The Islamic Corporation for the Insurance of Investment & Export Credit (ICIEC) Welcomes the Republic of Azerbaijan as its 49th Member State
ICIEC insurance solutions catalyze strategic projects and improve its member states’ investment attractiveness
The Islamic Corporation for the Insurance of Investment & Export Credit (ICIEC) , a member of the Islamic Development Bank (IsDB) Group, welcomes the accession of the Republic of Azerbaijan as its 49th member state. ICIEC insurance solutions catalyze strategic projects and improve its member states’ investment attractiveness. ICIEC will work closely with the Government of Azerbaijan to support economic and social infrastructure projects in trade, agriculture, energy, water, sanitation, and urban services and with the private sector to improve access to finance. ICIEC supports Azerbaijan’s 2030 National Priorities for Socio-Economic Development by achieving sustainable economic growth and high social welfare and their priority for a clean environment and a country of “green growth”. ICIEC’s presence as an investment partner provides a measure of reassurance and encouragement to other potential investors seeking opportunities in Azerbaijan. The investment projects often provide employment, enhanced, modern and efficient infrastructure, and better quality of life for citizens. Mr Oussama Kaissi, CEO of ICIEC, welcomed Azerbaijan, stating: “The Republic of Azerbaijan’s membership opens the door for its private and public sectors to benefit from risk mitigation and credit enhancement solutions offered by ICIEC to expand their exports and promote foreign direct investment inflow. Similarly, it allows exporters, banks and investors from other member and non-member states, to cover political and commercial risks related to their operations in Azerbaijan.” About ICIEC:
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 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$95 bn in trade and investment. ICIEC activities are directed to specific sectors – energy, manufacturing, infrastructure, healthcare, and agriculture. For more information, visit: http://ICIEC.IsDB.org.
*SOURCE Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC)