Jeddah, Saudi Arabia - The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank (IsDB) Group and a leading Shariah-compliant multilateral insurer, is set to launch a special book titled, "Senegal and ICIEC - Empowering Real Economy, Driving Development Impact," offering a unique insight into the successful collaboration between ICIEC and Senegal. The launch of the Book will take place on the 7th of July 2023 on the sidelines of the "Invest in Senegal Forum", scheduled to take place during the period of 6-8 July 2023 in Diamniadio, Dakar.
The launch ceremony will be inaugurated by H.E. Mme Oulimata Sarr, Minister of Economy, Planning and Cooperation of Senegal and IsDB/ICIEC Governor, and Mr Oussama Kaissi, CEO of ICIEC along with other high-level dignitaries and ICIEC partners.
The publication highlights the outlook for the Senegalese economy, the potential role of Islamic finance and Sukuk in the nation's economic landscape, the challenges ahead, and various case studies showcasing the positive impact of ICIEC operations across different economic sectors.
Over the past several years, ICIEC has supported numerous landmark transactions and projects in Senegal with an investment totaling US$3.6 billion through risk mitigation and credit enhancement solutions. Notable projects include Blaise Diagne International Airport (AIBD SA), Stade du Sénégal (Abdoulaye Wade Stadium), Dakar Expo Center, the Market of National Interest, Hann-Fann Wastewater Collector, and the Dakar Truck Station.
Senegal has been a member of ICIEC since 19 September 1995, and since then, there has been a deep and mutual partnership supporting the nation's development goals through th use of ICIEC’s risk mitigation products and services.
In conjunction with the launch, the CEO of ICIEC will conduct site visits to some notable projects supported by ICIEC in Diamniadio and Dakar to showcase the organization's achievements, positive impact and successful partnerships.
ICIEC CEO, Mr. Oussama Kaissi, said, "We are proud of the vital role that ICIEC plays in facilitating financial and insurance solutions that support sustainable and inclusive economic growth in Senegal. The launch of this booklet not only demonstrates our commitment to Senegal's development but also highlights the significant impact our partnership hashad so far. We eagerly anticipate further collaboration and innovation with Senegal to meet both the nation's development goals and market needs."
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 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. 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 Industry. ICIEC's resilience is underpinned by its sound underwriting, reinsurance, and risk management policies. Cumulatively, ICIEC has insured, since inception, more than US$ 99bn in trade and investment. ICIEC activities are directed to specific sectors - energy, manufacturing, infrastructure, healthcare, agriculture and others.
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Media Contact: Rania Binhimd, Communication Department