The Islamic Corporation for Insurance of Investments and Export Credits (ICACE) (http://ICIEC.IsDB.org) signed a Memorandum of Understanding with the Arab Republic of Egypt and the Federation of Egyptian Industries (FEI) to facilitate cooperation and promote trade and investment opportunities for Egyptian industries.
Under the agreement – the framework for cooperation on trade and investment – the parties will ensure professional representation and defense of the interests of Egyptian industries locally and globally, as well as a regular exchange of essential information, knowledge, advisory and consulting services.
Cooperation under the MoU will also extend to training and capacity building opportunities to raise awareness of ICIEC’s added value in risk mitigation and credit enhancement, organize joint seminars, conferences and workshops; and any other activities and programs of mutual interest that the parties may design jointly.
The memorandum of understanding was signed by Osama. Kaissi, CEO of ICIEC, and Mohamed Zaki El Sewedy, President of the FEI.
Oussama Kaissi, CEO of ICIEC, said, “ICIEC is pleased to announce a new framework agreement with FEI that will foster increased trade and investment opportunities for Egyptian importers and exporters. This Memorandum of Understanding is essential to deepen the cooperation between ICIEC and Egyptian companies in the future.
Distributed by APO Group on behalf of the Islamic Corporation for Insurance of Investments and Export Credits (ICIEC).
Rania Binhimd, Communications Planner
E-mail: [email protected]
The Islamic Corporation for Insurance of Investments and Export Credits (ICIEC) is the insurance branch of the Islamic Development Bank Group (IDB). The Company is the largest Shariah-compliant multilateral insurer in the world and has led the way in providing a comprehensive range of insurance solutions to businesses and parties in its 48 member states. ICIEC was established in 1994 with a mandate to enhance economic relations among OIC member countries and promote intra-OIC trade and investment by providing risk mitigation tools and financial solutions in line with Sharia. ICIEC has been awarded an “Aa3” insurance credit rating by Moody’s for the 14th consecutive year, ranking the Company among the best in the credit and political risk insurance (CPRI) industry. ICIEC’s resilience is underpinned by its strong underwriting, reinsurance and risk management policies. Cumulatively, ICIEC secured more than $83 billion in trade and investment and $2.2 billion in FDI support by the end of 2021. Its activities were directed to specific sectors, including banking, l energy, manufacturing, infrastructure, health and agriculture. For more information visit: http://ICIEC.IsDB.org
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