IsDB’s ICIEC signs agreement with Japan's NEXI to boost trade relations

Both NEXI and ICIEC intend to boost and expand their strategic partnership in greenfield projects in the Middle East, Central Asia, and African countries

  
An engraved logo of the Islamic Development Bank Group is seen at the door of the bank in Jeddah, Saudi Arabia May 31, 2018.

An engraved logo of the Islamic Development Bank Group is seen at the door of the bank in Jeddah, Saudi Arabia May 31, 2018.

REUTERS/Reem Baeshen

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) has partnered with Japan-based Nippon Export and Investment Insurance (NEXI), the Export Credit Agency (ECA) of Japan, through a memorandum of understanding (MoU) to endorse the existing trade cooperation.

Both NEXI and ICIEC, the export credit and investment insurance agency of Saudi Arabia-based Islamic Development Bank (IsDB) Group, intend to boost and expand their strategic partnership in greenfield projects in the Middle East, Central Asia, and African countries, according to a press release on Tuesday.

The two parties already cooperate in a reinsurance framework that covers projects in ICIEC member countries, while the new partnership is expected to involve the provision of co-insurance and reinsurance.

“ICIEC may assist NEXI in its due diligence process for such projects, including on-site due diligence,” according to the press statement.

Chairman and CEO of NEXI, Atsuo Kuroda, said: “It is expected of such greenfield projects to bring about many positive impacts, such as assisting countries to recover from the COVID-19 pandemic as well as open doors for significant economic development."

Source: Mubasher

All Rights Reserved - Mubasher Info © 2005 - 2021 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Global