The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the insurance arm of the Islamic Development Bank (IsDB) Group, and the Libyan Export Promotion Center (LEPC) signed a Memorandum of Understanding (MoU) to facilitate cooperation between both parties in mutually agreed areas.
The agreement was signed by Mr. Oussama Kaissi, Chief Executive Officer of ICIEC, and Mr. Mohammed Ali Al-Deeb, Director General, of the LEPC.
The MoU between ICIEC and LEPC is a major step forward in providing export credit and investment insurance facilities to Libyan institutions and companies. The MoU covers a broad range of activities, such as organizing introductory seminars for Islamic insurance, export credit and investment insurance; providing technical support to local insurers; introducing foreign investments into Libyans’ export projects; participating in related activities organized by other parties; exchanging information on exporters based in Libya looking for export credit insurance. This partnership will help create an environment that encourages businesses to invest more confidently while expanding the scope of their operations abroad.
Commenting on the MoU Mr. Oussama Kaissi said “We are delighted to announce our new partnership with the Libyan Export Promotion Center! This agreement will increase and diversify Libyan exports, strengthening our efforts in export credit reinsurance. We believe this will provide much-needed support for businesses in Libya during these challenging times”.
The Libyan Export Promotion Center is a government entity affiliated with the Ministry of Economy and Trade, Libya. It was established with the aim of encouraging, developing and diversifying Libyan non-oil exports, spreading the culture of export among the parties related to its activity, and providing the necessary technical, administrative and financial support to Libyan and export institutions to facilitate the access of their products to global markets.
About The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC)
ICIEC commenced operations 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 49 Member States, including Documentary Credit Insurance Cover, Credit Insurance Cover, Bank Master Policy, Non-Honouring of Sovereign Financial Obligations, and Investment Insurance Products. ICIEC, for the 15th consecutive year, maintained 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$ 95bn in trade and investment. ICIEC activities are directed to specific sectors - energy, manufacturing, infrastructure, healthcare, and agriculture.
Rania Binhimd, Communication Department