Jeddah: On July 22nd, 2020, a Memorandum of Understanding was signed between the Islamic Corporation for the Insurance and Investment of Export Credit (ICIEC) and Austrian Export Credit Agency (ECA) Oesterreichische Kontrollbank Aktiengesellschaft (OeKB).
The MoU is an agreement for OeKB and ICIEC to work jointly at increasing projects and investments from Austrian businesses and investors into ICIEC member countries. It will create opportunities for joint strategic projects between the two insurance entities in addition to other forms of cooperation such as technical assistance, training, and capacity building. The resulting trade flows and foreign investments will support sustainable economic development within the OIC.
“ICIEC’s partnership with OeKB encourages Austrian businesses to participate in export transactions and make investments into member countries,” says ICIEC CEO, Oussama Kaissi, “The partnership is a critical move to demonstrate the dynamic and growing market potential that exists in the OIC despite perceived risk, thus incentivizing more western countries to consider the OIC region for foreign direct investment.”.
ICIEC’s partnership with peer ECAs and financial institutions in many countries allows for quick and flexible agreements for risk sharing in the form of reinsurance or co-insurance, encouraging both parties to expand their risk appetite for trade transactions and investments.
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 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 through the provision of Shariah compliant risk mitigation tools and financial solutions.
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© Press Release 2020