News Middle East12 Aug 2020

Saudi Arabia:ICIEC signs MOU with Austrian counterpart

| 12 Aug 2020

Jeddah-headquartered Islamic Corporation for the Insurance and Investment of Export Credit (ICIEC) and Austrian export credit agency Oesterreichische Kontrollbank Aktiengesellschaft (OeKB) have signed a Memorandum of Understanding to promote projects and investments from Austrian businesses and investors into ICIEC member countries.

The 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. The resulting trade flows and foreign investments will support sustainable economic development within the Organisation of Islamic Cooperation (OIC).

“ICIEC’s partnership with OeKB encourages Austrian businesses to participate in export transactions and make investments into member countries,” said 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 incentivising more western countries to consider the OIC region for foreign direct investment.”

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.

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