The Islamic Corporation for the Insurance and Investment of Export Credit (ICIEC) and Uzbekistan National Export-Import Insurance Company (Uzbekinvest) have signed a Memorandum of Understanding to provide insurance support for trade and investments.
The new MoU 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.
Uzbekistan is one of ICIEC’s 47 member countries and partnering with local export credit agencies allows them to extend the capacity of their insurance coverage, creating opportunity for larger trade transactions and development projects.
Uzbekistan, located in Central Asia, has a diverse economy and a young population which totals over 30m. In recent years, Uzbekistan has undertaken wide ranging market reforms aimed at increasing jobs and prosperity. The country benefits from abundant natural resources, low public debt, a growing labour force, and a strategic geographic position between China and Europe.
“This partnership is a key building block to support export development and foreign direct investment in Uzbekistan,” said ICIEC CEO, Oussama Kaissi. “We look forward to a fruitful partnership with Uzbekinvest as we advance sustainable economic development in the country.”
The partnership between ICIEC and Uzbekinvest follows the signing of a partnership strategy for 2018-2021 between the Government of Uzbekistan and Islamic Development Bank in 2018 – this strategy is focused on supporting sustainable socio-economic development in Uzbekistan through several bilateral and regional initiatives.
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.