Saudi Arabia: ICIEC signs MoU with Poland's export credit agency
Source: Middle East Insurance Review | Mar 2021
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and KUKE, the national export credit agency (ECA) of Poland, have signed a cooperative MoU.
The signing of this MoU signifies the growing interest of Polish exporters and investors to conduct business in the OIC region, and vice-versa. Due to the implications of the COVID-19 pandemic, demand is growing for insurance guarantees in markets where credit and political risks pose a greater challenge. Through the signed MoU, ICIEC and KUKE will work together to provide risk mitigation solutions for businesses and investors.
The MoU is designed to strengthen the existing collaborative efforts between the two insurance providers, enhancing their capacity to support trade and investment between Poland and ICIEC’s 47 member countries. In addition, the MoU encourages further forms of cooperation, including technical assistance and capacity building.
ICIEC CEO Oussama Kaissi said, “The signing of this MoU serves to reinforce the opportunities for trade and investment between Polish companies in OIC countries and to deepen the partnership ICIEC has forged with KUKE. We hope that this partnership serves as an example to more western countries by demonstrating the dynamic and growing market potential that exists in OIC countries and to consider the region’s foreign direct investment potential.”
KUKE CEO Janusz Wladyczak said, “ICIEC is an experienced partner with whom cooperation will help KUKE strengthen the presence of Polish exporters and investors from many industries on very promising markets. While the uncertainty related to the pandemic has suspended some projects, we are already looking together to the future when the world will overcome the effects of the virus. Polish companies with an attractive combination of high quality products and services and competitive pricing are increasingly boldly looking for markets with a potential for growth outside of Europe. With the support of ICIEC and KUKE Polish exporters have a chance for a dynamic expansion on four continents.” M