield mechanism.”
We also see our role in engaging with the private sector as a catalyst for closing the Climate Action financing gap. Many of Our Member States are located in the Sahel region, which is extremely vulnerable to accelerated desertification and/or flooding with detrimental effects on livelihoods and agricultural output. A blend of sovereign insurance, corporate risk transfer, and microinsurance provides a direct response to drought-related food crises.”Distributed by APO Group on behalf of Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC).
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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. The Corporation is uniquely the only Islamic multilateral insurer in the world. It has led from the front in delivering a comprehensive suite of solutions to companies and parties in its 48 Member States, including Documentary Credit Insurance Policy, Credit Insurance Products, Bank Master Policy, Non-Honouring of Sovereign Financial Obligations Policy, and Investment Insurance Products. ICIEC has for the 14th consecutive year earned an “Aa3” insurance financial strength credit rating from Moody’s, ranking the Corporation among the top of the Credit and Political Risk Insurance (CPRI) Industry. ICIEC’s resilience is underpinned by its sound underwriting, reinsurance, and risk management policies. Cumulatively, ICIEC has insured more than US$ 92.4bn in trade and investment and US$1.3 bn in support of FDI at the end of October 2022. Its activities were directed to specific sectors - US$37.2bn to energy, US$26.1bn to manufacturing, US$6.3bn to infrastructure, US$2.3bn to healthcare, and US$1.5bn to agriculture. For more information, visit: http://ICIEC.IsDB.org